With a valuation of $1.3 billion in 2023, the animal wound care market forecast indicates a rise to $2.0 billion by 2029, achieving a 7.4% CAGR. The report includes industry trend analysis, pricing, patent data, and insights on key stakeholders. Rising pet ownership and growing veterinary healthcare expenditures drive the animal wound care industry forward. While elevated pet care costs in emerging regions pose challenges, innovations in wound care offer new growth avenues for the animal wound care market.
Key Players:
Prominent companies in animal wound care market include Elanco Animal Health (US), 3M Company (US), Medtronic PLC (Ireland), B. Braun Melsungen AG (Germany), Virbac (France), Neogen Corporation (US), Jorgen Kruuse A/S (Denmark), Sonoma Pharmaceuticals Inc. (US), Ethicon, Inc. (US), and Dechra Pharmaceuticals (UK), Jazz Medical, LLC (Ireland), Smith & Nephew PLC (UK), Kericure Inc. (US), Advancis Veterinary (UK), and Care-Tech Laboratories, Inc. (US).
Opportunity: Advancement in wound care medicines
The animal wound care market is experiencing a transformative surge propelled by significant advancements in wound care products, presenting lucrative opportunities for growth. The global push for innovation and research in veterinary medicine is reflected in the development of cutting-edge products designed to address diverse animal wound care needs. According to the European Medicines Agency (EMA), the regulatory body for veterinary medicines, there has been a notable increase in the approval of novel wound care formulations and therapies. Innovations such as advanced wound dressings, tissue engineering products, and bioactive wound care agents are enhancing the efficacy of treatment and expediting the healing process in animals.
The market is witnessing a paradigm shift towards personalized and specialized solutions, with companies investing substantially in research and development. For instance, the U.S. National Institutes of Health (NIH) reports a surge in funding towards veterinary research, including wound care, fostering an environment conducive to breakthroughs. Furthermore, the advent of telemedicine in veterinary services is facilitating access to expert advice on wound care management. This technological integration allows pet owners and livestock producers to seek guidance remotely, contributing to improved overall wound care outcomes. With these advancements, the animal wound care market is poised for expansion as it addresses the evolving needs of a diverse range of animals, from companion pets to livestock, fostering a paradigm of comprehensive and sophisticated wound care solutions that are poised to revolutionize the industry.
The sutures and staplers segment accounted for the largest share of the surgical wound care products market in the animal wound care industry.
The sutures and staplers segment held the largest share of the surgical wound care products market in 2022. This growth is primarily attributed to increasing chronic diseases in animals and the prevalence of veterinary conditions. Sutures and staplers play a crucial role in the animal wound care market by providing effective means for wound closures in veterinary procedures. Sutures are used in various medical treatments that help effective healing by closing wounds. They are especially valuable in surgeries and emergency medicine for animals. Staplers, on the other hand, offer a faster and often more convenient alternative for treating cuts or incisions in veterinary conditions. Sutures and staplers, with their diverse applications and materials suited for different treatments, provide veterinarians with essential tools to ensure effective wound closure and facilitate the healing process in animals.
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North America is expected to account for the largest share of the animal wound care industry.
North America accounted for the largest share of the animal wound care market in 2022 owing to factors such as government initiatives, higher animal healthcare spending, and growing advances in veterinary healthcare. All these trends are projected to further drive the market growth of global animal wound care products. Moreover, North America’s robust research and development activities contribute to innovation in the field of animal wound care market.
References:
Animal Wound Care Market Worth $2.0 Billion