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 2019 Survey, the Australian households own an estimated total of 5.1 million dogs, 3.8 million cats, 11.3 million fish, 5.6 million birds, 614,000 small mammals, 364,000 reptiles and 1.8 million other pets.
Additionally, growing meat consumption, especially of chicken and pork, the risk of emerging new strains of influenza viruses, and an increase in pet health awareness among the owners are also propelling the growth of the market. Also, there is a shift in the trend toward the use of counterfeit medicines for animal health, which is usually cheap, of low quality, and are produced without adequate testing. These act as restraints for the market's growth.
Furthermore increasing government initiatives on animal health and new product launches projected to propel the growth of the market over the forecast period. For instance, The National animal health surveillance and diagnostics business plan 2016–2019 was established by the Australian government and livestock industries to guide the delivery of surveillance activities, in accordance with nationally agreed objectives and priorities. ?
In October 2019, Australian researchers at the University of Sydney identified a newly discovered feline virus called as domestic cat hepadnavirus (DCH) might be the cause of liver cancer in cats, and that this link could lead to the development of new anti-cancer therapies. The increase in R&D in animal healthcare coupled with the availability of wide range of solutions are projected to boost the australia veterianry healthcare market over the forecast period.
Key Market Trends
Medical Feed Additive holds the Major Share in Australia Veterinary Healthcare Market
- A wide range of medical feed additives is available, which are used in different quantities and concentrations, depending on the animal type. The nutritional feed additives mainly include amino acids, minerals and vitamins, and non-nutritional feed additives, such as antibiotics, enzymes, and acidifiers.
- Some of the commonly used medicinal feed additives for companion animals are vitamins, antioxidants, and trace elements. Tocopherols (vitamin E) and ascorbic acid (vitamin C) are the most commonly found natural antioxidants in pet food.
- These dietary antioxidants play a substantial role in the long-term health of dogs and cats. Some manufacturers add nutritional antioxidants, such as vitamins C and E, to pet foods, in order to promote good health and to combat free radicals. The major market players are launching novel products, which are helping the market grow.
- Furthermore, promotion of the advanced feed additive to promote animal health and neutralise the carbon emission in the country and authorities believe that high tech livestock feed supplements will be one of the key drivers of a comprehensive strategy to reduce Australia's emissions by 2050. This positively impact the market growth over the forecast period.
The Australian veterinary healthcare market is majorly dominated by a few players. However, there are a few companies that are currently penetrating the market and are expected to hold substantials shares in the market. The major players are Zoetis Animal Healthcare, Merck Animal Health, Bayer Animal Health, Ceva Animal Health Inc., Virbac Corporation, Boehringer Ingelheim, Elanco Animal Health, and Apiam Animal Health, among others.
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1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increase in Pet Adoption
4.2.2 Advanced Technology in Animal Healthcare
4.2.3 Rise in the number of Initiatives by Governments and Animal Welfare Associations
4.3 Market Restraints
4.3.1 Use of Counterfeit Medicines
4.3.2 Increasing Costs of Animal Testing and Veterinary Care
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Product
5.1.1 By Therapeutics
220.127.116.11 Medical Feed Additives
18.104.22.168 Other Therapeutics
5.1.2 By Diagnostics
22.214.171.124 Immunodiagnostic Tests
126.96.36.199 Molecular Diagnostics
188.8.131.52 Diagnostic Imaging
184.108.40.206 Clinical Chemistry
220.127.116.11 Other Diagnostics
5.2 By Animal Type
5.2.1 Dogs and Cats
5.2.6 Other Animals
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Bayer AG
6.1.2 Boehringer Ingelheim
6.1.4 Merck Co. Inc.
6.1.5 Vetoquinol SA
6.1.7 Zoetis Inc.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.