Indonesia, Malaysia, Vietnam, Thailand, Philippines, Australia, New Zealand, China, Korea, and India Veterinary Medicine Market, By Product (Vaccines, Medication, and Supplements), Animal Type (Food Production and Companion Animals), Dosage (Solid, Liquid, and Semi-Solid), Route of Administration (Oral, Parenteral, and Topical), Application (Foot and Mouth Disease, Autoimmune Diseases, Bacterial Diseases, Helminthes Infection, Bluetongue, Canine Atopic Dermatitis, and Others), End User (Hospitals, Veterinary Clinics, Homecare Settings, and Laboratories), Distribution Channel (Direct Tender, Retail Sales, Online Pharmacy, and Others) - Industry Trends and Forecast to 2030.
Indonesia, Malaysia, Vietnam, Thailand, Philippines, Australia, New Zealand, China, Korea, and India Veterinary Medicine Market Analysis and Size
Indonesia, Malaysia, Vietnam, Thailand, Philippines, Australia, New Zealand, China, Korea, and India veterinary medicine market is fragmented in nature, as it consists of many global players such as Zoetis Services LLC, Boehringer Ingelheim International GmbH., Virbac, Ceva, and Dechra Pharmaceuticals PLC. among others. The presence of these companies produces competitive prices for veterinary medicines across the region. Due to the presence of these players at regional and international levels, suppliers and manufacturers offer products with different specifications and characteristics in all budgets. The rising pet ownership and humanization of pets are driving the market growth. Additionally, the rising prevalence of animal diseases is expected to drive the market growth.
Data Bridge Market Research analyzes that, Indonesia, Malaysia, Vietnam, Thailand, Philippines, Australia, New Zealand, China, Korea, and India veterinary medicine market is expected to reach a value of USD 6,811.52 million by 2030, at a CAGR of 10.1% during the forecast period. This market report also covers pricing analysis and technological advancements in depth.
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Report Metric |
Details |
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Forecast Period |
2023 to 2030 |
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Base Year |
2022 |
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Historic Years |
2021 (Customizable to 2015 - 2020) |
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Quantitative Units |
Revenue in Million, Volumes in Units, Pricing in USD |
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Segments Covered |
Product (Vaccines, Medication, and Supplements), Animal Type (Food Production and Companion Animals), Dosage (Solid, Liquid, and Semi-Solid), Route of Administration (Oral, Parenteral, and Topical), Application (Foot and Mouth Disease, Autoimmune Diseases, Bacterial Diseases, Helminthes Infection, Bluetongue, Canine Atopic Dermatitis, and Others), End User (Hospitals, Veterinary Clinics, Homecare Settings, and Laboratories), Distribution Channel (Direct Tender, Retail Sales, Online Pharmacy, and Others) |
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Countries Covered |
India, Australia, China, Indonesia, Malaysia, New Zealand, Korea, Vietnam, Thailand, and Philippines |
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Market Players Covered |
Zoetis Services LLC (U.S.), Boehringer Ingelheim International GmbH.(Germany), Virbac (France), Ceva (France), Dechra Pharmaceuticals PLC (England), HUVEPHARMA (Bulgaria), Phibro Animal Health Corporation (U.S.), Kemin Industries, Inc.(U.S.), Vetoquinol (France), Mankind Pharma (India), Indian Immunologicals Ltd.(India), ECO Animal Health Ltd (U.K.), Biologische Heilmittel Heel GmbH, Alivira Animal Health Limited, Jurox Pty Limited, Biogénesis Bagó (Germany), Bentoli (U.S.), Inovet (Hungary), MSD Animal Health (U.S.), Zovix Pharmaceuticals (India), and Valor Chemical Co., Ltd (China) among others |
Market Definition
The veterinary medicines market refers to the industry that develops, produces, and sells medicines and other healthcare products for animals. This includes medicines for pets, livestock, and other animals. The market is driven by the increasing demand for animal healthcare services and products, and the growing awareness of the importance of animal health and welfare. The veterinary medicines market includes various products such as vaccines, antibiotics, parasiticides, and anti-inflammatory drugs. The market is also influenced by factors such as government regulations, advancements in technology, and the level of competition.
Indonesia, Malaysia, Vietnam, Thailand, Philippines, Australia, New Zealand, China, Korea, and India Veterinary Medicine Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints, and challenges. All of this is discussed in detail below:
DRIVERS
Increasing Pet Ownership and Humanization of Pets
The experience of pet ownership exists across many cultures in the world. In many countries, such as India, China, Korea, Thailand, Vietnam, and Australia a majority of people live with pets. Pet ownership is increasing due to a combination of factors such as the desire for companionship, health benefits, changing attitudes towards pets, and increased disposable income. Pets provide companionship and emotional support, which is especially important for people who live alone or have limited social interactions. Studies have shown that pet ownership can have numerous health benefits, including lower blood pressure, reduced stress levels, and improved mental health. Thus, more people move to urban areas, they may feel isolated and disconnected from nature. Owning a pet can provide a sense of connection to the natural world and a source of comfort.
