Market Size of Japan Veterinary Healthcare Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Market Size (2024) | USD 2.49 Billion |
Market Size (2029) | USD 3.46 Billion |
CAGR (2024 - 2029) | 6.82 % |
Market Concentration | High |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Japan Veterinary Healthcare Market Analysis
The Japan Veterinary Healthcare Market size is estimated at USD 2.49 billion in 2024, and is expected to reach USD 3.46 billion by 2029, growing at a CAGR of 6.82% during the forecast period (2024-2029).
The outbreak of COVID-19 has impacted all industries including Japan's veterinary healthcare market. Pet parents are advised to keep a safe distance from their pets in order to reduce the risk of contamination and maintain hygiene. There has been difficulty in moving animal products such as milk, eggs, meat to markets. The restriction were been implemented on the seasonal border crossing with ruminants. Pet adoptions increased during this pandemic situation. A 2020 survey conducted by the Japan Pet Food Association found a 15 percent increase in dog and cat ownership compared with the previous year 2019. There were an estimated 8.49 million dogs and 9.64 million cats being kept as pets in Japan as of October 2020. Several animal shelters, non-profit rescue organizations, private breeders, and pet stores observed increased consumer demand. Thus, the rising adoption of pets may drive the growth of the Japanese veterinary healthcare market in the longer term.
The risk from zoonotic diseases is fueling the market for Japan veterinary healthcare. Inter-Governmental Organizations and food production are making reforms to ensure health by the process of surveillance and vaccination, investing in R&D, and transfer with respect to vet health. Additionally, advanced technology leading to innovations in animal healthcare, increase in ownership of pet animals and increasing awareness about the health of animals consumed as food are also the factors responsible for the growth of Japan veterinary healthcare market.
Also, recent outbreaks such as pathogenic avian influenza (HPAI) is affecting quality life of poultry animals. For instance, in November 2021, according to the news article, Japan has confirmed the highly pathogenic bird flu subtype H5N8 was detected at a poultry farm in the third outbreak of avian influenza in the country. Additionally, As per the news article published in December 2020 'Bird flu spreads to 10th Japanese prefecture', reported that around 5.5 million poultry had been slaughtered to contain virus. Also, Japan culled around 77,000 chickens over new bird flu outbreak in Tochigi. This unprecedented increase in such infectious disease prevalence has triggered companies to produce advanced vaccines and pharmaceuticals.
However, increasing costs of animal testing and veterinary services, lack of infrastructure and funding and use of counterfeit medicines are restraining the growth of Japan veterinary healthcare market.