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Animal Wound Care Market 2024-2033 : Industry Analysis, Size, Share, Growth And Forecast
Animal Wound Care Global Market Report 2024
According to The Business Research Company's, The animal wound care market size has grown strongly in recent years. It will grow from $1.2 billion in 2023 to $1.3 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to increased pet ownership, awareness and education, rise in pet insurance, regulatory support.
The animal wound care market size is expected to see strong growth in the next few years. It will grow to $1.77 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to growing pet population, increasing veterinary expenditure, focus on preventive healthcare, emerging markets, regulatory emphasis on animal welfare. Major trends in the forecast period include technological advancements, focus on preventive care, natural and organic products, telemedicine in veterinary care, customized treatment plans.
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Market Drivers and Trends:
The increasing pet adoption is expected to propel the growth of the animal wound care market going forward. Animal adoption is defined as acquiring animals through rescue groups instead of purchasing them from pet shops or breeders. Pet adopters seek for animal wound care to protect their pets from various wounds and in emergencies, as a result, increasing pet adoption increases the demand for the animal wound care market. For instance, in February 2023, according to Chewy Inc., a US-based online retailer of pet food and other products, there were around 977,202 pets adopted in the US in 2021, which resulted in the highest adoption rate of 61% in the past six years. Additionally, in November 2022, according to a national survey of pets and people published by Animal Medicines Australia (AMA), an Australia-based body representing the leaders of the animal health industry in Australia, about half of Australian households have at least one dog making them the most common pet and approximately 48% of households had dogs in 2022. Therefore, increasing pet adoption drives the animal wound care market.
Product innovation has emerged as a key trend gaining popularity in the animal wound care market. Major market players are concentrating their efforts on creating innovative products to strengthen their position in the market. For instance, in March 2021, Axio Solutions, an India-based, deep-science medical technology company launched SureKlot, an advanced range of wound care products for animals. The company's products are first-of-its-kind and are based on proven technology that stops uncontrollable bleeding, decontaminates wounds, and enhances wound healing in animals. Moreover, this innovative product ensures painless removal, providing a comfortable experience for the animal.
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Major Key Players of the Market:
B. Braun Melsungen AG; Medtronic plc; 3M Company; Johnson & Johnson; Virbac SA; Advancis Veterinary Ltd.; Innovacyn Inc.; Vernacare Limited; Neogen Corporation; KeriCure Inc.; Sonoma Pharmaceuticals Inc.; Elanco Animal Health Incorporated; Dechra Pharmaceuticals PLC; Jørgen Kruuse A/S; Robinson Healthcare Limited; Sentrx Animal Care Inc.; Ethicon Inc.; BioNote Inc.; Heska Corporation; IDEXX Laboratories Inc.; IDvet; Randox Laboratories Ltd.; BioCure Inc.; VetCare Inc.; VetStem Biopharma Inc.; VetCell Therapeutics PBC; VetWound Inc.; VetMedWound LLC; VetDerm Solutions; VetHeal
Animal Wound Care Market 2024 Key Insights:
• The animal wound care market will grow to $1.77 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%.
• Pet Adoption Surge Is A Catalyst For Growth In The Animal Wound Care Market
• Product Innovations For Unparalleled Healing And Comfort
• North America was the largest region in the animal wound care market in 2023
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