The global compression veterinary bandages industry demand is poised to witness a significant surge, expected to soar to US$ 117.0 million by the end of 2023, according to a comprehensive report by Future Market Insights. The industry analysis further anticipates a steady Compound Annual Growth Rate (CAGR) of 3.2% from 2023 to 2033, projecting a closing market value of US$ 161.1 million by 2033.
The burgeoning demand for compression veterinary bandages is being driven by various factors, including but not limited to technological advancements in veterinary care, increasing awareness about animal health, and the rising prevalence of musculoskeletal conditions among animals. These bandages, designed to provide support and aid in the recovery of injured or post-surgical animals, have witnessed a substantial uptick in adoption across veterinary clinics and hospitals globally.
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In response to this growth trajectory, industry stakeholders, including manufacturers and suppliers, are gearing up to meet the escalating demand for high-quality, efficient, and advanced compression veterinary bandages. The evolving landscape of veterinary care emphasizes the need for innovative products that cater to the specific needs of animals, promoting their well-being and swifter recovery.
“Forecasting the exponential growth of the compression veterinary bandages industry is indicative of the evolving landscape of animal care. As technology advances and the understanding of animal health improves, the demand for specialized medical products such as compression bandages continues to soar,” stated Future Market Insights.
The projected expansion of this industry not only signifies a promising market outlook but also underlines the dedication towards enhancing the quality of life for animals. With the persistent focus on research and development, the industry is geared to offer innovative solutions and contribute significantly to the veterinary healthcare sector.
Hurdles in the Compression Veterinary Bandages Industry:
The costly price of these specialized bandages is a deterrent for many pet owners and veterinary offices, which restricts acceptance and use. Compression bandages have many uses, but pet owners and even some veterinarians may not be aware of all of them, which could limit compression veterinary bandages industry growth.
Professionals are reluctant to include compression bandages in their treatment plans due to the lack of standardized standards and recommendations for their usage in veterinary medicine. Compression bandages are not widely used in the veterinary industry due to the accessibility and availability of alternative treatment alternatives, including surgery or medicines.
Regional Outlook:
Due to its established veterinary healthcare infrastructure and rising acceptance of cutting-edge veterinary treatment, North America is expected to lead the market. As pet adoption rates are increasing and people are becoming more aware of animal health, Europe’s compression veterinary bandages industry is expected to experience significant growth.
Due to rising disposable income, urbanization, and a rising emphasis on pet healthcare in emerging economies, Asia Pacific is projected to enjoy substantial compression of veterinary bandages market expansion. Due to rising pet ownership and rising demand for veterinary goods and services, Latin America, the Middle East, and Africa are anticipated to present lucrative market growth possibilities.
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Key Takeaways:
- The United States might increase its market share by 37.7% between 2023 and 2033.
- Between 2023 and 2033, Germany may hold 7.4% of the compression veterinary bandages industry.
- Japan’s share of the compression veterinary bandages business could reach 2.9% between 2023 and 2033.
- Australia to develop at a CAGR of 2.4% in the compression veterinary bandages business from 2023 to 2033.
- During the forecast period, China compression veterinary bandages business to expand at a CAGR of 4.7%.
- From 2023 to 2033, the United Kingdom compression veterinary bandages industry to register a 3.1% CAGR.
- Through 2033, the Indian compression veterinary bandages industry to record a CAGR of 4%.
- The short stretch or low elasticity compression bandages segment to hold a market share of 37.8% in the product category between 2023 and 2033.
- The veterinary hospitals segment to acquire a substantial market share of 42.4% in the distribution channel category between 2023 and 2033.
Competitive Landscape:
There is fierce competition for market share among several compression veterinary bandages players. Emerging firms looking to establish themselves in the market compete with established manufacturers with a strong presence and reputation in the sector.
Product quality, innovation, pricing tactics, distribution channels, and customer connections are some of the elements that influence the competition. The compression veterinary bandage manufacturers are concentrating on product improvements, strategic alliances, and efficient marketing methods to draw in and keep clients.
Recent Innovations:
Expansion:
Spectrum Antimicrobials, Inc. increased its line in December 2020 by introducing Vetricept skin and wound care cleansing products, as well as compression veterinary bandages.
Contract:
Throughout February 2020, Sonoma Pharmaceuticals signed an asset purchase contract with MicroSafe Group for various disinfection, wound care, and animal health care products, including compression veterinary bandages, throughout Europe for US$ 1.1 million.
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Key Companies:
- EquiCrown
- Merck Sharp & Dohme Corp.
- Millpledge Pharmaceuticals
- Andover Healthcare, Inc.
- America’s Acres Health & Safety Products.
Key Segments:
By Product Type:
- Long Stretch or Elastic
- Short Stretch or Low Elasticity
- Multicomponent Multilayer
By Animal Type:
- Companion Animals or Pets
- Farm Animals
By Distribution Channel:
- Retail Pharmacy
- Online Pharmacy
- Veterinary Clinics
- Veterinary Hospitals
By Region:
- North America
- Europe
- Asia-Pacific
- Latin America
- The Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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