As per the research report, the size of the Asia Pacific Companion Animal Healthcare Market is valued at USD 2.44 Billion in 2023 and estimated to reach USD 3.32 Billion by the end of 2028 with a growing potential of 6.30 %, during the forecast period 2023 to 2028.
The Asia Pacific companion animal healthcare market is developing due to rising pet adoption, increasing government initiatives for animal health, and growing technological developments in animal healthcare. The region boasts a varied range of markets. Australian and Japanese pet owners are more aware of pet products and concerned about their quality. Because of their purchase patterns and social customs, pet owners stand apart from the rest of the region. Indian, Chinese, and Indonesian markets will soon expand with significant development potential.
As a result of rising government and commercial sector efforts to improve animal health, companion animal ownership is on the rise, the prevalence of zoonotic diseases, the need for pet insurance as animal health spending rises, and initiatives by various government agencies and animal welfare organizations.
The APAC animal health market is predicted to grow due to the rapid increase in the livestock population, rising awareness about animal health, and the increasing frequency of animal disease outbreaks. Increased urbanization and changes in lifestyle modify food consumption patterns and are the primary drivers of meat and milk consumption increases. Livestock products have risen to prominence as a significant source of protein in the diet. Rapid growth in animal products has driven the livestock business to adjust due to population growth and rising living standards.
The expensive cost of animal diagnostics and a lack of consistency may hinder the market growth. Furthermore, veterinary hospitals are more likely to provide all medical services in one location, which increases the cost of their services. In addition, the restricted number of innovative antibiotics, rising pet care costs, and rising vaccine storage costs are likely to limit market expansion throughout the forecast period.
This research report on the APAC Companion Animal Healthcare Market has been segmented and sub-segmented into the following categories:
By Product Type:
The APAC area is a significant and promising market. In contrast to mature Western markets, Asian countries are predicted to have more substantial development potential during the forecast period. Furthermore, the market has been steadily growing for several years due to the changing perspective of pet treatment and the developing nuclear family arrangement in the region.
Thailand's pet animal population is growing, with dogs ruling the animal kingdom. Insurance firms in India have begun to offer pet insurance, owing to a growing need for excellent and inexpensive pet care and a better awareness of the demands of modern-day pet parents, particularly those who own rare and exotic breeds. The market is expanding due to increased awareness of animal healthcare and increased investment in the pharmaceutical industry.
In the upcoming years, the industry's expansion will be fueled by a strong foothold of leading market players delivering a wide range of products in veterinary vaccines. In addition, market companies are also focused on launching novel vaccines to expand their market position in Japan.
Key Developments in the Market:
The Top companies leading in the APAC Companion Animal Healthcare Market profiled in the report are Bayer HealthCare Pharmaceuticals LLC, Boehringer Ingelheim, Elanco, Merck & Co., Merial, Virbac, Zoetis.
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