India Animal Healthcare Market Outlook 2031
- The animal healthcare market in India was valued at US$ 869.54 Mn in 2021
- The market in the country is projected to expand at a CAGR of 6.9% from 2022 to 2031
- The animal healthcare market in India is anticipated to exceed US$ 1.36 Bn by the end of 2031
Analysts’ Viewpoint on India Animal Healthcare Market Scenario
Companies in the animal healthcare market in India are focusing on diseases, such as zoonotic diseases, and their treatments to keep their businesses running post the COVID-19 pandemic. The market in India is expected to expand at a CAGR of 6.9% during the forecast period due to several factors. For instance, the number of household companion animals is increasing in India. Therefore, companies strive to increase R&D and innovation toward disease and treatment products for pet animals, which is likely to propel the animal healthcare market in India. Similarly, livestock or domesticated animals, which are generally used for the production of meat, milk, fibers, etc., are increasing, owing to rise in demand for respective products in the country. Surge in impact of animal diseases and rise in awareness about the same are likely to fuel the growth of the animal healthcare market in India.
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Increase in Incidence of Zoonotic Diseases Drives India Animal Healthcare Market
The rapid spread of zoonotic diseases in India is a major challenge for healthcare practitioners. Factors responsible for rise in prevalence of zoonotic diseases are demographic changes, encroachment of land, and agricultural practices. Zoonotic diseases such as bovine encephalopathy & foodborne, vector borne, and waterborne zoonotic diseases affecting the growth of animals in India. Hence, preventive measures are being taken into consideration by the government to control these diseases affecting human population.
Continuous efforts to spread awareness about zoonotic diseases and their prevention by market stakeholders are responsible for animal healthcare market development in India. Rise in awareness about precautionary measures and availability of several treatment options are likely to drive the demand for animal healthcare services in the upcoming years.
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Rise in Number of Online Veterinary Pharmacies in India
There is a rapid of expansion of retail and hospital pharmacies providing veterinary drugs, nutritional supplements, pet vaccines, etc. for effective treatment of various diseases and injuries in animals in India. Increasing number of eCommerce channels and online pharmacies in India is a largest 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. Pet owners are taking care of their pets by buying routine vaccines, disease preventive medicines, and pharmaceutical drugs form online channels.
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Increase in Government Support to Boost India Animal Healthcare Market
Market stakeholders are expected to witness tremendous growth opportunities in animal healthcare market due to rising investment by the Indian government to improve animal healthcare services. Stringent laws and regulations by the Indian government to promote awareness about animal health are driving the market in the country. Due to rising zoonotic and foodborne diseases in animals, government is investing in R&D activities to develop efficient vaccines. Several veterinary research laboratories are receiving financial grants from the government to help control the spread of diseases in animals.
Moreover, vaccination facilities, veterinary healthcare services, and better treatment facilities are provided to better the health of animals in India. Many animal activists are fighting for animal rights, animal abuse, and illegal slaughtering of animals. 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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Need to Improve Health of Animals Drive Adoption of Telemedicine Tools
Increasing efforts by the government of India to spread awareness about telemedicine tools in the animal healthcare sector is creating value-grab opportunities for market players. Pet owners have adopted telemedicine practices and remote consultations with the help of digital products to keep an eye on the health of their beloved pets. Zoonotic and food-borne diseases, among others, which are prevalent on a large scale in India is expected to generate food security challenge in the country. Hence, various companies in the animal healthcare market are heavily investing in research & development activities to produce advanced vaccines, pharmaceutical drugs, pharmaceutical pet supplies, medical devices, etc. This factor is contributing to the development of companion animal healthcare market in India. All these factors have boosted the veterinary healthcare services as well in India.
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