MARKET OVERVIEW- NORTH AMERICA ANIMAL WOUND CARE MARKET
Increasing demand for animal food products, rising veterinary healthcare expenditure, etc. drive the North American animal wound care market. Animal wound care is defined as the medical assistance provided to the animals suffering from any disease, accident or health problem. Various medical devices are used to operate the wound or pharmaceutical drugs are injected, keeping in mind the anatomy of animals. The rise in the prevalence of a number of diseases, such as anthrax, black quarter, foot and mouth disease and rabies, among others, accelerated the North American animal wound care market. Moreover, the surge in demand for animal-derived food products among the population further influences the animal wound care market.
MARKET DRIVERS
The increasing pet population, a major factor driving the demand for pet care products and services, is propelling the market growth. The rise in the adoption of companion animals across the globe due to the change in lifestyle and increasing disposable income acts as one of the major factors fuelling the growth of the animal wound care market. Adding to that, growing spending on pet healthcare has increased significantly in recent years. Most pet owners are purchasing pet insurance due to the significant growth in pet care expenditure. Moreover, the rise in demand for pet insurance further drives the market growth.
MARKET OPPORTUNITY
The surge in the companion and livestock animal population, the growing demand for veterinary services from the livestock industry, and rising animal health expenditure, and a growing market across North America are expected to offer significant growth opportunities. Furthermore, the rise in demand for pet insurance created an opportunity for the market. For instance, in 2020, the North American Pet Health Insurance Association reported that the pet health insurance sector in the U.S. and Canada accounted for USD 1.99 billion.
MARKET RESTRAINT
However, the rise in pet care costs is expected to hinder market growth. For instance, the US spent over USD 31.4 billion in 2020 and 34.3 billion in 2021 on veterinary care and related product sales. These factors are expected to hamper market growth.
MARKET GROWTH CHALLENGES
The Covid-19 pandemic hampered the growth of the market to a major extent, which has created a major challenge for market growth. Also, the rising pet care expenditure is challenging the growth of the market. Furthermore, strict government norms regarding animal and environmental safety increase the economic burden on pet owners.
CUMULATIVE GROWTH ANALYSIS
The report provides in-depth analysis of animal wound care market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. With rising demand for pet insurance and growing animal health expenditure is fuelling the growth of the market and is expected to witness the growth at a CAGR at specific CAGR from 2021-2028.
NORTH AMERICA ANIMAL WOUND CARE MARKET SEGMENTAL OVERVIEW
The animal wound care market comprises of different market segment like product, animal, end-user and geography.
NORTH AMERICA ANIMAL WOUND CARE MARKET BY PRODUCT
By product, the animal wound care includes key segment of
- Surgical wound care product
- Advanced wound care products
- Traditional wound care products
- Therapy device
Surgical wound care products are expected to dominate the market over the forecast period. Surgical wound care products are sub-segmented into sutures and staplers and tissue adhesive, sealants, and glues. Absorbable and non-absorbable surgical sutures can be used depending on the purpose. Surgical sutures and suture are used in various veterinary surgeries, including orthopaedic, cardiovascular, and neurological, to provide temporary support for wound healing. Moreover, the advanced wound care product segment is growing in the animal wound care market due to the increasing technology in the wound care market.
NORTH AMERICA ANIMAL WOUND CARE MARKET BY ANIMAL
By animal, the animal wound care includes key segment of
- Companion Animal
- Livestock
On the basis of animal type, the animal wound care market is segmented into companion animals and livestock animals. The companion animals segment is expected to dominate the market over the forecast period. Increasing adoption of companion animals is expected to fuel the growth of the North America animal wound care market. For instance, according to the 2017-2018 U.S. pet ownership and Demographics sourcebook of the American Veterinary Medical Foundation, 38.4% of households in the U.S. owned dogs compared to 36.5% in 2012. Furthermore, the livestock animal segment is growing in the North America animal wound care product market.
NORTH AMERICA ANIMAL WOUND CARE MARKET BY END-USERS
By end-users, the animal wound care includes key segment of
- Hospital & Clinics
- Homecare
Hospital & clinics is anticipated to lead the market, gaining the majority of the market share in 2021, and is expected to maintain its dominance over the estimated time period. The growth of the segment is due to the increased use of technologically advanced wound care products and its high accessibility and affordability is one of the major factors boosting the animal wound care market.
NORTH AMERICA ANIMAL WOUND CARE MARKET BY GEOGRAPHY
The animal wound care market is studied for the following region
- United States
- Canada
- Mexico
The United States is anticipated to witness an increasing demand for animal wound care owing to the presence of well-established market players. In 2020, the North American animal wound care market was accounted for the largest share of 32.0 %. The rise in effort taken by major players to advance their product portfolio and guarantee high-quality standards is expected to drive the demand for wound care products in the region. For instance, in June 2020, Elanco Animal Health introduced a new flea control ointment to enhance its product portfolio. Moreover, increasing adoption of companion animals is expected to fuel growth of the North America animal wound care market over the forecast period.
COVID-19 IMPACT ANALYSIS ON NORTH AMERICA ANIMAL WOUND CARE MARKET
The outbreak of the COVID-19 virus has become a global healthcare emergency that has been spread worldwide, affecting worldwide social and economic development. The COVID-19 pandemic shut-down the production of products in various industries, mainly owing to the lockdown in major countries. The COVID-19 impact analysis report by Axiom MRC provided a 360 degree analysis of micro and macro-economic factors in the animal wound care market. Due to COVID-19, the animal wound care market observed a setback in growth, owing to the disruption of the supply chain. Also, the postponement and cancellation of surgeries on animals due to stringent lockdown norms resulted in a decline of postoperative wound cases, thus impacting the market growth.
COMPETITIVE LANDSCAPE ANALYSIS
The competitive landscape analysis of animal wound care market is majorly focused on expanding the North America growth of animal wound care with new product innovation, business expansion, increasing presence of range of manufacturer operating in the market has led the growing demand for the market. Besides, the market offers range of products to fulfil the required demand of consumer which is further contributing healthy growth in the market.
The key players studied in market are
- Pharmaceuticals, Inc.
- Elanco Animal Health
- 3m Company
- Medtronic Plc
- B. Braun Melsungen Ag
- Virbac
- Neogen Corporation
- Jørgen Kruuse A/S
- Sonoma Ethicon (a Subsidiary of Johnson & Johnson)
- Dechra Pharmaceuticals
- Jazz Medical, Llc
- Smith & Nephew Plc
- Kericure Inc.
- Advancis Veterinary
- Care-Tech Laboratories, Inc.
- Robinson Healthcare
- Mila International, Inc.
- Sentrx Animal Care
- Mccord Research, Inc.
- Primavet, Inc.
- Innovacyn, Inc.
- Indian Immunologicals Ltd.
- Silverglide
- Vernacare
- Vetoquinol India animal health Pvt. Ltd.
