Researchers anticipate this market to rise exponentially at a CAGR of 8.0% during the period from 2016 to 2024 and touch a value of US$1.17 bn by the end of the forecast period.
The rivalry between Zoetis Inc., Merck and Co. Inc., Merial Animal Health, and Elanco defines the competitive landscape of the India market for animal health care, finds a new research study by Transparency Market Research (TMR).
Currently, these companies are relying upon introduction of new products and vaccines in order to strengthen their positions in this market. However, low research and development returns in pharmaceuticals, in spite of high financial investments in the past few years, is likely to compel these players to change their business strategies and shift their focus towards mergers and acquisitions, leading to market consolidation in the years to come, states the research report.
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As per TMR, the overall opportunity in the India market for animal health care was US$0.59 bn in 2015.
In terms of distribution channels, veterinary clinics have been leading this market and the trend is projected to remain so over the next few years.
Demand for Animal Health Care Products to Remain Higher for Livestock
An exhaustive assessment of the India animal health care market on the basis of the type of animal has been provided in this research study. Livestock and companion animals have been considered as the most prominent segments of this market, based on the animal type.
The livestock segment led the overall market in 2015 and is expected to retain its leadership throughout the forecast period. The increasing concerns regarding animal-borne diseases and the subsequent rise in the need for the early diagnosis of diseases and infections in livestock are anticipated to drive the growth of this segment in the years to come.
Geographically, the report has classified the India market for animal health care into North India, South India, East India, and West India. South India led this market in 2015 with a share of 37% on the grounds of the increasing consumption of animal protein.
The increasing interest of customers in companion animals has also been boosting this zonal market substantially.
With Andhra Pradesh and Karnataka offering substantial scope for future growth, thanks to the soaring demand for dewormers, antibiotics, analgesic drugs, and other high-quality animal health care products, the South India market for animal health care is likely to witness a significant rise and is anticipated to continue on this position over the forecast period, notes the research study.
Increasing Usage of Technologies in Treatment Procedures to Drive Growth
“The India market for animal health care is technology driven, thus the increasing adoption of new technologies are expected to create lucrative opportunities for market’s growth over the next few years,” says the author of this study. The increasing usage of technologies, such as needle-free injection systems, spray vaccination, and drinking water application of vaccines, are expected to reflect greatly on the progress of the animal health care market in India in the years to come.
Although the market’s future looks thriving, the stringent government regulations concerning the usage of antibiotics and the high cost of treatments may obstruct the growth trajectory of this market over the forecast period, notes the study.
Global Animal Health Care Market Report
The study presented here is based on a report by Transparency Market Research (TMR), titled “Animal Health Care Market (Zone - North India, East India, West India, South India; Animal Type - Livestock (Bovine, Porcine, Ovine, and Poultry) and Companion (Canine and Feline); Distribution Channel - Veterinary Hospitals, Veterinary Clinics, Pharmacies, Drug Stores, Direct Distribution, and Pet Shops) - India Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
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