The veterinary healthcare market in Australia was valued at USD 746.36 million in 2016 and is projected to reach USD 1378.18 million by 2021, growing at a CAGR of 13.05% during the forecast period from 2016 to 2021. The market for parasiticides in this region is currently valued at USD 172.0 million, which is a significant increase from 2013.
Australia’s veterinary healthcare market is gaining importance as a result of manufacturers focusing more on the production of products with specialized formulations and manufacturing processes.
The importance of livestock animals is generating growth in the animal healthcare market owing to more people consuming meat and dairy products. The boom in population and a stable economy are expected to result in an increased demand for protein-rich foods, especially in developing regions. Animal health companies are well-positioned to address this growing emerging demand for higher-protein diets as well.
Australia Veterinary Health Market- Market Dynamics
The new types of diseases in animals and their subsequent transfer to humans via animal food product consumption and companionship are escalating the veterinary healthcare industry in Australia. The strategic decisions in the research and development activities of manufacturers are expected to positively impact the Australian veterinary healthcare market.
Some of the key factors driving this market in Australia are:
The increased competition for cultivated land and scarcity of arable land are the major restraints for the growth of this market.
In this report, the Australia veterinary healthcare market is segmented on the basis of animal products (vaccines, parasiticides, anti-infective, medicinal feed additives and other pharmaceuticals), animal types (companion animals and farm animals), animal diagnostic market, and animal genetics market. Companion animals contribute 44.3% and farm animals contribute 55.7 % to the global animal healthcare market.
Some of the key players in the market are:
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