Again as disposable income increases, people may have more money to spend on pets and pet-related expenses such as food, toys, and healthcare. Attitudes towards pets have changed over time, with many people now viewing pets as members of the family rather than just animals. The rise of social media has also contributed to the popularity of pet ownership, with many people sharing photos and stories of their pets online and connecting with other pet owners. Similarly, the humanization of pets refers to the trend of treating pets as members of the family and providing them with the same level of care and attention as human family members. This includes providing high-quality food, healthcare, and grooming services, and treating pets as companions and sources of emotional support.
Thus, more people adopt pets, the overall demand for veterinary medicines increases to meet the needs of these pets. Pet owners are increasingly interested in preventive healthcare for their pets, which involves regular check-ups and vaccinations. This leads to an increased demand for veterinary medicines such as vaccines and flea and tick preventives. Overall, pet adoption leads to an increased demand for veterinary medicines as pet owners seek to provide their pets with the best possible care and treatment. This trend is expected to continue as pet ownership continues to grow and pet owners become more invested in their pets' health and well-being.
Growing Prevalence of Animal Diseases
Growing animal diseases are related to increasing veterinary medicines because as the number of animal diseases increases, the demand for effective treatments and preventative measures also increases. This leads to the development and production of more veterinary medicines to address the various diseases and conditions affecting animals.
The use of veterinary medicines is essential in managing and controlling animal diseases, and their effectiveness can help reduce the spread of diseases and improve animal health. Therefore, the increasing need for veterinary medicines is directly related to the growing number of animal diseases and the need for effective interventions to manage them.
For instance,
- In December 2022, as per NCBI, Malaysia experienced an outbreak of Highly Pathogenic Avian Influenza (HPAI) 2021, which is a viral disease affecting birds. The outbreak resulted in the culling of thousands of birds, leading to a significant loss in the country's poultry industry
- In September 2021, an article published in Springer Nature that in 2019, China experienced an outbreak of African Swine Fever (ASF), which is a highly contagious disease affecting pigs. The outbreak resulted in the culling of millions of pigs, leading to a significant loss in the country's pork industry
According to above instances, it can be concluded that the growing prevalence of animal diseases is driving the growth of Indonesia, Malaysia, Vietnam, Thailand, Philippines, Australia, New Zealand, China, Korea, and India veterinary medicine market in the forecast period.
OPPORTUNITY
Development of Novel and Personalized Veterinary Medicines
The development of novel and personalized veterinary medicines presents a significant opportunity for the veterinary medicines market. Personalized veterinary medicine refers to the use of targeted therapies based on a specific animal's genetic makeup, medical history, and other factors. This approach allows for more precise and effective treatment, with fewer side effects. The development of personalized veterinary medicines is closely related to advances in genomics and other areas of biomedical research. These advances have enabled researchers to better understand the underlying causes of diseases in animals and to develop targeted therapies that address these causes. Furthermore, there is a growing demand for personalized veterinary medicines among pet owners and veterinarians.
This demand is driving innovation in the veterinary medicines market, with new products and therapies being developed to address a wide range of conditions. In addition, the development of personalized veterinary medicines is also driving growth in the animal diagnostics market. As more animals are diagnosed with specific diseases or conditions, there is an increasing need for diagnostic tests that can accurately identify these conditions. Overall, the development of novel and personalized veterinary medicines is creating significant opportunities for growth in the veterinary medicines market. As research and development continue to advance, we can expect to see continued innovation and growth in this important sector.
RESTRAINT / CHALLENGE
High Cost of Veterinary Medicines
High prices of veterinary medicines may limit the affordability of pet owners and farmers, leading to reduced demand for these medicines. This could result in lower revenues for veterinary medicine manufacturers and distributors. When pet owners or farmers cannot afford the high cost of veterinary medicines, they may not comply with the recommended treatment regimen. This could result in poor health outcomes for animals and reduced effectiveness of the medicine.
High prices of veterinary medicines may attract new entrants to the market who offer lower-priced alternatives. This could increase competition and reduce market share for existing manufacturers. High prices of veterinary medicines may attract regulatory scrutiny and lead to increased regulation of the market. This could increase costs for manufacturers and distributors, leading to higher prices for consumers. Overall, the high cost of veterinary medicines can limit the growth of the market by reducing demand, increasing competition, and attracting regulatory attention.
Post-COVID-19 Impact on the Indonesia, Malaysia, Vietnam, Thailand, Philippines, Australia, New Zealand, China, Korea, and India Veterinary Medicine Market
COVID-19 created a negative impact on the Indonesia, Malaysia, Vietnam, Thailand, Philippines, Australia, New Zealand, China, Korea, and India veterinary medicine market. The lockdown restriction led to the emergence of various challenges such as decreased transportation and communication facilities as well as decreased veterinary hospital visits, thereby delaying the treatment procedures.
