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The Australia veterinary healthcare market was valued at about USD 975 million in 2020, and it is expected to reach USD 1,620 million, while registering a CAGR of 8.5% over the forecast period.
The Australia veterinary healthcare industry has been impacted by the effect of coronavirus, especially on the livestock segment. There has been a sharp fall in demand for chicken and meat since the outbreak, as there have been various rumors among people that the virus can spread through animals’ meat, like chicken. However, there has been an increasing focus on veterinary telemedicine in the country, which is likely to have a positive impact on the market. In April 2020, the Australian Veterinary Association Ltd (AVA) Board ratified the AVA telemedicine policy and initiated extensive tele-veterinary services in the country.
The Australia veterinary healthcare market is projected to lead by advancements in health technology, leading to innovations in animal healthcare and increasing animal adoption in Australia, coupled with animal health spending. According to the Animal Medicine Australia 2019 Survey, Australian households own an estimated total of 5.1 million dogs, 3.8 million cats, 11.3 million fish, 5.6 million birds, 614,000 small mammals, 364,000 reptiles, and 1.8 million other pets.
Additionally, growing meat consumption, especially chicken and pork, the risk of emerging zoonosis, and an increase in pet health awareness among the owners are also propelling the growth of the market. According to a 2019 article titled, “Prevalence and Zoonotic Potential of Giardia intestinalis in Dogs of the Central Region of Australia“, it was found that in Australia, the frequency of this parasitosis in humans is 19%, affecting mainly toddlers and school-aged children. In dogs, the worldwide prevalence is estimated at 15.2%, while in Australia, it is higher than 42%.
In October 2019, Australian researchers at the University of Sydney identified a newly discovered feline virus called domestic cat hepadnavirus (DCH), which might be the cause of liver cancer in cats, and this link could lead to the development of new anti-cancer therapies. The increase in R&D in animal healthcare, coupled with the availability of a wide range of solutions, is projected to boost the Australia veterinary healthcare market over the forecast period.
Furthermore, increasing government initiatives on animal health and new product launches are projected to propel the growth of the market over the forecast period. For instance, the National Animal Health Surveillance and Diagnostics Business Plan 2016–2019 was established by the Australian government and livestock industries to guide the delivery of surveillance activities in accordance with nationally agreed objectives and priorities. Also, there is a shift in the trend toward the use of counterfeit medicines for animal health, which are usually cheap, of low quality, and produced without adequate testing. These act as restraints for the market's growth.
Scope of the Report
As per the scope of this report, the Australia veterinary healthcare market is growing, and it comprises therapeutic and diagnostic products and solutions for companion and farm animals. Companion animals can be tamed or adopted for companionship or as house/office guards, and farm animals are raised for meat and milk-related products. Companion animals include canines, felines, and equines. Farm animals include bovine, poultry, and porcine. The Australia veterinary healthcare market is segmented on the basis of product (therapeutics and diagnostics) and animal type (dogs and cats, horses, ruminants, swine, poultry, and other animals).
|By Animal Type|
|Dogs and Cats|
|Other Animal Types|
Key Market Trends
Vaccines holds the Major Share in the Market
Vaccines are comprised of viruses, bacteria, or other disease-causing organisms that have been killed or altered so that they cannot cause any disease and boost immunity. New advanced vaccines have been manufactured containing genetically engineered components derived from those disease agents.
The veterinary vaccines segment in Australia is expected to be driven by innovations in vaccines, growing awareness of animal health, increasing investments by government bodies and associations, increased demand for animal protein, including milk, meat, eggs, and fish, and increased expenditure on the healthcare of companion animals.
The Australian Pesticides and Veterinary Medicines Authority is an animal welfare association in Australia that takes care of animals by helping them get vaccinations on time. This association has spread its reach across the country and contributes to the wellness of veterinary health. The presence of such organizations acts as a driving factor for the market.
Additionally, a significant focus on research regarding animal vaccines being carried out in Australia is also a major factor driving the market growth. For instance, according to the August 2020 study published in Cell Reports by Australian investigators from Monash University and the University of Melbourne, a rabies virus protein called P protein binds to STAT1, which is an important transducer of immune responses in mammalian cells. The research results have also reported that blocking P protein from binding could lead to the development of oral rabies vaccines that are more effective and more convenient to provide.
In April 2020, the University of Adelaide, an Australian university, was awarded an AUD 390,000 (USD 252,000) Linkage Grant by the Australian Research Council to improve the effectiveness of a Salmonella Typhimurium vaccine in poultry. Such steady developments help boost this market segment and the overall market over the forecast period.
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The Australia veterinary healthcare market is majorly dominated by a few players. However, there are a few companies that are currently penetrating the market and are expected to hold substantial market shares. The major players are Zoetis Animal Healthcare, Merck Animal Health, Ceva Animal Health Inc., Virbac Corporation, Boehringer Ingelheim, and Elanco, among others. In January 2020, the Australian life sciences company, QBiotics Group Limited (QBiotics), received approval from the US Food and Drug Administration's Center for Veterinary Medicine for its STELFONTA (tigilanol tiglate) for the treatment of non-metastatic mast cell tumors (MCT) in dogs. Such approvals will present several opportunities for the veterinary healthcare market in the region.
August 2020 : The National Science Agency of Australia formed a new company named FutureFeed Pty Ltd to bring to market a methane-reducing animal feed additive made from the seaweed, Asparagopsis, for cattle. This may positively impact the market growth over the forecast period.
July 2020 : Troy Laboratories became a member of Animal Medicines Australia, which is the top industry body representing the animal health industry's leaders, bringing products to the market that protect, enhance, and deliver improved health outcomes for livestock, equine, and companion animals.
Table of Contents
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increase In Animal Adoption Coupled with Increasing Awareness about Animal Healthcare
4.2.2 Advanced Technology in Animal Healthcare
4.3 Market Restraints
4.3.1 Use of Counterfeit Medicines
4.3.2 Increasing Costs of Animal Testing and Veterinary Care
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value)
5.1 By Product
184.108.40.206 Medical Feed Additives
220.127.116.11 Other Therapeutics
18.104.22.168 Immunodiagnostic Tests
22.214.171.124 Molecular Diagnostics
126.96.36.199 Diagnostic Imaging
188.8.131.52 Clinical Chemistry
184.108.40.206 Other Diagnostics
5.2 By Animal Type
5.2.1 Dogs and Cats
5.2.6 Other Animal Types
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.1 Boehringer Ingelheim
6.1.3 Merck Co. Inc.
6.1.4 Vetoquinol SA
6.1.6 Zoetis Inc.
6.1.7 Chemvet Australia Pty Ltd
6.1.8 Jurox Pty Ltd
6.1.9 Idexx Laboratories
6.1.10 Abbey Animal Health Pty Ltd
6.1.11 QBiotics Group Limited
6.1.12 Luoda Pharma
6.1.13 Ceva Animal Health Pty Ltd
6.1.14 Luoda Pharma Pty Ltd
6.1.15 Sypharma Pty Ltd
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Australia Veterinary Healthcare Market market is studied from 2018 - 2026.
What is the growth rate of Australia Veterinary Healthcare Market?
The Australia Veterinary Healthcare Market is growing at a CAGR of 8.5% over the next 5 years.
Who are the key players in Australia Veterinary Healthcare Market?
Zoetis Inc, Elanco, Vetoquinol SA, Merck Co. Inc., Boehringer Ingelheim are the major companies operating in Australia Veterinary Healthcare Market.