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 confirm 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 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.
Key Market Trends
Companion Animal Wound Care Market is Expected to Grow with a High CAGR in the Forecast Period
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.
Moreover, the number of pets is increasing globally. For example, as per a 2019 report by the People's Dispensary for Sick Animals, the pet dog population has increased over the years. The report observed the pet dog population increase from 7.8 million in 2013 to 9.4 million in 2016 to 9.9 million in 2019. With this, the pet care market will also increase, which will, in turn, boost the animal wound care market.
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.
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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