By 2023, the compression veterinary bandages market is anticipated to be worth USD 117.0 million. During the forecast period of 2023 to 2033, the compression veterinary bandages business is predicted to record a CAGR of 3.2%, with a closing value of USD 161.1 million. During the historical period from 2018 to 2022, the compression veterinary bandages industry captured a value CAGR of 2.5%.
The surge in the prevalence of companies producing animal care products is also expected to boost the market growth of veterinary compression bandages. The rising popularity of horse racing is estimated to propel veterinary compression bandages.
Veterinary bandages are a vital medical supply for pet owners and other veterinary clinics or hospitals. These bandages are used to treat both critical and minor animal injuries. Compression veterinary bandages are used on animals to retain the bandage in place.
These compression veterinary bandages provide effective contraction and a long-lasting result. The purpose of pressure or compression veterinary bandage is to control bleeding, support an injured limb, reduce inflammation, keep injuries clean, and absorb fluids from a wound. Compression veterinary bandages are accessible in a variety of sizes and colors.
Horses have around 8,000 lymph nodes and increased susceptibility to swelling. Owners' increasing emphasis on providing better care for their animals, including the commercialization of animal trading, is projected to boost the market of the compression veterinary bandages market, as owners want their animals to survive and thrive.
| Attributes | Compression Veterinary Bandages Industry (From 2018 to 2022) |
|---|---|
| Market HCAGR (From 2018 to 2022) | 2.5% |
| Market Size - 2018 | USD 103.17 million |
| Market Size - 2022 | USD 113.8 million |
| Attributes | Compression Veterinary Bandages Industry (From 2023 to 2033) |
|---|---|
| Market CAGR (From 2023 to 2033) | 3.2% |
| Market Size - 2023 | USD 117.0 million |
| Market Size - 2033 | USD 161.1 million |
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The compression veterinary bandages industry experienced significant growth from 2018 to 2022, with rising awareness about animal health and increasing pet ownership. During this period, the market witnessed robust expansion, driven by advancements in veterinary care and the introduction of innovative products.
From 2023 to 2033, the compression veterinary bandages industry is expected to witness even greater growth due to several factors. These include the continued emphasis on pet well-being, technological advancements in veterinary medicine, and the expanding pet insurance industry. The increasing prevalence of musculoskeletal disorders in animals and the rising demand for advanced wound care solutions are likely to contribute to the market expansion.
The compression veterinary bandages business, on the whole, is poised for continued growth in the coming decade, presenting lucrative opportunities for compression veterinary bandage manufacturers.
The growing emphasis on taming farm animals and pets is anticipated to propel the compression veterinary bandages business. Companies have developed compression veterinary bandages and products that stick to themselves and do not require any additional substance as technology has advanced. Because people are emotionally attached to their pets, the domestic animal segment is expected to grow faster, leading to a higher development in the compression veterinary bandages industry.
The evolution of new compression veterinary bandages and quality healthcare products is also expected to drive market growth. The surge in the prevalence of companies producing animal care products is also expected to boost the growth of the compression veterinary bandages market. The rising popularity of horse racing is also estimated to propel compression veterinary bandages, which facilitate the removal of toxins and lymph fluid as well as the management of swelling, as horse legs can swell after a long day of standing and racing.
Over the forecast period, the global compression veterinary bandages industry is poised to increase significantly. The growing popularity of horse racing among people is one of the factors contributing to the market growth for compression veterinary bandages.
Principal Consultant
The global compression veterinary bandages industry faces challenges that can hamper its growth. One significant factor is the high cost of these specialized bandages, which may limit their adoption, particularly in price-sensitive markets. More awareness about the benefits and availability of compression bandages among pet owners and veterinarians can impede the market growth.
The need for standardization in product specifications and regulations across different regions can create barriers for market players. Moreover, the availability of alternative treatment options and the potential risk of complications or discomfort associated with prolonged bandage use may deter some pet owners from opting for compression veterinary bandages.
| Attributes | Details |
|---|---|
| North America Market Share - 2023 | 42.1% |
| United States Market Share - 2023 | 37.7% |
| Australia Market CAGR - From 2023 to 2033 | 2.4% |
North America dominated the animal wound care market in 2023, accounting for 36% of the overall revenue. According to IDEXX Laboratories, Inc., an estimated 316 million total visits for animal wound care services in the United States in 2019. Along with the above-mentioned factors, the increased efforts made by leading players to advance their product portfolio and ensure high-quality standards are predicted to fuel consumption for the region's compression veterinary bandages market.
According to Future Market Insights, the North American region acquires 42.1% of the compression veterinary bandages industry in 2023 and may continue to advance growth throughout the forecast period.
| Attributes | Details |
|---|---|
| Japan Market Share - 2023 | 2.9% |
| China Market CAGR (From 2023 to 2033) | 4.7% |
| India Market CAGR (From 2023 to 2033) | 4% |
The Asia Pacific, excluding Japan, is expected to dominate the compression veterinary bandage market. Due to the region's horse racing trend, the Middle East and Africa region is also expected to show significant growth in the compression veterinary bandages market.
Ownership of companion animals has increased significantly around the world. This is relevant in emerging markets, such as Asia Pacific countries, where urban development and accelerating economic growth have increased access to animal healthcare and permitted owners to spend more on pet care. Livestock markets in emerging countries such as India and China are robust. In India, there were 180,821 veterinary professionals, according to the World Animal Health Information Database (2017).
