(MENAFN- Ameliorate Digital Consultancy)
Animal healthcare market in Asia Pacific region is reported to see substantial growth in the coming years. A major reason cited for this is the expanding demand for companion animals or pets and increasing activities in the animal husbandry industry.
Companion animals like pets are witnessing increased demand among the youth population as they have more disposable incomes in their hands and have good quality lifestyle. There are a lot of technological advancements being done in animal healthcare market to bring in state-of-the-art diagnostic and treatment facilities to ensure better care of animals. Animal healthcare market in Asia Pacific region size is projected to be worth over $56 billion by the end of 2026.
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Below are some factors will drive the Animal Healthcare Market In Asia Pacific Region over the next few years.
Livestock animals to consume high product volume
Animal healthcare market in Asia Pacific region share from livestock animals was an astounding $16.5 billion in 2019 and this value is expected to grow even further in the future. This is because there has been a sudden increase in the production for livestock or commercial animals to use them for their meat, milk and other related produce. These animals play a crucial role as transporters as well in certain terrains in Asia Pacific region.
Livestock owners are gradually becoming aware about the importance and benefits of keeping their animals healthy as this will help them increase their business as well. This is why they are increasingly investing in healthy animal food products and medication to ensure that the animals are protected from diseases and live a longer and healthier life.
Government initiatives in developing regions
An increasing number of governments are bringing out initiatives and policies in support of legal livestock breeding. This factor will positively influence market growth of animal healthcare in Asia Pacific region. There are different insurance schemes that ensure adequate support to farmers in time of need. For example, farmers in countries like Nepal, Sri Lanka and Thailand can take loans from banks to provide insurance to their livestock.
Demand for veterinary services on the rise
Veterinary services are experiencing incredible rise in their demand as more and more people are becoming aware of the importance of keeping animals healthy, be it companion animals or livestock. People engaging in animal husbandry want their livestock to be healthy so that they can produce healthy milk and meat. This is where veterinary services come in handy to protect animals from grave illnesses with the help of proper vaccinations health check-ups from time to time.
Some of the services included in this are preventive care, pet travelling, emergency treatments, surgeries, grooming and many others. Consulting with a veterinarian at regular intervals ensures that animals are safe and healthy.
China to be a major market for animal healthcare:
China is expected to play a vital role in bolstering expansion of animal healthcare products in Asia Pacific region due to rising demand for good quality meat products among consumers. The various initiatives taken by the Chinese government to protect the health and safety of livestock will also contribute towards the growth of this market.
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For example, the China National Agricultural Development Group Corporation (CNADGC) has recently brought in new reforms in surveillance and vaccinations to ensure healthy livestock. It has even made investments in research and development in this regard.
Some of the key companies involved in providing animal healthcare services in Asia Pacific are Elanco, B. Braun Melsungen AG, Bayer AG, IDEXX Laboratories, among many others.
Table of Contents (ToC) of the report:
Data Tables
TABLE 1. Animal healthcare industry 3600 synopsis, 2016 – 2027
TABLE 2. Animal healthcare market in Asia Pacific region estimates, by country, 2016 – 2020, (USD Million)
TABLE 3. Asia Pacific market forecast, by country, 2021 – 2027, (USD Million)
TABLE 4. Asia Pacific market estimates, by product, 2016 – 2020 (USD Million)
TABLE 5. Animal healthcare market in Asia Pacific region forecast, by product, 2021 – 2027 (USD Million)
TABLE 6. Asia Pacific market estimates, by animal type, 2016 – 2020 (USD Million)
TABLE 7. Asia Pacific market forecast, by animal type, 2021 – 2027 (USD Million)
TABLE 8. Animal healthcare market in Asia Pacific region stimates, by distribution channel, 2016 – 2020 (USD Million)
TABLE 9. Asia Pacific market forecast, by distribution channel, 2021 – 2027 (USD Million)
TABLE 10. Industry impact forces
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