The veterinary healthcare market size in the Asia Pacific has been forecasted at USD 7.57 billion as of 2023. It is estimated to be USD 13.71 billion by 2028, growing at a tremendous CAGR of 12.6% from 2023 to 2028.
The growing adoption of animals and growing awareness of the importance of animal healthcare is one of the major factors propelling the veterinary healthcare market in the Asia-Pacific region. The understanding levels around the healthcare needs of their pets from the pet owners have improved significantly in recent years, and many started seeking high-quality veterinary healthcare for their animals. As a result, the number of veterinarians and veterinary clinics in the Asia-Pacific region is increasing considerably, along with the growing availability of advanced veterinary products and services.
The rising adoption and increasing awareness regarding the advantages associated with pet insurance policies are anticipated to fuel the veterinary healthcare market in the Asia-Pacific region. With the growing financial stability among the population of the developing APAC countries, the adoption of pet insurance policies in this region has been increasing considerably. Pet owners can protect their pets against unexpected medical expenses with the help of pet insurance policies. The pet insurance market in the Asia-Pacific is anticipated to grow at a CAGR of 14.6% in the coming years. Companies such as The New India Assurance Company Limited, Oriental Insurance, Rakuten Inc., ipet Insurance, Anicom Insurance Inc., The People's Insurance Company of China, Guide Dogs Pet Insurance Australia, Medibank Private Limited, and Pet Insurance Australia are putting significant efforts to promote the adoption of pet insurance in this region. The above factors are anticipated to favor the veterinary healthcare market in the Asia-Pacific region.
The growing expansion of the veterinary industry in terms of demand and usage of veterinary products and services across the countries of the APAC region is playing a role in promoting the growth rate of the veterinary healthcare market in the Asia-Pacific region. This trend is anticipated to continue in the coming days owing to the growing popularity of pets as a source of companionship and emotional support. In addition, the growing availability of advanced veterinary products and services is predicted to boost market growth. Furthermore, due to the growing adoption of technological developments, various diagnostic and treatment options for animals are available in the APAC region, enhancing overall health and well-being.
However, increasing regulation on antibodies and rising animal testing costs are restraining the market's growth. In addition, low awareness regarding veterinary healthcare in some parts of the APAC region is hampering the market growth. Furthermore, infrastructure issues, lack of financial resources, and lack of trained veterinarians are further inhibiting the market's growth rate.
This research report on the Asia Pacific veterinary healthcare market has been segmented and sub-segmented into the following categories:
APAC Veterinary Healthcare Market - By Animal Type:
APAC Veterinary Healthcare Market - By Product:
APAC Veterinary Healthcare Market - By Country:
Regionally, the veterinary healthcare market in the Asia Pacific region is growing aggressively and is predicted to reach new growth heights soon. Among various countries of the APAC region, the Indian veterinary healthcare market is expected to perform well during the forecast period. The growing disposable income among the Indian population, the increasing number of initiatives from the Indian government towards veterinary healthcare, and rising pet ownership are some of the factors propelling the Indian animal healthcare market.
The China Veterinary Healthcare Market is another lucrative region in this regional market and is predicted to grow at a CAGR of 6.03% during the forecast period. Y-O-Y growth in the incidence of zoonotic diseases and increasing meat consumption in this country is accelerating market growth.
The Japan Veterinary Healthcare market is very similar to the Chinese market and is expected to register a CAGR of 6.01% from 2022 to 2027. Acceleration in R&D in the vet health domain and the growing prevalence of zoonotic diseases in Japan are expected to fuel market growth. Japan is one the most popular countries in maintaining high standards for companion animals. Increasing household pet ownership is prompting the growth rate of the veterinary healthcare market. The demand for veterinary healthcare services is growing at a higher rate with the increasing awareness among pet owners. Government authorities ensure the safety of companion animals by approving only quality drugs and other healthcare products. The presence of major key players will pose a potential growth rate in the veterinary healthcare market in the coming years.
The veterinary healthcare market in South Korea is anticipated to have a substantial share of the APAC market due to growing expenditure on pet healthcare services. For instance, according to local media reports, an individual pet owner was estimated to spend at least USD 268. This expenditure is estimated to rise with the growing disposable income in urban areas in the coming years. Also, rising R&D activities are ascribed to bolster the market's growth rate in this country. The increasing prevalence of better treatment procedures for geriatric companion animals is leveraging the demand for veterinary healthcare services.
The Singapore veterinary healthcare market will have prominent growth opportunities in the coming years. Some factors propelling the market growth are rising support from government and non-government authorities and increasing prominence for pet grooming and spa services.
The veterinary healthcare market in Australia is expected to witness sharp growth during the forecast period. The Australian market is driven by increasing innovations in veterinary healthcare, growing animal health expenditure, and technological advancements.
KEY MARKET PARTICIPANTS:
Companies playing a notable role in the APAC veterinary healthcare market profiled in this report are Merck & Co., Inc., Bayer AG, Boehringer Ingelheim GmbH, Cargill, Inc., Ceva Santé Animale, Novasep, Eli Lilly and Company, Koninklijke DSM N.V, Novartis AG, Nutreco N.V., Sanofi S.A., SeQuent Scientific Ltd., Virbac S.A., Vétoquinol S.A., and Zoetis Inc.
China, Japan, India, Australia, and South Korea are contributing majorly to the veterinary healthcare market in APAC.
Regulatory complexities, the high cost of advanced veterinary treatments, and limited awareness in certain regions are some of the major challenges to the APAC veterinary healthcare market.
The pandemic has led to disruptions in the supply chain, reduced veterinary clinic visits, and an increased focus on telehealth solutions.
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