The Animal Wound Care market studied was valued at USD 980.7 million in 2018, and is expected to reach USD 1,399.16 million by 2024, with an anticipated CAGR of 6.12%, during the forecast period (2019
NEW YORK, June 24, 2019 /PRNewswire/ --
Market Overview
The Animal Wound Care market studied was valued at USD 980.7 million in 2018, and is expected to reach USD 1,399.16 million by 2024, with an anticipated CAGR of 6.12%, during the forecast period (2019-2024).
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The major factors attributing to the growth of the animal wound care market are increasing initiatives by the governments and animal welfare associations and an increase in animal adoption and animal healthcare expenditure.
For instance, the World Organization for Animal Health (OIE) is committed to ensure that all animal welfare standards, including veterinary healthcare, are science-based, it also recognizes that other factors must also be taken into account. The International Coalition for Farm Animal Welfare (ICFAW) was formed to represent the interests of non-governmental animal welfare organizations, globally. In the European Union, farmers must conform with legislation that applies to the protection of all farm animals and species-specific provisions, which apply to pigs, calves, and poultry. The EU Strategy of Animal Welfare, 2012-2015, targets to upkeep farmers in meeting the welfare standards, as required by the EU law, and provide benefit to the consumers by ensuring increased transparency and presenting better information. Hence, the increasing government initiatives and rising animal welfare across the world are helping in the growth of the market studied, as these initiatives are making people consider their pet's health as important.
Scope of the Report
Animal Wound Care refers to the specific types of treatment that are given to cure various kinds of wounds in animals. General wound care begins only after the animal gets stabilized after the trauma or shock that it has had, and it involves certain medical instruments and materials.
Key Market Trends
Surgical Segment is Expected to Hold the Largest Market Share
A large number of pets are having advanced medical procedures, which include open-heart surgery, hip replacements, cancer therapy, and cataract removal. These surgical products involve the use of products, which aid in the recovery of the damaged tissues and healing of the wound. There are various types of stitches available, like absorbable and non-absorbable stitches, which are used for the wound closure in animals.
Another option used for wound care is surgical staples. These surgical staples are basically made of steel and are applied to the skin using a special form of staple gun designed for the purpose. Staples are usually used to close wounds on the skin rather than internally and must be removed after a week or two weeks. Similarly, there are several other products which are used. Therefore, the presence of various alternatives and high adoption of pets and livestock are two main factors for the growth of the market studied.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America is expected to dominate the overall market, throughout the forecast period. This is due to the increasing adoption of pets and their wellbeing by their respective owners in this region. In the North America region, the United States holds the largest market share. The US Animal Health Association is an organization, which takes cares of wound care in veterinary. This organization keeps track of the upcoming products that are required for animal health care. Various promotion programs are being carried out by this association in the country, which enables the veterinary professionals and the general population to understand the effective wound care management for animals. Additionally, the presence of the well-known global players, such as Bayer AG, Medtronic, B. Braun, etc. is fuelling the US market.
Competitive Landscape
The animal wound care market is moderately competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. With the rising awareness levels of animal care among the population, few other smaller players are expected to enter into the market in the coming years. Some of the major players of the market are 3M Company, Ethicon (Johnson & Johnson), Advancis Veterinary Ltd, B Braun Melsungen AG, and Medtronic are among others.
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