Market Trends of Australia Veterinary Healthcare Industry
This section covers the major market trends shaping the Australia Veterinary Healthcare Market according to our research experts:
Vaccines Segment Holds a Major Share in the Market
The vaccine segment holds a major share in the Australia veterinary healthcare market. The veterinary vaccines segment in Australia is expected to be driven by innovations in vaccines, rising vaccine launches, growing awareness of animal health, increasing investments by government bodies and associations, and increased demand for animal protein, including milk, meat, eggs, and fish, and increased expenditure on the healthcare of companion animals.
According to news published in January 2022, Australian veterinarians are encouraging government agencies to vaccinate the country's pets against a global pandemic using a Russian-developed animal vaccine. Dr. Sam Kovac of Southern Cross Vets in Sydney is yet to receive clearance from the Australian Pesticides and Veterinary Medicines Authority for the vaccination of Pets in Australia. The rise in such initiatives will drive the growth of the vaccine segment in this market.
Furthermore, in April 2020, the University of Adelaide, an Australian university, was awarded an AUD 390,000 (USD 252,000) Linkage Grant by the Australian Research Council to improve the effectiveness of a Salmonella Typhimurium vaccine in poultry. Such steady developments help boost this market segment and the overall market over the forecast period.
In addition, in December 2021, Australian life science company, QBiotics, launched STELFONTA its lead veterinary pharmaceutical in Australia, which is approved by the Australian Pesticides and Veterinary Medicines Authority (APVMA) for the treatment of canine non-metastatic mast cell tumors (MCT)
Therefore, owing to the above factors, the vaccine segment is expected to drive the Australia veterinary healthcare market during the forecast period.
