The global animal wound care market is on track to grow substantially, with projections indicating it will reach nearly US$ 2.5 billion by the end of 2031. This represents a significant increase from the estimated US$ 1.2 billion in 2024, reflecting a compound annual growth rate (CAGR) of 11.0% over the forecast period from 2024 to 2031.
The pet veterinary industry, originally an extension of livestock care, has evolved significantly. Nowadays, pets are seen more as family members or companions rather than just property. This shift in perception means that people are treating their pets with the same emotional and medical care they would provide for other family members.
Technological advancements initially developed for human medical care are now being applied to pets. The American Animal Hospital Association (AAHA) notes that a significant majority of pet owners consider themselves as their pets' parents. This deep affection for pets is reflected in the substantial investment in veterinary care, highlighting the growing importance of pets in people's lives.
2. Corporate Acquisitions of Established Pet Hospitals:
According to Bloomberg, corporations own between 15% and 20% of America's 26,000 pet hospitals. Additionally, consolidators are actively acquiring counterparts, emulating the model established by Veterinary Centers of America (VCA). For example, a chain of 250 hospitals of National Veterinary Associates was acquired by Ares Management. Similarly, the Ontario Teachers’ Pension Plan purchased a pet hospital group.
VCA has also invested significantly in acquiring groups of hospitals, consolidating them for the purpose of reselling. Mars, a major player in the industry, has expanded its portfolio by acquiring two hospital groups, adding more than 100 clinics to its existing network of 950 locations.
3. Challenges in Affording Advanced Veterinary Care:
Advances in veterinary care have significantly increased costs in recent years. For example, treating a torn Anterior Cruciate Ligament (ACL) has become much more expensive, with costs now significantly higher than what people paid in the past. This figure doesn't include the additional costs of diagnostic testing, which can further add to a pet owner's bill.
MRI has become a common diagnostic tool in many hospitals across the country, used for treating conditions like cancer and injuries. The test itself is quite costly, in addition to the expenses of prescriptions and subsequent treatments. While MRI is an invaluable diagnostic tool, its high cost can be prohibitive for many pet owners, making it difficult for them to afford the necessary surgeries or treatments following the test.
As consumer spending on veterinary care continues to rise and corporations consolidate the market, the global animal wound care market is set for robust growth, driven by advancements in veterinary medicine and changing public attitudes towards pet care.
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Key Factors Fueling Market Growth:
1. Increasing Consumer Spending on Veterinary Care:The pet veterinary industry, originally an extension of livestock care, has evolved significantly. Nowadays, pets are seen more as family members or companions rather than just property. This shift in perception means that people are treating their pets with the same emotional and medical care they would provide for other family members.
Technological advancements initially developed for human medical care are now being applied to pets. The American Animal Hospital Association (AAHA) notes that a significant majority of pet owners consider themselves as their pets' parents. This deep affection for pets is reflected in the substantial investment in veterinary care, highlighting the growing importance of pets in people's lives.
2. Corporate Acquisitions of Established Pet Hospitals:
According to Bloomberg, corporations own between 15% and 20% of America's 26,000 pet hospitals. Additionally, consolidators are actively acquiring counterparts, emulating the model established by Veterinary Centers of America (VCA). For example, a chain of 250 hospitals of National Veterinary Associates was acquired by Ares Management. Similarly, the Ontario Teachers’ Pension Plan purchased a pet hospital group.
VCA has also invested significantly in acquiring groups of hospitals, consolidating them for the purpose of reselling. Mars, a major player in the industry, has expanded its portfolio by acquiring two hospital groups, adding more than 100 clinics to its existing network of 950 locations.
3. Challenges in Affording Advanced Veterinary Care:
Advances in veterinary care have significantly increased costs in recent years. For example, treating a torn Anterior Cruciate Ligament (ACL) has become much more expensive, with costs now significantly higher than what people paid in the past. This figure doesn't include the additional costs of diagnostic testing, which can further add to a pet owner's bill.
MRI has become a common diagnostic tool in many hospitals across the country, used for treating conditions like cancer and injuries. The test itself is quite costly, in addition to the expenses of prescriptions and subsequent treatments. While MRI is an invaluable diagnostic tool, its high cost can be prohibitive for many pet owners, making it difficult for them to afford the necessary surgeries or treatments following the test.
Regional Market Attractiveness:
- North America: Dominated the global animal wound care market and is expected to remain the most attractive market with an attractiveness index of 1.3 during the forecast period.
- Europe: Projected to be the second most lucrative market with an attractiveness index of 1.1.
- Latin America and MEA: The Latin America market has an attractiveness index of 0.5, while the MEA region is anticipated to record the highest regional CAGR.
Shift in Veterinary Care Standards:
Veterinary care standards have significantly evolved. In the past, many private veterinarians lacked advanced diagnostic tools like X-ray machines, and routine blood work for pets was uncommon. Today, higher expectations from pet owners and advancements in medical science have raised the standard of veterinary care. Many animal shelters have expanded their services to offer comprehensive medical care, further driving demand for quality animal wound care products.As consumer spending on veterinary care continues to rise and corporations consolidate the market, the global animal wound care market is set for robust growth, driven by advancements in veterinary medicine and changing public attitudes towards pet care.
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
- Sutures
- Staples
- Tissue Adhesives & Glues
- Traditional Wound Care
- Tapes
- Bandages
- Absorbents
- Advanced Wound Care
- Film Dressings
- Foam Dressings
- Hydrogel Dressings
- 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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Table of Contents
1. Executive Summary
2. Market Overview
3. Global Animal Wound Care Market Outlook, 2018 - 2031
4. North America Animal Wound Care Market Outlook, 2018 - 2031
5. Europe Animal Wound Care Market Outlook, 2018 - 2031
6. Asia Pacific Animal Wound Care Market Outlook, 2018 - 2031
7. Latin America Animal Wound Care Market Outlook, 2018 - 2031
8. Middle East & Africa Animal Wound Care Market Outlook, 2018 - 2031
9. Competitive Landscape
10. Appendix
Companies Mentioned
- 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)
