Animal Husbandry in India has undergone magnificent changes over the years, thanks to the adoption of innovative technologies used to prevent and cure farm and companion animals. There has been a paradigm shift in the business approach of animal health companies that have evolved from therapeutics to preventive to productivity enhancement and now to overall healthcare of the animals.
In this edition of the newsletter, we are going to discuss in detail the dynamics of the animal health market in India.
The animal healthcare market is segmented by animal type (Livestock & companion) and products (Pharmaceuticals (Drugs, vaccines, parasiticides, anti-infectives, medical feed additives, and other therapeutics), diagnostics (immuno-diagnostic tests, molecular diagnostics, diagnostic imaging, clinical chemistry, and other diagnostics), medical devices ( surgical equipment & consumables).
The increasing importance of the production of livestock animals is generating growth in the animal healthcare market.
The global animal health market is expected to grow at a rate of ~6% from 2023-26. The major growth drivers are an increase in pet adoption, disease incidence, regulations & pet care support. Indian animal health market is around 4% of the global market.
The animal health industry in India has transformed itself in recent years from disease control and treatment activities to a complete healthcare provider and supporting the task of bridging the gap. It is expected to grow at an annual rate of ~10%. India is one of the fastest-growing animal health markets globally.
In an effort to provide quality and safe products, the Indian animal health industry has taken several important initiatives.
Zoonotic diseases are naturally transmitted from animals to humans due to the consumption of contaminated food and water and exposure to the pathogen during preparation, processing, or by direct contact with infected animals or humans. Zoonotic diseases are caused by microorganisms, like viruses, bacteria, parasites, and fungi.
Among the developing countries, India has the highest zoonotic disease burden, with widespread illness and death. Hence, owing to these factors, the market is expected to grow further.
The animal healthcare market in India is consolidated, with a small number of key players accounting for the majority of the market share. Most companies are making significant investments in comprehensive research and development.
Expansion of product portfolios and mergers & acquisitions are the key strategies adopted by the key players.
