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.
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 (US)
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.
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.
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