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The animal wound care market share is expected to increase by USD 661.63 million from 2019 to 2024, and the market's growth momentum will accelerate at a CAGR of 6.44%.
This animal wound care market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers animal wound care market segmentations by application (surgical wound care and traditional wound care) and geography (North America, Europe, APAC, and South America). The animal wound care market report also offers information on several market vendors, including 3M Co., B. Braun Melsungen AG, Biogenesis Bago SA, Ceva Sante Animale, Indian Immunologicals Ltd., Johnson & Johnson, Medtronic Plc, Phibro Animal Health Corp., Vetoquinol SA, and Virbac Group among others.
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Based on our research output, there has been a neutral impact on the market growth during and post COVID-19 era. The dependency on livestock products is notably driving the animal wound care market growth, although factors such as rising pet care expenditure may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the animal wound care industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Animal Wound Care Market Driver
The dependency on livestock products is notably driving the animal wound care market growth. There is a rise in the demand for livestock products worldwide. Therefore, governments and vendors are focusing on food safety, which increases the awareness of preventing various diseases. Owing to the rapidly increasing population globally, the urge to supply livestock products has also increased. Around 70% of the antibiotics used on livestock are not metabolized by animals and are excreted from their body, which creates a serious risk of food safety. The mortality rate due to red meat consumption is growing among humans. Mortality is caused by the transfer of diseases from animals to humans. Animal wound care plays a crucial role in maintaining food safety as proper wound care protects animals from the most vulnerable and epidemic diseases. The economic impact of these diseases is also high as it directly affects product supply and leads to other indirect losses to the people dependent on these products as an income source. In addition to the dietary requirements, livestock products are used in the leather, fiber, draft power and transportation, and fertilizer industries. Hence, the increasing dependency on livestock products will support the growth of the global animal wound care market during the forecast period.
Key Animal Wound Care Market Trend
An increase in pet ownership in the animal wound care industry is the key trend driving the animal wound care market growth. The increase in pet ownership has led to a rise in awareness about pet healthcare, leading to a subsequent demand for animal wound care management. Medical solutions and care enhance the quality of life of the animals. The recognition of pets as family members has increased the focus of pet owners toward better health services for these animals. The participation of animals in sports is also necessary for the health of animals. Advancements in veterinary therapeutics and preventive medicines supplemented by an increase in disposable income have fueled the market demand for better care of pets and livestock. According to American Pet Products Association, in 2020, $31.4 billion was spent on routine veterinary care, surgical procedures, and sales of pharmaceuticals and other products through veterinary clinics in the US. Such trends will continue during the forecast period owing to the change in lifestyle and post-COVID consumer buying behavior.
Key Animal Wound Care Market Challenge
The major challenge impeding the animal wound care market growth is the rising pet care expenditure. Rising pet care expenditure is a huge challenge for the animal wound care market, as this can lead to hesitation among prospective pet owners in adopting pets and providing them with better living conditions. Healthcare costs, both for humans and animals, have risen tremendously in the past few years. This acts as a barrier to availing better healthcare facilities for animals. For instance, according to a Technavio report, the global non-GMO animal feed market will grow by over $13 billion during 2019-2023. Although this growth will primarily be driven by the strict government norms toward animal and environmental safety, it will increase the economic burden for pet owners as non-GMO feeds have premier pricing as compared with GMO feeds.
This animal wound care market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2020-2024.
Technavio categorizes the global animal wound care market as a part of the global pharmaceuticals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the animal wound care market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the animal wound care market encompasses successful business strategies deployed by the key vendors. The animal wound care market is fragmented and the vendors are deploying growth strategies such as new technologies and new product offerings to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The animal wound care market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the animal wound care market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The report has further elucidated on other innovative approaches being followed by service providers to ensure a sustainable market presence.
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34% of the market's growth will originate from North America during the forecast period. The US is the key market for animal wound care market in North America. Market growth in this region will be faster than the growth of the European market.
Owing to the huge demand for animal wound care, vendors are acquiring new facilities to synergize their R&D capability which will facilitate the animal wound care market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
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The animal wound care market share growth by the surgical wound care segment will be significant during the forecast period. The main growth drivers for the segment are the high adoption of products in hospitals and clinics for wound healing and the rising adoption of pets globally. The rise in the adoption of pets has increased the demand for care and treatment of pets, which has, in turn, increased the demand for surgeries.
This report provides an accurate prediction of the contribution of all the segments to the growth of the animal wound care market size and actionable market insights on post COVID-19 impact on each segment.
Animal Wound Care Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2019 |
Forecast period |
2020-2024 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.44% |
Market growth 2020-2024 |
$ 661.63 million |
Market structure |
Fragmented |
YoY growth (%) |
6.01 |
Regional analysis |
North America, Europe, APAC, and South America |
Performing market contribution |
North America at 34% |
Key consumer countries |
US, UK, China, Germany, and France |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
3M Co., B. Braun Melsungen AG, Biogenesis Bago SA, Ceva Sante Animale, Indian Immunologicals Ltd., Johnson & Johnson, Medtronic Plc, Phibro Animal Health Corp., Vetoquinol SA, and Virbac Group |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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