The Asia Pacific veterinary healthcare market is projected to have significant growth owing to 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.
According to the National Dairy Development Board, in 2017, in India, the cattle population was valued at 156.7 million and the nation has one of the largest animal husbandry sectors in the world, along with the largest livestock population (520.6 million). However, the use of counterfeit medicines, lack of infrastructure, and funding are restraining the growth of the market studied.
Key Market Trends
The Molecular Diagnostics Segment is expected to Have Significant Market Share
- The veterinary molecular diagnostics segment is expected to witness growth over the forecast period, due to the increasing academic research activities pertaining to veterinary molecular diagnostics and investigational techniques, primarily to target epidemic-like conditions in companion and farm animals.
- Furthermore, there is an increase in the application of molecular diagnostic techniques, primarily for the identification of bacterial diseases, like Brucella, through enzyme-linked immunosorbent assay (ELISA), Rose Bengal Plate Test (RBPT), and PCR-based diagnosis.
- For instance, the department of veterinary medical sciences at the Graduate School of Agricultural and Life Sciences, University of Tokyo, is involved in conducting advanced research at molecular, cellular, and in vivo levels, in order to fully understand vital processes of normal and diseased animals. Though the market is in the nascent stage, there are tremendous opportunities for market growth, primarily due to increased activity in academic research and government funding.
- On the other hand medical feed additives in therapeutics segment projected to hold the notable market growth due to the growing awareness, recent product launches and expansion of multinational companies accross Asia.
- For instance in march 2017, Evonik has expanded its portfolio in Asia with the probiotic Ecobiol. It will be launched at VIV Asia in Bangkok. Ecobiol is designed for the use in poultry production and aquaculture. This is likely to boost the segment growth over the forecast period.
- Morover, increasing animal population, adoption in emerging countries such as India and initiatives by various governments across the Asia projected to propel the market growth over the future.
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. 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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