The Asia Pacific veterinary healthcare market size is projected to expand at a high CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the increasing pet adoption and rising animal shelters in the Asia Pacific region.
In the last decade, animal health has become a major priority for several pharmaceutical businesses. The market has increased its importance as a result of increasing animal disease outbreaks combined with large-scale industrial farming, which necessitates high-quality animal feed additives, vaccinations, and hygiene management solutions.
The veterinary therapeutic market has grown in recent years as people have become more aware of the importance of veterinary medicine.
Due to increased demand for livestock, animal immunization to ensure the safety of food and dairy products, livestock animals accounted for a large share of the market.
In August 2018, China, the world's major producer and consumer of pork, reported a massive epidemic of African swine flu that killed millions of pigs. Eradication of the illness is a huge issue due to a lack of effective vaccinations and treatments, as well as good sanitary and hygiene practices.
India has a large livestock population, and animals in general play a vital part in the agricultural economy. According to the 2019 '20th Livestock Census. All India report: ministry of agriculture, department of animal husbandry, dairying & fisheries India has a population of 198.48 million cattle.
Market Trends, Drivers, Restraints, and Opportunities
- Rising meat and milk consumption is anticipated to boost the market during the forecast period.
- Increasing food & water borne diseases are key drivers for the market expansion.
- Growing cases for zoonotic diseases where infections transmitted from animals to humans are major factors spurring the market growth.
- Growing population, changing lifestyles, and high demand for quality products are projected to drive the market during the forecast period.
- Lack of awareness is projected to hamper the market growth.
Scope of the Report
The report on the Asia-Pacific veterinary healthcare market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Asia-Pacific Veterinary Healthcare Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Animal Type, (Dogs, Cats, Swine, Horses, Ruminants, Poultry, and Others), Products (Diagnostics (Immunodiagnostic Tests, Molecular Diagnostics, Diagnostic Imaging, Clinical Chemistry, and Other) and Therapeutics (Vaccines, Parasiticides, Anti-infectives, Medical Feed Additives, and Others)
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Regional Scope
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Asia Pacific
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Boehringer Ingelheim International GmbH; Merck & Co., Inc; Vetoquinol; Elanco; Ceva Animal Health Inc.
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Market Segment Insights
The dog’s segment is projected to account for a key market share
Based on animal types, the Asia-Pacific veterinary healthcare market is divided into dogs, cats, swine, horses, ruminants, poultry, and others. The dog’s segment is expected to represent a key share of the market during the forecast period owing to rising dog adoption for companionship and good mental health.
The vaccines segment is expected to grow at a rapid pace
On the basis of products, the Asia Pacific veterinary healthcare market is bifurcated into diagnostics and therapeutics. The therapeutics segment is further segmented into vaccines, parasiticides, anti-infectives, medical feed additives, and others. The vaccine segment is expected to represent a key share of the market due to vaccine advancements, expanding demand for animal protein, such as milk, meat, eggs, and seafood, increased government & association spending, and rising companion animal healthcare costs.
Segments
The Asia Pacific veterinary healthcare market has been segmented on the basis of
Animal Type
- Dogs
- Cats
- Swine
- Horses
- Ruminants
- Poultry
- Others
Products
- Diagnostics
- Immunodiagnostic Tests
- Molecular Diagnostics
- Diagnostic Imaging
- Clinical Chemistry
- Other
- Therapeutics
- Vaccines
- Parasiticides
- Anti-infectives
- Medical Feed Additives
- Others
Region
Key players
Competitive Landscape
Key players competing in the Asia Pacific veterinary healthcare market include Boehringer Ingelheim International GmbH; Merck & Co., Inc; Vetoquinol; Elanco; Ceva Animal Health Inc.
Some of these players are using several market strategies such as acquisitions, merger, collaborations, partnerships, capacity expansion, and product launches to enhance their market. For instance,
On April 2020 Elanco Japan stated that it has gained marketing approval from the Ministry of Agriculture, Forestry, and Fisheries for the drug 'Galliprant,' which is used to treat canine osteoarthritis.
On June 2020 Vetina Healthcare LLP announced the introduction of 'Pawtect,' India's first pet medical cover for dogs.
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