The Asia-Pacific veterinary healthcare market is projected to register a CAGR of nearly 10.2% during the forecast period.
Pet adoptions increased during the pandemic. A survey conducted by the Japan Pet Food Association (2020) found a 15% increase in dog and cat ownership when compared to the previous year. There were an estimated 8.49 million dogs and 9.64 million cats as pets in Japan, as of October 2020. Several animal shelters, non-profit rescue organizations, private breeders, and pet stores observed an increased consumer demand. Thus, the rising adoption of pets may drive the growth of the Japanese veterinary healthcare market in the longer term.
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The Asia Pacific veterinary healthcare market is projected to have significant growth owing to the factors such as advanced technology is leading to innovations in animal healthcare and increasing productivity at the risk of an emerging zoonosis. Currently, diagnostic lab equipment is easy to acquire, and the advancements in diagnostic equipment aid in providing better results efficiently. Furthermore, they can seamlessly provide electronic data charts for animals. Companies are also taking initiatives to provide new solutions in the market. Moreover, increasing risk of emerging zoonosis and rising awareness regarding the animal health in Asia Pacific. Other factors responsible for the growth of the market studied include an increase in the number of farm animals and growing technological advancements in animal healthcare.
The livestock population of India is huge, and animals, as a whole, play an important role in the agricultural economy. According to the ‘20th Livestock Census. All India report: ministry of agriculture, department of animal husbandry, dairying & fisheries, Krishi Bhawan, New Delhi, India’, 2019, about 198.48 million population of cattle was reported in India.
Moreover, in 2019, Boehringer Ingelheim opened the Health Management Centre (HMC), again boosting Boehringer Ingelheim’s investment in China. It is being designed for world-leading veterinary reference laboratories. The center integrates animal disease and health diagnostics and monitoring tools to maintain and enhance animal health. In addition to, with the outbreak of COVID-19 many of the veterinarians are shifting towards digital diagnostic and treatment services. According to the ‘ Pet users under the epidemic’ survey, conducted in March 2020, stated that over 60% of the pet health related inquiries were made online in the country.
Furthermore, the precision management systems have been used explicitly to improve animal welfare. For instance, real-time automatic video monitoring of chicken houses can be used to detect zones of low or abnormal occupation and malfunctioning feed. It can trigger an automatic alarm to alert the owner.
iHerd is an app designed by a company in Australia to simplify the herd management process for station owners and managers. The app allows a producer to track and monitor the cattle herds as they move around the farm, effectively enabling farmers to track and manage the issues, such as animal health problems. Thus, owing to the factors mentioned above, the Asia-Pacific veterinary healthcare market is expected to exhibit good growth over the forecast period.
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Key Market Trends
Vaccines Segment is expected to have Significant Market Share
Vaccines are comprised of viruses, bacteria, or other disease-causing organisms that have been killed or altered so that they cannot cause any disease, thus, boosting immunity. New advanced vaccines, which contain genetically engineered components derived from those disease agents, have been manufactured. The vaccines segment is expected to be driven by innovations in vaccines, growing awareness about animal health, increasing investments by government bodies and associations, increasing demand for animal protein, including milk, meat, eggs, and fish, and rising healthcare expenditure for companion animals.
A strong foothold of key market players offering a wide range of products in the arena of veterinary vaccines is likely to fuel the segmental growth over the upcoming years. Additionally, market players are focusing on the launch of new vaccines to enhance their market presence across Japan.
For instance, in 2019, the German market player, Verovaccines GmbH, signed a cooperation agreement with a Japanese pharmaceutical partner for the joint development and commercialization of novel, cost-effective animal vaccines with high safety and efficacy. Thus, due to the factors mentioned above, the vaccines segment is estimated to grow steadily during the forecast period.
The players in the Asia-Pacific veterinary healthcare market are primarily focusing on various growth strategies, such as collaborations, partnerships, agreements, mergers, and acquisitions, in order to enhance their market presence. In July 2019, FUJIFILM Corporation established FUJIFILM VET Systems Co. Ltd to supply various medical devices and services required for veterinary clinical practice in Japan. Major market players include Bayer Healthcare, Boehringer Ingelheim, Ceva Animal Health, Inc., Elanco, Merck Animal Health, and Zoetis and Virbac Corporation, among others.
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Asia-Pacific Veterinary Healthcare Market