The most recent analysis from Report Ocean, titled “Exploration of India Veterinary Healthcare Market Trends and Projections from 2023 to 2031,” highlights a robust surge in the industry with promising prospects for both investors and stakeholders. The comprehensive report provides an intricate assessment of the market, encompassing a wide array of factors influencing its growth trajectory.
Recent scrutiny of the “ India Veterinary Healthcare Market” is encapsulated in an astute market research dossier, segmenting it based on geographical Regions, Countries, Companies, and various other pertinent Segments. The landscape is currently being shaped by prominent Key Players who have adeptly employed diverse strategies to bolster their market presence and augment their market share globally. This report stands as an invaluable reservoir of insights for stakeholders and other entities operating within the market, poised to offer a competitive edge to fulfill their business requisites.
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The India veterinary healthcare market is projected to register a CAGR of 7.98% during the forecast period, with a revenue of approximately USD 1,083.13 million in 2020 and expected to reach USD 1,697.15 million by 2026
The COVID-19 pandemic has been continuing to transform the growth of various markets, the immediate impact of the outbreak is varied. While a few industries registered a drop in demand, numerous other markets may continue to remain unscathed and show promising growth opportunities. In addition, supply disruption and medicine shortages of veterinary medicines had been observed in several countries, primarily due to the temporary lockdowns of manufacturing sites, export bans, and increased demand for medicine, for the treatment of COVID-19. Hence the studied market is anticipated to be impacted during the pandemic due to the reduced veterinary visits, along with the shortage of veterinary medicines, during the outbreak of COVID-19
Zoonotic diseases are naturally transmitted from animals to humans, due to the consumption of contaminated food and water, and exposure to the pathogen during preparation, processing, or by direct contact with infected animals or humans. Zoonotic diseases are caused by microorganisms, like viruses, bacteria, parasites, and fungi. Microbes can cause different types of diseases in humans and animals, ranging from mild to serious infections, and can even lead to death. As per the International Livestock Research Institute (ILRI) study, in India 13 zoonoses are the cause of 2.4 billion cases of human disease and 2.2 million deaths per year. Among the developing countries, India has the highest zoonotic disease burden, with widespread illness and death. Hence, owing to these factors, the market is expected to grow in the forecast period.
The market is largely driven by the approval of new products related to the treatment of animal disorders. In September 2019, the Prime Minister of India inaugurated a livestock vaccination scheme with INR 13,343 crore aimed at controlling livestock diseases, especially foot and mouth disease (FMD) and brucellosis. In addition, in March 2020, Wiggles, an Indian Pet care startup, launched online veterinary consultation for pets across India. In January 2019, under the Animal Health and Welfare Policy, 2018, the Delhi government launched its first 24×7 veterinary hospital to provide extended care to the companion and farm animal, which will likely boost the market.
Key Market Trends
Vaccine Segment is Expected to have Highest Growth Rate Over the Forecasted Period
India has been in lockdown and has suspended trade with other countries and implemented travel restrictions, which has affected the import and export activities of veterinary medicines and diagnostics, leading to a decline in sales of many products. Supply disruption and medicine shortages of veterinary medicines have been observed in several regions due to the temporary lockdowns of manufacturing sites, export bans, increased demands for medicine for the treatment of COVID-19, and stockpiling of medicines by individuals. However, the government has been taking up measures to mitigate the supply of medicines and veterinary practices during the COVID-19 pandemic. For instance, in March 2020, the Government of India stated that all states must ensure that medical help for animals is treated as an essential service, which does not get suspended during COVID-19 lockdowns across the country.
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. Vaccines are being manufactured that contain genetically engineered components derived from those disease agents. The vaccines segment is expected to be driven by innovations in vaccines, growing awareness of 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.
In May 2021, Boehringer Ingelheim India launched its poultry vaccine VAXXITEK HVT+IBD, an innovative recombinant single-shot vaccine for ensuring the life-long protection for all types of production chickens, namely broiler, layer, and breeder. In addition in May 2020, Hyderabad-based Indian Immunologicals Limited (IIL) launched Raksha Class, a classical swine fever (CSF) vaccine, which is a unique cell culture technology-based vaccine for pigs, developed in collaboration with the Indian Veterinary Research Institute (IVRI), Bareilly.
Competitive Landscape
The India veterinary healthcare market is moderately competitive and consists of several major players such as Boehringer Ingelheim GmbH, Elanco Animal Health, IDEXX Laboratories Inc., Merck & Co Inc., Vetoquinol S.A., Virbac and Zoetis Inc. These companies are primarily focusing on various growth strategies, such as collaborations, partnerships, agreements, mergers, and acquisitions, in order to enhance their market presence.
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Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
The major point covered in the Table of Contents:
Executive Summary: Provides a concise overview of the report, highlighting the key findings and recommendations.
Introduction: Sets the context for the report, including the scope, objectives, and methodology.
Market Overview: Offers a comprehensive overview of the market, including definitions, market segmentation, and key market trends.
Market Dynamics: Explores the factors driving the market growth, such as market drivers, restraints, opportunities, and challenges.
Market Analysis: Provides a detailed analysis of the market, including market size, market share, and growth projections.
Market Segmentation: Breaks down the market into various segments based on factors such as product type, application, and geography.
Competitive Landscape: Analyzes the competitive scenario in the market, including the profiles of key players, their market strategies, and recent developments.
Market Research Findings: Presents the findings of the research study, including insights and data analysis.
Market Outlook and Forecast: Provides a forecast of the market’s future trends and growth prospects.
Conclusion: Summarizes the key points discussed in the report and offers concluding remarks.
Appendices: Includes additional information such as research methodology, data sources, and glossary of terms.
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