According to IDEXX, in the fourth quarter of 2020, visits to US clinics increased by 6% from previous quarters and is expected to grow and drive the market in the next 10 to 15 years. The animal wound care market is expected to grow at an annual growth rate of almost 7% in the next decade.
The global animal wound care market size is estimated at USD 1 billion in 2021, and is expected to grow at a compound annual growth rate (CAGR) of 7% from 2022 to 2030. Companies and the growing demand for veterinary surgery are driving the market. In addition, more and more veterinarian visits have further promoted the growth of the market. According to IDEXX Laboratories, Inc., during the 2019 COVID-19 pandemic, an estimated US$315 million was visited. Due to strict confinement regulations, elective surgery for animals has been postponed and cancelled, and postoperative injuries have been reduced. The growth of the market. In addition, strict government regulations related to pet welfare are increasing revenue. For example, according to Canadian Criminal Law, it is illegal to deliberately ignore, injure, damage, or mutilate animals. Various provinces and regions also have laws on the care and treatment of livestock, which are conducive to growth.
European federal law regulates postoperative treatment/care of animals. The company is implementing strategies such as increasing R&D activities, new product launches, and mergers and acquisitions to further increase revenue. For example, in February 2020, Sonoma Pharmaceuticals and MicroSafe Group reached a $1.1 million asset purchase agreement for certain disinfection, wound care, and animal health products in Europe. In July 2019, Bioiberica launched Klorexivet, which is used to treat cats and dogs with surface damage caused by wounds.
Major market players:
B. Braun Melsungen AG, Medtronic 3M Company, Johnson & Johnson (Ethicon) Virbac, Advancis Veterinary Ltd, Innovacyn Inc., Robinson Healthcare, NEOGEN Corporation, KeriCure Inc., Sonoma Pharmaceuticals Inc.
Modern surgery has several advantages, such as smaller surgical wounds and fewer sutures, allowing pet owners to choose advanced minimally invasive surgery with confidence. The increasing incidence of chronic diseases in pets is expected to promote growth. In addition, due to the increasing prevalence of osteoarthritis and dental diseases, the demand for surgery is also increasing. According to a report by APPA, US pet owners will spend approximately $32.3 billion on veterinary care in 2020. Due to the increasing demand for animal protein and the increasing consumer awareness of high-quality products, the animal husbandry industry is also expected to see significant growth. For example, according to data from the non-governmental organization Greenpeace, the EU provided subsidies ranging from US$3068 to US$35 billion in 2019 to maintain the welfare of large animals such as horses, cattle or other farm animals that promote growth.
Hospitals and clinics dominate the animal wound care market. They will have the highest income share in 2020, exceeding 40%, due to faster diagnosis and patients can enjoy treatment as soon as possible.
Main market regions:
The study on Animal wound care market was global in nature and conducted in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa). In addition, areas like Market size, Y-O-Y growth & Opportunity Analysis, market players competitive study, investment opportunities, demand for future outlook etc. have been covered and displayed in the Global animal wound care market research report to ensure it dives deep to achieve strategic competitive intelligence in the segment.