Asia-Pacific Veterinary Healthcare Market

Description

Increasing significance of livestock as an economic commodity- not only because of meat and dairy but also as sources of various chemical compounds used in a variety of fields- from healthcare to energy generation, has made the Veterinary healthcare market to gain popularity.

The Asia-Pacific region is the most rapidly growing market for Veterinary healthcare products and diagnostics. The Veterinary healthcare market in the region is currently accounted for US$XX Million and is expected to grow to US$XX Million by 2022, at a CAGR of XX% during the forecast period. Awareness about pet health care increased incidents of zoonotic diseases and coming of better diagnostic techniques in the veterinary health care market have helped the industry to grow.

Market Dynamics:

The Population boom in the region has tremendously increased the number of meat, dairy and poultry consumers, thus expanding all other associated services, including the Veterinary healthcare industry to grow. Increasing disposable incomes, increased pet humanization and an overall change in peoples’ attitude towards animals have helped the industry to thrive in the region. The Animal health companies in the west have efficiently exploited the situation by providing services and products to target customers. Relatively cheap products, like chewing bones, for the dental health of dogs and omega-3 supplements for a better skin-coat have gained enormous popularity amongst pet owners. Growing consciousness regarding the cognitive abilities, digestive health and muscular development of the pets have shaped the market. Continuous innovations and technological advances in the development of animal health drugs have helped the veterinary healthcare market to expand over past few decades. Increasing consumer concern for where and how their food is produced is leading to a tougher scrutiny of feeding and rearing practices of farm animals.

Market Segmentation:

The Veterinary healthcare market has been segmented on the basis of products, mainly into medicinal feed additives, vaccines, parasiticides, anti-infectives, and other pharmaceuticals. The health products for companion animals and farm animals are significantly different. The Veterinary healthcare diagnostics market can is divided into consumables and instruments. The consumables segment has been the larger one. Consumables are further divided into reagent clips and cartridges, immunodiagnostic test kits, PCR test kits, blood glucose strips, urine glucose strips, etc.

Geographical Analysis:

The demand for Veterinary healthcare and animal health products is currently largest in Japan. Other countries with a prominent market share include China, Australia, India, South Korea, Malaysia and Indonesia. South-Eastern nations like Philippines, Malaysia and Indonesia are emerging players in the market, The Veterinary healthcare is expected to grow fastest in India and China. The growth in China and India can soon give the countries the largest market share in the region.

Key Players

Some of the key players in the industry include Bayer Healthcare (Hong Kong), Boehringer Ingelheim (Germany), Elanco (U.S.), Merial (Animal Health Division of Sanofi) (France), Virbac (France), IDEXX Laboratories, Inc. (U.S.), Abaxis, Inc. (U.S.), Heska Corporation (U.S.), Neogen Corporation (U.S.), Zoetis, Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.) and QIAGEN N.V. (Netherlands).