A new report by XploreMR studies the growth drivers, trends, restraints, and highlights of the global animal wound care market. Presenting exclusive insights into the market from 2017 to 2025, the report projects that the market will witness notable growth during the forecast period. Animal wound care refers to providing aid in the recovery of the damaged tissues and healing the wound on the animal's body. The growth of the market is primarily attributed to the rising demand for pet insurance, increasing expenditure of animal health care, and an increased number of veterinary practitioners. Moreover, the growth of the population of companion animals and the subsequent adoption of pets, coupled with the exploration of untapped markets are offering remunerative opportunities to the animal wound care market. Additionally, the shift of technologies in veterinary care is also complementing the revenue in-flow of the market.
Technological Shift in Veterinary Care Strengthens Growth Trajectory
Over the years, the adoption of animals as companion pets has significantly increased and has subsequently increased consumer spending on veterinary care. According to the American Animal Hospital Association (AAHA), more than 80% have a sense of parental responsibility for their pets, which is the most crucial growth driver to the animal wound care market. Due to the high spending and demand for an effective treatment for pets, the veterinary landscape has witnessed significant changes over the years. Currently, veterinary care is equipped with advanced technology and is witnessing substantial revenue in-flow. Backed by the availability of effective treatments, consumer spending on animal treatment has increased by leaps and bounds. For instance, it costs US$ 2000 to treat a torn Anterior Cruciate Ligament (ACL), and pet owners are not stepping back on spending. Although the higher costs ensure high revenue, the expenses are out of reach to some pet owners, which is likely to limit the market growth to a certain extent. Moreover, the lack of a significant number of veterinary practitioners in developing nations is also expected to hinder the rapid growth of the market. On a positive note, a large number of domesticated animals, rising pet adoption, and growing awareness regarding animal health will continue to invigorate the market revenue through the forecast period.
North America Dominates Regional Landscape with Advanced Veterinary Care at its Disposition
North America is anticipated to reign supremacy over the animal wound care market, the global animal wound care owing to the high adoption of companion animals, such as dogs, cats, and horses. High awareness among pet owners, coupled with increased levels of disposable incomes in the region will also contribute to regional growth. On the other hand, the revenue from the Asia Pacific currently remains on the downside, owing to a lack of proper veterinary health care. However, increasing awareness is expected to pave the way for growth during the forecast period.