Market Trends of Asia-Pacific Veterinary Healthcare Industry
This section covers the major market trends shaping the APAC Veterinary Healthcare Market according to our research experts:
Vaccines Segment is Expected to Dominate the Market Over the Forecast Period
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. New advanced vaccines, which contain genetically engineered components derived from those disease agents, have been manufactured. Factors such as continuous innovations, growing awareness about animal health, increasing investments by government organizations, increasing demand for animal protein, including milk, meat, eggs, and fish, and rising healthcare expenditure for companion animals are attributed to the segment growth.
A strong foothold of key market players offering a wide range of products in the arena of veterinary vaccines is likely to fuel the segmental growth over the upcoming years. Additionally, market players are focusing on the launch of new vaccines to enhance their market presence across the Asia-pacific region. For example, in June 2022, the government of India launched Ancovax, a Covid-19 vaccine for animals such as dogs, lions, leopards, mice, and rabbits.
In addition, governments across the region are currently more focused on vaccination drives and programs to aid several diseases in companion and livestock animals. For instance, in March 2022, Indonesia's Ministry of Agriculture launched a mass vaccination program in the province of Riau, with the support of the Food and Agriculture Organization of the United Nations (FAO) and other partners to contain the spread of lumpy skin disease (LSD) in cattle. Such developments across the countries are projected to significantly impact the segment growth.
Therefore, the above-mentioned factors are expected to contribute to the segment growth over the forecast period.