The COVID-19 pandemic has impacted the market to an extent in negative manner. However, increasing government support and advancements in veterinary medicines and technology is expected to provide lucrative opportunities for market growth. Moreover, increasing partnerships, acquisitions, and collaboration among market players are expected to further fuel the market growth. Also, the growth was high since the market opened after COVID-19, and it is expected that there would be considerable growth in the sector. The market players are conducting multiple activities to improve veterinary medicines. With this, the companies will bring advancement and innovation to the market.
Recent Developments
- In April 2023, MSD Animal Health received marketing authorization from European Commission for BOVILIS Nasalgen-C live vaccine for cattle. This has helped the company to establish its global presence in the market.
- In September 2022, Zoetis Services LLC announced that it has completed the acquisition of Jurox, a privately held animal health company that develops, manufactures, and markets a wide range of veterinary medicines for treating livestock and companion animals.
Indonesia, Malaysia, Vietnam, Thailand, Philippines, Australia, New Zealand, China, Korea, and India Veterinary Medicine Market Scope
Indonesia, Malaysia, Vietnam, Thailand, Philippines, Australia, New Zealand, China, Korea, and India veterinary medicine market is segmented into seven notable segments based on product, animal type, dosage, route of administration, application, end user, and distribution channel. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product
- Vaccines
- Medication
- Supplements
Based on product, the market is segmented into vaccines, medication, and supplements.
Animal Type
- Food Production
- Companion Animals
Based on animal type, the market is segmented into food production and companion animals.
Dosage
- Solid
- Liquid
- Semi-Solid
Based on dosage, the market is segmented into solid, liquid, and semi-solid.
Route of Administration
- Oral
- Parenteral
- Topical
Based on route of administration, the market is segmented into oral, parenteral, and topical.
Application
- Foot and Mouth Disease
- Autoimmune Diseases
- Bacterial Diseases
- Helminthes Infection
- Bluetongue
- Canine Atopic Dermatitis
- Others
Based on application, the market is segmented into foot and mouth disease, autoimmune diseases, bacterial diseases, helminthes infection, bluetongue, canine atopic dermatitis, and others.
End User
- Hospitals
- Veterinary Clinics
- Homecare Settings
- Laboratories
Based on end user, the market is segmented into hospitals, veterinary clinics, homecare settings, and laboratories.
Distribution Channel
- Direct Tender
- Retail Sales
- Online Pharmacy
- Others
Based on distribution channel, the market is segmented into direct tender, retail sales, online pharmacy, and others.
Indonesia, Malaysia, Vietnam, Thailand, Philippines, Australia, New Zealand, China, Korea, and India Veterinary Medicine Market Analysis/Insights
The Indonesia, Malaysia, Vietnam, Thailand, Philippines, Australia, New Zealand, China, Korea, and India veterinary medicine market is analyzed and market size insights and trends are provided by country, product, animal type, dosage, route of administration, application, end user and distribution channel as referenced above. The countries covered in this market report are India, Australia, China, Indonesia, Malaysia, New Zealand, Korea, Vietnam, Thailand, and Philippines. India is dominating the market with the largest market share. This share is attributable to the presence of key market players such as Zoetis Services LLC, Boehringer Ingelheim International GmbH., Virbac, Ceva, and Dechra Pharmaceuticals PLC. among others. Rising pet ownership and humanization of pets are anticipated to fuel the market growth during the forecast period in this region.
The country section of the report also provides individual market-impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like downstream and upstream value chain analysis, technical trends, Porter’s five forces analysis, and case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Indonesia, Malaysia, Vietnam, Thailand, Philippines, Australia, New Zealand, China, Korea, and India Veterinary Medicine Market Share Analysis
The Indonesia, Malaysia, Vietnam, Thailand, Philippines, Australia, New Zealand, China, Korea, and India veterinary medicine market competitive landscape provides details of the competitor. Details included are company overview, company financials, revenue generated, market potential, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus related to the market.
Some of the major market players operating in the Indonesia, Malaysia, Vietnam, Thailand, Philippines, Australia, New Zealand, China, Korea, and India veterinary medicine market are Zoetis Services LLC (U.S.), Boehringer Ingelheim International GmbH.(Germany), Virbac (France), Ceva (France), Dechra Pharmaceuticals PLC (England), HUVEPHARMA (Bulgaria), Phibro Animal Health Corporation (U.S.), Kemin Industries, Inc.(U.S.), Vetoquinol (France), Mankind Pharma (India), Indian Immunologicals Ltd.(India), ECO Animal Health Ltd (U.K.), Biologische Heilmittel Heel GmbH, Alivira Animal Health Limited, Jurox Pty Limited, Biogénesis Bagó (Germany), Bentoli (U.S.), Inovet (Hungary), MSD Animal Health (U.S.), Zovix Pharmaceuticals (India), and Valor Chemical Co., Ltd (China) among others.
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