Animal Wound Care Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)
The global animal wound care market is on a strong growth trajectory, with projections indicating it will nearly double to reach approximately USD 2.5 billion by the end of 2031. This marks a significant increase from an estimated USD 1.2 billion in 2024, reflecting an impressive compound annual growth rate (CAGR) of 11.0% over the forecast period from 2024 to 2031.
Key Factors Fueling Market Growth
Increasing Consumer Spending on Veterinary Care
The veterinary care industry, which initially catered primarily to livestock, has seen a substantial transformation. Pets are increasingly viewed as integral members of the family, warranting the same level of emotional and medical attention as human family members. This shift in perception has led to heightened consumer spending on veterinary care. Technological advancements that were originally developed for human medical care are now being adapted for pets. According to the American Animal Hospital Association (AAHA), a significant majority of pet owners consider themselves as their pets' parents, indicating a deep bond and willingness to invest in their pets' health. This trend underscores the growing importance of pets in people's lives and the corresponding rise in veterinary care investments.
Corporate Acquisitions of Established Pet Hospitals
Corporate consolidation is another significant factor driving the growth of the animal wound care market. Bloomberg reports that corporations own between 15% and 20% of America's 26,000 pet hospitals. Major players in the industry are actively acquiring established veterinary practices to expand their reach and services. For example, Ares Management acquired a chain of 250 hospitals from National Veterinary Associates, while the Ontario Teachers’ Pension Plan purchased another pet hospital group. Veterinary Centers of America (VCA) has also been a major player in this consolidation trend, acquiring groups of hospitals for resale. Mars, a major entity in the pet care industry, has further expanded its portfolio by acquiring two hospital groups, adding over 100 clinics to its existing network of 950 locations. These corporate acquisitions are significantly contributing to the growth and consolidation of the animal wound care market.
Challenges in Affording Advanced Veterinary Care
Despite the advancements in veterinary care, the rising costs associated with these improvements pose challenges for pet owners. Treatments for conditions like a torn Anterior Cruciate Ligament (ACL) have become significantly more expensive over the years. These costs do not include additional expenses for diagnostic testing, which further add to the financial burden on pet owners. The use of advanced diagnostic tools like MRI has become common in many veterinary hospitals, particularly for treating conditions such as cancer and injuries. While MRI is invaluable for accurate diagnosis, its high cost can be prohibitive for many pet owners, making it difficult to afford subsequent surgeries or treatments.
Regional Market Attractiveness
North America: Leading the Global Market
North America currently dominates the global animal wound care market and is expected to remain the most attractive market during the forecast period, with an attractiveness index of 1.3. The region's strong market position is driven by high pet ownership rates, increased spending on veterinary care, and the presence of advanced veterinary facilities.
Europe: A Lucrative Market
Europe is projected to be the second most lucrative market for animal wound care, with an attractiveness index of 1.1. The region's market growth is supported by rising pet adoption rates, increased awareness about animal health, and advancements in veterinary care technologies.
Latin America and MEA: Emerging Markets
Latin America and the Middle East and Africa (MEA) regions are also showing significant potential for growth in the animal wound care market. Latin America has an attractiveness index of 0.5, while the MEA region is anticipated to record the highest regional CAGR during the forecast period. These regions are witnessing increased pet adoption, improved veterinary care infrastructure, and growing awareness about animal health.
Shift in Veterinary Care Standards
Veterinary care standards have evolved significantly over the years. In the past, many private veterinarians lacked advanced diagnostic tools, and routine blood work for pets was uncommon. Today, pet owners have higher expectations for veterinary care, driven by advancements in medical science. Many animal shelters have also expanded their services to offer comprehensive medical care, further driving demand for quality animal wound care products.
Competitive Analysis:
Leading companies in the animal wound care market, such as
• B. Braun Melsungen AG
• Medtronic Plc
• 3M Company
• Johnson & Johnson (Ethicon)
• Smith & Nephew Plc
• Bayer AG
• Virbac S.A.
• Ceva Sant` Animale
• de Biogénesis Bagó
• Acelity L.P. Inc.
• Neogen Corporation
• Biovet AD (Huvepharma)
• Dechra Pharmaceuticals
• Advancis Medical
• Jorgensen Laboratories, Inc.
• SilverGlide
• Innovacyn, Inc. (Vetericyn)
• Robinson Healthcare
• SentrX Animal Care, Inc.
• McCord Research (Pinnaclife Inc)
• Others.
Global Animal Wound Care Market Segmentation
By Product
• Surgical Wound Care
o Sutures
o Staples
o Tissue Adhesives & Glues
• Traditional Wound Care
o Tapes
o Bandages
o Absorbents
• Advanced Wound Care
o Film Dressings
o Foam Dressings
o Hydrogel Dressings
o Hydrocolloid Dressings
By End User
• Veterinary Hospitals
• Veterinary Clinics
• Home Care
By Region
• North America
• Europe
• Latin America
• Asia Pacific (APAC)
• Middle East and Africa
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