PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1485939
PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1485939
Animal Wound Care Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)
The global animal wound care market is set for significant expansion, with estimates indicating that it will reach nearly US$ 2.5 billion by the end of 2031. This growth represents a substantial increase from the anticipated US$ 1.2 billion in 2024, reflecting a compound annual growth rate (CAGR) of 11.0% over the forecast period from 2024 to 2031.
Key Factors Fueling Market Growth
Increasing Consumer Spending on Veterinary Care
The pet veterinary industry has evolved considerably from its origins in livestock care. Today, pets are regarded more as family members or companions rather than mere property. This shift in perception has led to pets receiving the same emotional and medical care as other family members. Technological advancements initially developed for human medical care are now being applied to pets, enhancing the quality of veterinary services. According to the American Animal Hospital Association (AAHA), a significant majority of pet owners view themselves as their pets' parents. This deep affection for pets is reflected in the substantial investment in veterinary care, underscoring the growing importance of pets in people's lives.
Corporate Acquisitions of Established Pet Hospitals
Corporate acquisitions are reshaping the landscape of pet hospitals. Bloomberg reports that 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 instance, National Veterinary Associates, a chain of 250 hospitals, was acquired by Ares Management, and the Ontario Teachers' Pension Plan purchased a pet hospital group. VCA has also invested significantly in acquiring hospital groups, consolidating them for resale. 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.
Challenges in Affording Advanced Veterinary Care
Advances in veterinary care have significantly increased costs in recent years. For example, the treatment for a torn Anterior Cruciate Ligament (ACL) has become much more expensive. This figure does not 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. 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
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. The region's high pet ownership rates and advanced veterinary care infrastructure contribute significantly to this dominance.
Europe
Europe is projected to be the second most lucrative market, with an attractiveness index of 1.1. The region's growing pet population and increasing awareness about pet health are driving market growth.
Latin America and MEA
Latin America has an attractiveness index of 0.5, while the Middle East and Africa (MEA) region is anticipated to record the highest regional CAGR. The growing adoption of pets and improving veterinary infrastructure in these regions are key factors contributing to market growth.
Shift in Veterinary Care Standards
Table of Contents
1. Executive Summary
- 1.1. Global Animal Wound Care Market Snapshot
- 1.2. Future Projections
- 1.3. Key Market Trends
- 1.4. Regional Snapshot, by Value, 2023
- 1.5. Analyst Recommendations
2. Market Overview
- 2.1. Market Definitions and Segmentations
- 2.2. Market Dynamics
- 2.2.1. Drivers
- 2.2.2. Restraints
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
