CHICAGO, Aug. 26, 2020
CHICAGO, Aug. 26, 2020 /PRNewswire/ -- According to the new market research report "Animal Wound Care Market by Product (Surgical (Suture, Sealant, Glue) Advanced (Film, Foam, Hydrogel, Hydrocolloid dressing) Traditional (Dressing, Bandage, Absorbent, Tape) & NPWT Device) Animal (Companion, Livestock) & End User - Global Forecast to 2025", published by MarketsandMarkets™, the Animal Wound Care Market is projected to reach USD 1.5 billion by 2025 from USD 1.0 billion in 2020, at a CAGR of 7.4% during the forecast period.
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The rising demand for animal food products, increasing concerns over animal diseases, growing companion animal market, and surging veterinary healthcare expenditure are the major factors driving the growth of this market. However, an increase in pet care costs, low adoption of advanced animal wound care products in emerging markets, and shortage of vet practitioners in developing markets are hindering the market's growth.
Growing pet population and rising pet expenditure to drive the demand for surgical wound care products.
Based on product, the animal wound care market is segmented into surgical wound care products, advanced wound care products, traditional wound care products, and therapy devices. Surgical wound care products accounted for the largest share in 2019. The large share of this segment can primarily be attributed to the increasing number of animal conditions requiring surgeries, rising adoption of surgical wound care products in veterinary practices and increasing pet adoption and pet care expenditure.
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Increasing adoption of companion animal is expected to drive its market growth.
Based on animal type, animal wound care market is segmented into companion animal and livestock animals. In 2019, companion animals accounted for the largest share of the global market. The growth of this segment can be attributed to the growing companion animal population, increasing pet care expenditure, rising number of sports horses, and surging demand for pet insurance across the world.
The hospitals segment accounted for the largest market share in 2019
Based on end user, the market is segmented into veterinary hospitals & clinics, and home care settings. Veterinary hospitals & clinics accounted for the largest share of the market in 2019. The large share of this segment can be attributed to growing awareness about animal health, increasing companion animal population, and rising pet care expenditure in emerging regions.
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North America was the largest regional market for animal wound care market in 2019
The market is segmented into five major regions, namely, North America, Europe, Asia Pacific, Latina America, and the Middle East and Africa. In 2019, North America accounted for the largest share. North America's prominence in this market is mainly attributed to the increasing population of companion animals and growing pet care expenditure. The market in Asia Pacific is expected to grow at the highest CAGR during the forecast period. This can be attributed to the rising population of livestock animals, increasing consumption of animal-derived food products, and growing adoption of pets.
The prominent players in the global animal wound care market are Elanco Animal Health (US), Medtronic PLC (Ireland), B Braun Melsungen AG (Germany), 3M Company (US), Virbac (France), Jorgen Kruuse A/S (Denmark), Dechra Pharmaceuticals (UK), Neogen Corporation (US), Ethicon, Inc. (US), Sonoma Pharmaceuticals Inc. (US), Jazz Medical, LLC (Ireland), Smith & Nephew PLC (UK), and Kericure Inc. (US).
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