2024 Animal Wound Care Market Summary: 5 Key Findings
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What Growth Projections are in Place for the Animal Wound Care Market Between 2024-2033?
The market size for animal wound care has seen significant expansion in the past few years. The market will further expand from $1.2 billion in 2023 to $1.3 billion in 2024, exhibiting a compound annual growth rate (CAGR) of 8.5%. The historical progression of this market is connected to factors like heightened pet ownership, improved awareness and education, an increase in pet insurance, and supportive regulatory norms.
In the coming years, the animal wound care market is anticipated to witness substantial growth, reaching $1.77 billion in 2028 with a compound annual growth rate (CAGR) of 8.1%. This growth during the predicted period is a result of factors such as the rising pet population, escalating veterinary expenses, emphasis on preventive healthcare, emerging markets, and regulations concentrating on animal welfare. Forecasted trends for this period involve advancements in technology, emphasis on preventive care, the use of natural and organic products, telemedicine applications in veterinary care, and personalized treatment plans.
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What Are the Major Factors Contributing to the animal wound care Market Expansion?
The growth of the animal wound care market is set to be driven by the rise in pet adoption. This trend is characterized by acquiring animals through rescue groups rather than buying them from pet stores or breeders. Those who choose to adopt pets tend to seek out animal wound care to safeguard their pets from various injuries and ensure they have the necessary care during emergencies. This, in turn, boosts the demand for the animal wound care market. For example, Chewy Inc., a U.S.-based online retailer of pet food and other products, reported in February 2023 that approximately 977,202 pets were adopted in the U.S. in 2021. This was the highest adoption rate, at 61%, over the past six years. Furthermore, a national survey of pets and people by Animal Medicines Australia (AMA), an Australian organization representing the leaders of the country’s animal health industry, revealed in November 2022 that about half of the households in Australia are home to at least one dog. This makes dogs the most prevalent pet, with around 48% of Australian households owning dogs in 2022. Hence, the upsurge in pet adoption acts as a catalyst for the animal wound care market.
Which Key Segments Shape the Animal Wound Care Market?
1) By Product: Surgical Wound Care Products, Advanced Wound Care Products, Traditional Wound Care Products, Therapy Devices
2) By Animal: Companion Animals, Livestock Animals
3) By Distribution Channel: Retail, E-commerce
4) By End-Users: Veterinary Hospitals Or Clinics, Homecare, Other End Users
What Are the Transformative Trends Influencing the Animal Wound Care Market?
Product innovation is becoming a significant trend that is gaining traction in the animal wound care market. Main players in the market are focusing on generating innovative products to solidify their market standing. For example, in March 2021, Axio Solutions, a deep-science medical technology company based in India, inaugurated SureKlot, a sophisticated range of animal wound care products. These first-ever products are created using proven technology designed to stop excessive bleeding, cleanse wounds, and promote healing in animals. Furthermore, this novel product ensures painless removal for a more comfortable experience for the animal.
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What Regions Are Leading the Growth Trajectory of the Animal Wound Care Market?
North America was the largest region in the animal wound care market in 2023. The regions covered in the animal wound care market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Animal Wound Care Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the animal wound care market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Animal Wound Care Market Include
1. Animal Wound Care Market Executive Summary
2. Animal Wound Care Market Segments
3. Animal Wound Care Market Size And Template Market Growth Rate
4. Key Animal Wound Care Market Trends
5. Major Animal Wound Care Market Drivers
……
25. Key Mergers And Acquisitions In The Animal Wound Care Market
26. Top Animal Wound Care Companies
27. Animal Wound Care Market Opportunities And Strategies
28. Animal Wound Care Market, Conclusions And Recommendations
29. Appendix
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