The global animal wound care market is estimated to reach nearly US$ 590 Mn by 2017 end and the market is expected to reach about US$ 1,013 Mn by the end of 2025, reflecting a CAGR of 7.0% over the forecast period (2017–2025). Several factors are responsible for this revenue growth.
Increasing consumer spending on veterinary care
The pet veterinary industry was once an offshoot of livestock care. But today these animals are considered more as a part of the family/companion than just “property”. And, as humans treat pets emotionally more like people, they also doing so medically. Technology first developed for people is now being used on pets. According to an article published by Bloomberg in January 2017, the American Animal Hospital Association (AAHA) stated that more than 80 percent of pet owners think of themselves as their pets’ moms and dads. Americans love their pets so much, they spent US$ 35 Bn on veterinary care in 2015.
Corporations acquiring established pet hospitals
According to Bloomberg, Corporations own 15% to 20% of America’s 26,000 pet hospitals. Moreover, consolidators are buying counterparts who work on copying the model pioneered by Veterinary Centers of America (VCA). In 2014 a chain of 250 hospitals of National Veterinary Associates was purchased by Ares Management for US$ 920 Mn. In 2015 the Ontario Teachers’ Pension Plan spent US$ 440 Mn to buy a pet hospital group. In May 2017, VCA spent US$ 344 Mn for a group of 56 hospitals pooled together by smaller consolidators for the express purpose of flipping them. Since 2015, Mars has bought two hospital groups for undisclosed amounts, adding more than 100 clinics to a portfolio that already includes 950 locations.
Pet owners are struggling to pay for vet care
Advances in veterinary care over the past few years have come at high price. For instance, costs to treat a torn Anterior Cruciate Ligament (ACL), have soared to US$ 2,000, more than double the US$ 800 people had paid in the past. That doesn't include the costs of diagnostic testing, which can add an additional US$ 500 to a pet owner's bill. As MRI has become common in many nationwide hospitals, vets use this as a standard care for treating cancer, injuries, etc. The test itself costs US$ 2000 in addition to the prescription cost. While this is an incredibly useful and important diagnostic tool, the cost is out of reach for many pet owners who would struggle to be able to afford the surgery and/or treatment following the MRI, let alone the cost of the test itself.
Global Animal Wound Care Market Attractiveness Analysis by Region, 2017–2025
North America dominated the global animal wound care market in revenue terms in 2016 and is projected to continue to do so throughout the forecast period. North America is expected to be the most attractive market with attractiveness index of 1.3 during the forecast period. Europe is expected to be the second most lucrative market, with attractiveness index of 1.1 during the forecast period. The Latin America animal wound care market represents a market attractiveness index of 0.5. The MEA animal wound care market is anticipated to record the highest regional CAGR of 7.4%.
Shift in standards for veterinary care
Most private veterinarians in earlier times, didn’t have an X-ray machine. Pets getting blood work wasn’t common. But as public attitudes toward pets evolved and medicine science advanced, standards for veterinary care began to change. People’s expectations shifted to a setup of a veterinary medical practice that could provide 21st century medicine. As the number of vets increased, people with means obtained more options than ever for treating their pets’ illnesses. Many animal shelter facilities have further expanded their operations to become full-service hospitals, providing advanced levels of medical care, products and other services. The increasing spending on vet care and the higher expectation of care from the vets has led to a rise in the standard of care. This is expected to increase the demand for quality animal wound care.
Our robust research methodology has helped us create another insightful and comprehensive report titled ‘Animal Wound Care Market: Global Industry Analysis 2012 – 2016 and Forecast 2017 – 2025’. For this report, in order to infer the market size, historical data, primary responses and public domain data has been thoroughly analyzed. Revenue of companies in the animal wound care market has been benchmarked to ascertain the market size for the base year. Macroeconomic indicators such as GDP and industry growth have been considered to forecast the market size over the forecast period. The historical growth trend of end-use industries, market participants’ performance, as well as the present macro-economic outlook has been taken into consideration for estimating the overall market trend forecast. This data is then validated using the triangulation method and is extensively scrutinized using advanced tools to garner quantitative and qualitative insights into the global animal wound care market.
Global Animal Wound Care Market: Taxonomy
By End User
In the introduction section, the pertinent market numbers of the global animal wound care market are given along with the CAGR for the forecast period 2017-2025. The introduction also comprises an executive summary of this detailed report through which the report audiences can have a cursory glance into this vast market. The introduction section has a detailed definition of animal wound care and the various product types that define the scope of this report. In addition, the macroeconomic factors influencing the global animal wound care market are discussed in the introduction. A valuable subsection of the introduction contains the Porter’s Five Force Analysis of the global animal wound care market.
The next section of the report consists of the regional animal wound care market analysis and forecast and the regions are selected as per the market taxonomy. Moreover, an important sub-section of this section consists of the regional market dynamics of the global animal wound care market. This market dynamics sub-section lists the drivers, restraints, opportunities and trends that are applicable in various regions of the global animal wound care market and discusses in detail the factors that are encouraging the growth of this market and the factors that are hampering the growth of this market. The various trends of the global animal wound care market, both long term and short term, are also discussed in this part of the report. Also, key regional regulations pertaining to the animal wound care market are also discussed in this subsection of the report.
The third part of the report highlights the competitive landscape of the global animal wound care market. This part constitutes information on the various leading companies operating in the global animal wound care market. This competition landscape gives a dashboard view of the key companies operating in the global animal wound care market along with their important information and broad strategy adopted to stay as leaders in the global animal wound care market. Each of the leading companies is also profiled individually and important information about the company such as company details, company description, product portfolio along with key developments concerning the company and strategic analysis is presented.
The last part of the report presents the global animal wound care market analysis and forecast and highlights important market metrics such as the BPS analysis, year-on-year growth rates, absolute dollar opportunity and market attractiveness analysis of the global animal wound care market.
Why should you buy this report?
If you are aiming to enter the global animal wound care market, then this report is a comprehensive guide for you and will provide you clear insights into this vast and lucrative market. All the major types of animal wound care products are covered in this report and information is also given on the various important regions of the world where this market is likely to boom in the near future and during the forecast period of 2017-2025, so that you can plan your strategies to enter this market accordingly. Besides, through this report, you can have a complete grasp of the level of completion you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.