Market Size of Australia Veterinary Healthcare Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 9.75 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Australia Veterinary Healthcare Market Analysis
The Australia veterinary healthcare market is expected to reach a CAGR of 9.75% over the forecast period (2022-2027).
The Australia veterinary healthcare industry has been impacted by the effect of coronavirus, especially on the livestock segment. An unprecedented rise in pet ownership across the country has been seen post-COVID-19. There has been an increasing focus on veterinary telemedicine in the country, which is likely to have a positive impact on the market. According to the article titled ' impact of the COVID-19 pandemic on the welfare of animals in Australia' published in January 2021 some organizations, including Animal Health Australia (AHA), the Australian Veterinary Association (AVA) and the Royal Society for the Prevention of Cruelty to Animals (RSPCA) Australia, contacted the Australian Federal Department of Agriculture, water and Environemnt to request that veterinarians can be classified as an essential services. The Australian Veterinary Association (AVA) also re-affirmed that veterinarians could conduct telemedicine consulattaions in teh context of the COVID-19 pandemicm that will lead to increased veterinary teleconsultations and telepharmacy during the pandemic, thereby lead to increased adoption of tele veterinary services, driving the market growth.
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 2021 Survey published in October 2021, Australian households own an estimated total of 6.3 million dogs and 4.9 million cats in the country. The high adoption of pets in Australian households eventually lead to increased adoption of veterinary healthcare services in Australia, thereby driving market growth.
Furthermore, a rise in collaborations between key market players and investments in veterinary health is also expected to drive the growth of this market. For instance, in November 2021, Merck Sharp & Dohme Corp (MSD) Animal Health, a division of Merck & Co., Inc., joined VetDB as an investor. In VetDB's third round of seed funding, MSD Animal Health joins the company's previous investors. VetDB's continuous growth and nationwide dissemination of its revolutionary medical technology will be aided by this financing. The rising investments by companies in the development of veterinary health technology are therefore expected to contribute to the market growth over the forecast period.
Therefore, the rising adoption of pets and the rise in investments in technological advancements in veterinary health, among other are expected to drive the growth of this market. However, there is a shift in the trend toward the use of counterfeit medicines for animal health, which is usually cheap, of low quality, and produced without adequate testing. These act as restraints for the market's growth.
