Market Research Report
Animal Wound Care Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
|Animal Wound Care Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)|
Published: May 13, 2021
Mordor Intelligence Pvt Ltd
Content info: 120 Pages
Delivery time: 2-3 business days
The Animal Wound Care Market is expected to register a CAGR of nearly 6.1% during the forecast period 2021-2026.
Due to the outbreak of COVID-19, a significant impact on the animal wound care market was also observed. The animal wound care market observed a setback in the growth due to the disruption of the supply chain in the market studied. However, some of the companies such as Innovacyn, Inc. took the necessary measures to keep up with the production of Vetricyn in animal wellness. Such instances are expected to support the market growth in the pandemic scenario.
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 ensuring 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 (EU), 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.
Furthermore, as per the report ''Pets in Australia: A national survey of pets and people'' in 2019, the expenditure on pets has increased tremendously owing to the increasing pet adoption. The report estimated that people spend over AUD 13 billion per year to keep the pets fed, healthy, and well-accessorized, with food and veterinary services continuing to account for half of all ongoing expenditure. Out of this, nearly 2.6 billion were spent on veterinary services in the country. Therefore, the rise in disposable income is another major factor influencing the animal health expenditure. This is further accelerating the market growth.
However, high cost of veterinary services are expected to restrict the market growth. For instance, Banfield Pet Hospitals charges nearly between USD 44.95 to USD 59.95 for a visit. This number varies as per the region. In addition to, lack of well-designed comparative studies of wound healing products in cats and dogs is obstructing the market growth.
Companion Animal Wound Care Market is Expected to Observe Good Growth Over the Forecast Period
With the outbreak of COVID-19, a significant increase in the adoption of pets was observed which is likely to influence the market studied positively. As per the Last Chance Animal Rescue, a nonprofit animal shelter it has observed an increase in pet adoption of 30% to 40% in the year 2020 as compared to 2019. Thus, a positive impact is expected due to this on the market growth.
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. According to the annual report of the European Pet Food Industry Association (FEDIAF) for 2020, dogs and cats are the major pets adopted in Europe. Moreover, an estimate of 85 million European households owns at least one pet animal. With this, the pet care market will also increase, which will, in turn, boost the animal wound care market.
In addition, companies are developing new products for companion animals which are expected to accelerate the market studied in this segment. For instance, in March 2021, Healers PetCare introduced a combination kit offerings for pet health. This kit includes Skin and Coat Health Chews, Hot Spot Relief cream, and Conditioning Tea Tree Oil Shampoo for pet health and wellness. Thus, this aforementioned factors are expected to positively impact the market studied.
North America is Expected to Dominate the Market over the Forecast Period
North America is expected to dominate the overall market, throughout the forecast period. Many of the authorities are recommending avoiding elective surgeries in animals, thus resulting in a decline of the cases of postoperative wounds and thereby negatively impacting the market with the onset of COVID-19. For instance, the Centers for Disease Control and Prevention had recommended veterinary healthcare professionals attend only emergency visits and procedures.
In the North American region, the United States holds the largest market share. The United States Animal Health Association is an organization, which takes care 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 effective wound care management for animals. Furthermore, as per the American Pet Products Association Inc., in 2020, it was estimated that around USD 99 billion was spent on pets in the United States, up from USD 95.7 billion in 2019. A similar high expenditure can be observed for both in Canada and Mexico, which shows the demand of treatment and awareness among the owners regarding the treatment of their pets. Such factors helps in growth of wound care market. Thus, the aforementioned factors are expected to accelerate the market growth.
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, Advancis Veterinary Ltd, and Medtronic are among others.