Wilmington, Delaware, United States, Nov. 07, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The animal healthcare market in India is projected to flourish at a CAGR of 6.9% from 2022 to 2031. As per the report published by TMR, a valuation of US$ 1.36 billion is anticipated for the market in 2031. As of 2023, the demand for animal healthcare market in India is expected to close at US$ 993.6 million.
Increasing urbanization, changing lifestyles, and higher disposable incomes have led to a surge in pet ownership in India. As more people bring pets into their homes, the demand for pet healthcare products and services, such as vaccines, preventive medicines, and veterinary care, is expected to drive the animal healthcare market in India.
India has one of the world’s largest livestock populations, including cattle, poultry, and goats. The need for effective animal healthcare products and services in the livestock sector is crucial to ensure the health and productivity of these animals.
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Animal healthcare in India has undergone significant changes in the past few years due to the adoption of innovative technologies for the prevention and cure of diseases in farm and companion animals.
Growing awareness among pet owners and livestock farmers about the importance of animal preventive healthcare. Low access to animal healthcare services, lack of knowledge and awareness about animal health in some states of India, and the rise in the burden of various infectious diseases in animals are directly affecting market growth.
The Indian government has implemented various schemes and initiatives to support animal healthcare and promote animal husbandry. These initiatives include subsidies for veterinary medicines, livestock insurance, and the establishment of veterinary healthcare centers in rural areas.
Advancements in veterinary science and technology have led to the development of more effective and efficient animal healthcare products and services. The use of telemedicine and digital health solutions for animals is also expected to boost the market demand in the region.
The animal healthcare market in India is consolidated, with a small number of key players accounting for most of the market share. Most companies are making significant investments in comprehensive research and development. Key players operating in the market in India include:
- Pfizer plc
- Sanofi SA
- Novartis AG
- Olympus Corporation
- GlaxoSmithKline plc
- Zydus Lifesciences Ltd.
- Merck & Co., Inc.
- Sun Pharmaceutical Industries Ltd.
- Lupin Ltd.
Key Takeaways from the Market Study
- As of 2022, the animal healthcare market in India market was valued at US$ 929.5 million.
- Based on the distribution channel, the veterinary clinics segment dominated the global animal healthcare market in India during the forecast period.
- By therapeutic type, the vaccines segment accounts for high revenue in the market
Animal Healthcare Market in India: Key Trends and Opportunistic Frontiers
- Increase in integration of IoT with animal health monitoring solutions and surge in usage of mobile sensors and wearables to monitor animal behavior and health propel the animal health market in the country.
- The rise in prevalence of zoonotic diseases and the growth of the veterinary pharmaceutical industry are the major factors driving the animal health market in India.
- Increasing number of eCommerce channels and online pharmacies in India is a significant opportunity for animal healthcare market players in India. There is a huge demand for animal medicines and other healthcare products for animals from online pharmacies due to their discounted prices, availability of products, and ease of transaction.
- The rising number of animal lovers, along with increasing government activities to promote animal health products, are some of the ongoing trends in the animal healthcare market in India.
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Key Developments in the Animal Healthcare Market in India Market
- Elanco Animal Health has a wide range of animal healthcare products, including vaccines, parasiticides, and feed additives. They have been active in acquisitions and partnerships to expand their offerings in the Indian market.
- Indian Immunologicals Limited is an Indian company specializing in veterinary vaccines. They have been developing and manufacturing vaccines to combat various diseases in livestock, poultry, and pets, contributing to the overall animal healthcare sector’s growth.
Animal Healthcare Market in India Market – Key Segments
- Live Attenuated
- Inactivated Vaccine
- Veterinary Hospitals
- Veterinary Clinics
- North Zone
- East Zone
- West Zone
- South Zone
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