Swine Healthcare Market Size

Swine Healthcare Market Analysis

The swine healthcare market is projected to register a CAGR of 8.2% over the forecast period.

The COVID-19 pandemic led to disruptions in not only the R&D activities of other therapies and drugs for medical conditions other than COVID-19 but also impacted the veterinary industry, as the logistics supply of various essential veterinary pharmaceutical products was adversely impacted. For instance, according to the research study published by Anna K. Johnson in the December 2021 issue of the National Library of Medicine, due to the COVID-19 pandemic, supply chain disruptions in Lowa, United States, caused producer uncertainty, confusion, and stress, including time-sensitive challenges for maintaining animal care. To overcome these challenges, the Lowa Resource Coordination Center (IRCC) was created to support swine welfare. Therefore, COVID-19 had an unprecedented impact on the swine healthcare market in its initial phase; however, with the slowing down of infections and large-scale vaccinations, the studied market is expected to reach the potential of the pre-COVID era. For instance, in January 2022, an article published by William Reed stated that pig feed production in 2021 increased by 6.5% due to growth in the Asia-Pacific region. Thus, with such increased growth, the market is expected to grow over the forecast period.

The major factor driving the growth of the swine healthcare market is the rising incidence of swine diseases around the world, which is expected to drive the demand for swine healthcare products for diagnostics and treatment. For instance, according to the March 2022 update of the FAO of the United Nations, African swine fever (ASF) has been reported in the administrative areas of the following countries, namely, China, Mongolia, Vietnam, Cambodia, the Democratic People's Republic of Korea, Myanmar, the Philippines, Indonesia, India, Malaysia, and others, which shows a high prevalence of ASF in different countries of the world. Thus, the demand for diagnostics and treatment products for ASF is expected to increase, which is expected to fuel the growth of the studied market.

As per the research study published in September 2021 by Yin Li and Ian Robertson, swine influenza is a major health concern for the swine industry, as swine influenza can not only cause large economic losses for the pig industry but can also lead to epidemics or pandemics in the human population, and it is one of the most ubiquitous diseases circulating in the global pig population. As per the same source, the major diagnostic techniques used for detecting swine influenza include serological methods (e.g., hemagglutination inhibition (HI) test and enzyme-linked immunosorbent assay (ELISA)), molecular methods (e.g., polymerase chain reaction (PCR)), and virus isolation methods. Hence, with the growing burden of these diseases and awareness about them, the demand for swine healthcare products is anticipated to increase over the forecast period.

Moreover, the increasing demand for livestock products, along with increasing R&D investment in the area of novel therapeutics, is expected to augment the growth of the swine healthcare market. For instance, in September 2021, the United States Department of Agriculture pledged up to USD 500 million from the Commodity Credit Corporation to prevent African swine fever. The amount will be spent on expansion, coordination, monitoring, and surveillance of the disease, along with other efforts. However, the stringent regulatory policies and high cost of swine healthcare products are expected to impede the growth of the swine healthcare market during the forecast period.