Wound care market to surpass 7% growth
by Katie Pfaff
The global market for animal wound care is projected to grow at a CAGR of 7.3% across the period 2022 to 2027, according to a report by MarketsandMarkets, a research analytics firm. The increase from a 2022 predicted value of $1.2 billion to a 2027 projection of $1.7 billion accounts for the estimate.
Analysts have suggested the growth will be based on the growing demand for animal food items, growth in the companion animal segment, and higher rates of spending in veterinary care. At the same time, however, growth could be slowed by the low number of veterinary care professionals in some markets and the cost of veterinary care for pet owners.
When evaluating the market by segments, the companion animal segment held the largest share of the market in 2021. This is due to the rise in the number of pets worldwide and demand for pet insurance, as well as the often high cost of pet veterinary care. The number of sports horses has also increased.
Through the lens of the end user in the market, veterinary clinics and veterinary hospitals account for the largest segment. This is compared to homecare and is thought to be due to the growing number of pets across the globe and resulting spending on pet health.
Spending by region is highest in the North American geography, according to 2021 data. The region’s dominance is linked to established infrastructure and the number of companies involved in the market in the region.
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