The veterinary healthcare market in India is expected to be valued at USD XX billion in 2021, growing at a CAGR of XX% from USD XX billion on 2016.
The veterinary healthcare market by diagnostics may be defined as the diagnostics tests that are carried out for the detection of various diseases in animals. These processes are executed through various methods that use blood, feces, and tissue sample from animals.
India’s Veterinary Healthcare Market- Market Dynamics
Veterinary healthcare is gaining importance as a result of manufacturers focusing on the production of products with specialized formulations and manufacturing processes. These are essentially beneficial for animal lovers and companion animal owners.
Some of the several factors driving the market are:
Some of the factors limiting the growth of the market are:
Opportunities and Challenges
The increase in exports of animal products from India to other countries and the fewer requirements of animal drug approval in the subcontinent are the major opportunities for the market to grow. However, declining veterinarian population and the lack of awareness about animal healthcare in rural areas of the country are some of the major challenges for the key players.
The Indian veterinary market can be broadly segmented based on animal types and diagnostics. Based on the animal type, the market is further segmented into farm animal health market (poultry, swine, fish, cattle, and sheep) and companion animal health (dogs, cats, horse). Based on diagnostic tools, the market is further sub-segmented into clinical chemistry, hematology tests, molecular diagnostics, diagnostic imaging and other veterinary diagnostic products.
Some of the key players in the market are:
Key Deliverables in the Study