LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global animal wound care market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The research study by Technavio on the global animal wound care market for 2017-2021 provides a detailed industry analysis based on applications (surgical wound care and traditional wound care) and geography (the Americas, EMEA, and APAC).
|A wound is a tear or a cut in the epithelium, the upper layer of the protective skin. Such tears or cuts could either be connected to the underlying tissues, nerves, muscles, or bones or could be restricted to only the epithelium. Technavio analysts forecast the global animal wound care market to grow to USD 1,605.06 million by 2021, at a CAGR of more than 6% over the forecast period.|
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The top three emerging trends driving the global animal wound care market according to Technavio healthcare and life sciences research analysts are:
- Growing innovation in animal wound dressing techniques
- Rising awareness about pet insurance
- Increase in investments
Growing innovation in animal wound dressing techniques
“The introduction of platelet-rich plasma in animal wound dressing is expected to aid in the growth of the animal wound care market. Protein-rich plasma is a natural treatment for osteoarthritis in dogs,” says Sapna Jha, a lead analyst at Technavio for infectious and rare diseases research.
Platelets are tiny blood cells whose function is to stop bleeding by clumping and clotting injured blood vessels. Protein-rich plasma (PRP), however, is plasma with many more platelets than is normally found in blood, which makes it extremely suitable for wound healing. Currently, PRP is offered mainly to dogs, which can help with inflammation and stimulate the normal healing process. Such initiation will help in market growth.
Rising awareness about pet insurance
Pet insurance ensure that pets receive the best possible veterinary care by providing unexpected medical costs incurred by pet owners. Currently, a very small portion of pet owners has opted for pet insurance, leaving a majority of the market open for vendors. The marginal adoption can be attributed to rigid pet insurance policies; most of which cover only accidental injuries. The introduction of new insurance policies for pets, with medical cover included, will result in a rise in demand for animal medical treatment and surgeries, improvement in technologies related to treatment, thereby driving the market growth.
Increase in investments
“The growth of the animal healthcare market can be mainly attributed to companies successfully capturing untapped regions and reducing the operating costs to attract more consumers. The increase in global presence is encouraging companies to set up their research facilities,” says Sapna.
Recently, Bayer HealthCare invested around USD 10 million in its Kansas and Missouri facilities. These facilities have established themselves as the best places for animal healthcare due to low operational cost and the presence of facilities dedicated to animal health research and commercialization. The establishment of manufacturing facilities in these areas is boosting the animal wound care market.
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