Authorities in emerging countries such as India, China, Taiwan, and Indonesia, among others, are enacting policies to attract foreign investors to their corresponding manufacturing sectors by lowering trade tariffs and duties to promote economic growth. All these factors are estimated to accelerate the market growth in Asia Pacific regions. The Asia Pacific market is projected to grow in forthcoming years.
| Attributes | Details |
|---|---|
| Europe Market Share - 2023 | 30.4% |
| Germany Market Share - 2023 | 7.4% |
| United Kingdom Market CAGR (From 2023 to 2033) | 3.1% |
In recent years, the demand for compression veterinary bandages in Europe has increased steadily. The region's dedication to animal welfare, the rise in pet ownership, and improvements in veterinary medicine are all factors that have contributed to this expansion. A significant factor has been the availability of a well-developed veterinary healthcare infrastructure and a high degree of pet owner awareness of pet health in Europe.
The strict laws protecting product safety and quality help the European market. Challenges include pricing pressures, market saturation in some nations, and competition from non-traditional wound treatment methods. Due to ongoing developments in veterinary medicine and rising pet care costs, the market in Europe is anticipated to keep growing
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| Category | Product |
|---|---|
| Leading Segment | Short stretch or low elasticity compression bandages |
| Market Share | 37.80% |
Short stretch or low elasticity compression veterinary bandages are often preferred in the compression veterinary bandages industry due to their unique characteristics. These bandages provide a lower degree of elasticity compared to other types, allowing for better control and localized compression. This makes them particularly effective in managing conditions such as lymphedema, venous ulcers, and postoperative edema.
The controlled compression helps improve blood circulation, reduce swelling, and promote faster healing. Their non-elastic nature ensures consistent pressure, minimizing the risk of constriction and discomfort for the animals.
| Category | Distribution Channel |
|---|---|
| Leading Segment | Veterinary Hospitals |
| Market Share | 42.40% |
Veterinary hospitals are expected to lead the demand in the compression veterinary bandages industry for several reasons. Veterinary hospitals generally handle a wide range of cases and treat various animal injuries and conditions, which may require compression bandages.
Veterinary hospitals often have specialized equipment and expertise to provide comprehensive care to animals, including applying and monitoring compression bandages. Veterinary hospitals are trusted healthcare institutions for pet owners, who rely on them for professional advice and treatment options for their pets' health concerns.
Form strategic alliances with veterinary hospitals and clinics.
The compression veterinary bandages industry faces moderate to intense rivalry in the market. Many well-known compression veterinary bandage manufacturers may be found in the market, and many new competitors exist. Established businesses frequently have a strong brand presence, a following of devoted clients, and vast distribution networks.
Smaller firms can enter the market and compete based on product quality, cost, and customer service. Product performance, durability, simplicity of use, and veterinary advice are some elements that influence the competition. The compression veterinary bandages market manufacturers must consistently engage in research and development, marketing, and joint ventures to remain competitive and win a bigger market.
Key Companies
Market players are investing in strategies such as regional expansion, product launches, acquisitions, and partnerships to gain a competitive advantage in the market for compression veterinary bandages. To gain a competitive advantage, new start-ups are working on novel developments and introducing new products such as:
| Company | Spectrum Antimicrobials, Inc. |
|---|---|
| Strategy | Spectrum Antimicrobials, Inc. Expands Product Lineup |
| Details | Spectrum Antimicrobials, Inc. expanded its portfolio by launching Vetricept skin and wound care cleanser products and compression veterinary bandages in December 2020. |
| Company | Sonoma Pharmaceuticals |
|---|---|
| Strategy | Sonoma Pharmaceuticals Expands Presence in Europe with Asset Purchase Agreement |
| Details | Sonoma Pharmaceuticals closed an asset purchase contract with MicroSafe Group for certain disinfection, wound care, and animal health care products, including compression veterinary bandages, in Europe in February 2020 for USD 1.1 million. |
The market is expected to secure a valuation of USD 117.0 million in 2023.
The market rose at a 2.5% CAGR from 2018 to 2022.
Until 2033, the market is likely to experience a 3.2% CAGR.
The market is expected to reach USD 161.1 million in 2033.
North America holds 42.1% of the global market share.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type 5.1. Long Stretch or Elastic 5.2. Short Stretch or Low Elasticity 5.3. Multicomponent Multilayer 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Animal Type 6.1. Companion Animals or Pets 6.2. Farm Animals 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Distribution Channel 7.1. Retail Pharmacy 7.2. Online Pharmacy 7.3. Veterinary Clinics 7.4. Veterinary Hospitals 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Western Europe 8.4. Eastern Europe 8.5. South Asia and Pacific 8.6. East Asia 8.7. Middle East and Africa 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. EquiCrown 18.2. Merck Sharp & Dohme Corp. 18.3. Millpledge Pharmaceuticals 18.4. Andover Healthcare, Inc. 18.5. America's Acres Health & Safety Products 18.6. 3M Company 18.7. BSN medical GmbH 18.8. Medtronic plc 18.9. Mueller Sports Medicine, Inc. 18.10. Hartmann Group 19. Assumptions & Acronyms Used 20. Research Methodology
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Compression Veterinary Bandages Market
