The rising demand for animal food products, increasing concerns over animal diseases, growing companion animal market, and surging veterinary healthcare expenditure are the major factors driving the growth of this market. However, an increase in pet care costs, low adoption of advanced animal wound care products in emerging markets, and shortage of vet practitioners in developing markets are hindering the market’s growth.
The Animal wound care market is expected to reach USD 1.5 billion by 2025 from USD 1.0 billion in 2020, at a CAGR of 7.4% during the forecast period of 2020 to 2025.
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The prominent players in the global animal wound care market are Elanco Animal Health (US), Medtronic PLC (Ireland), B Braun Melsungen AG (Germany), 3M Company (US), Virbac (France), Jorgen Kruuse A/S (Denmark), Dechra Pharmaceuticals (UK), Neogen Corporation (US), Ethicon, Inc. (US), Sonoma Pharmaceuticals Inc. (US), Jazz Medical, LLC (Ireland), Smith & Nephew PLC (UK), and Kericure Inc. (US).These players adopted the strategies of partnerships, agreements, and acquisitions to expand their presence in the global animal wound care market.
Elanco Animal Heath (US)
Elanco Animal Health is one of the largest players in the animal wound care market. To remain competitive and grow, the company focuses on expanding and deepening its partnerships with existing customers; enhancing operational excellence, quality of products, capabilities, and expertise; and developing innovative products. The company pursues growth through several organic and inorganic growth strategies, such as product launches, expansions, acquisitions, agreements, partnerships, collaboration, and divestitures, to broaden its product portfolio and scale its existing business segments.
The company is investing significantly in bringing innovative products to the market. It is also investing in strategies such as acquisitions to levitate its global position by enhancing global presence and broadening its portfolio of crop sciences and animal health research consumables. For instance, in August 2019, Elanco announced that it would acquire Bayer’s Animal Health Business. This acquisition doubled Elanco’s companion animal business and advanced the company’s portfolio mix by creating a balance between its food animal and companion animal segments.
Ethicon is a global player in the animal wound care market, with a wide geographic coverage. To strengthen its market position, the company focuses on enhancing and upgrading its product portfolio in the rapidly evolving veterinary markets. The company invests a significant amount of its revenue on R&D. High investments in R&D enable the company to develop new and advanced products for various medical markets, including wound care. The company has a strong sales and distribution network in North America, Europe, Asia Pacific, and Africa, which helps it to cater to product demands and provide efficient services. The company focuses on strategic expansions in emerging economies such as China and India to capture growth opportunities in the high-growth markets.
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B. Braun Melsungen AG (Germany)
B. Braun’s prominence is mainly attributed to its wide geographic presence with various distribution partners across the world. The company primarily focuses on strengthening its extensive global sales network with the help of a dedicated team of specialist sales representatives. It also focuses on entering into partnerships with other market players in emerging markets such as Asia and Latin America to understand the regional market needs and improve product efficacy. The company offers clinical education for veterinary professionals, which helps increase the adoption of its products among veterinary professionals.