Veterinary in India Market Size
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 1.25 Billion |
| Market Size (2029) | USD 1.89 Billion |
| CAGR (2024 - 2029) | 8.63 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Veterinary in India Market Analysis
The India Veterinary Healthcare Market size is estimated at USD 1.25 billion in 2024, and is expected to reach USD 1.89 billion by 2029, growing at a CAGR of 8.63% during the forecast period (2024-2029).
India has been in lockdown and has suspended trade with other countries and implemented travel restrictions, which affected the import and export activities of veterinary medicines and diagnostics, leading to a decline in sales of many products. Supply disruption and medicine shortages of veterinary medicines have been observed in several regions due to the temporary lockdowns of manufacturing sites, export bans, increased demands for medicine for the treatment of COVID-19, and the stockpiling of medicines by individuals. However, the government has been taking up measures to mitigate the supply of medicines and veterinary practices during the COVID-19 pandemic. For instance, in March 2020, the Government of India stated that all states must ensure that medical help for animals is treated as an essential service, which does not get suspended during COVID-19 lockdowns across the country. Therefore, it is observed that the veterinary healthcare market was significantly hampered due to the COVID-19 pandemic. However, currently, the market has regained its pre-pandemic nature in terms of demand for veterinary products and is expected to witness strong growth in the coming years.
In India, there has been an increasing activity observed across veterinary hospitals. For instance, in August 2022, DCC (Dogs Cats & Companions) Animal Hospital, one of India's leading multi-specialty state-of-the-art pet care chains expanded with a new full-service medical and grooming center in New Delhi, India. 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 in the forecast period.
In addition, there is a growing focus from the Indian government on the betterment of livestock which is fueling the market growth. For instance, in July 2022, the Union Minister for Fisheries, Animal Husbandry, and Dairy, Shri Parshottam Rupala, recommended that the cooperative movement in the livestock industry be strengthened. In addition, there has been the implementation of various programs and schemes in India in the favor of veterinary health. For instance, some of the programs implemented currently by the Government of India include Assistance to States for Control of Animal Diseases (ASCAD), National Animal Disease Reporting System (NADRS), Establishment & Strengthening of Veterinary Hospital and Dispensaries (ESVHD), and Foot and Mouth Disease Control Program (FMD-CP), among others. Hence, with the involvement of the government in veterinary healthcare and the rising awareness about the same, the market studied is expected to witness strong growth in the coming years.
However, the use of counterfeit medicine and increasing costs of animal testing and veterinary services are some of the factors restraining market growth in the country.
Veterinary in India Market Trends
This section covers the major market trends shaping the India Veterinary Healthcare Market according to our research experts:
The Vaccine Segment is Expected to Have the Highest Growth Rate Over the Forecast Period
Vaccines are comprised of viruses, bacteria, or other disease-causing organisms that have been killed or altered so that they cannot cause any disease, thus, boosting immunity. Vaccines are being manufactured that contain genetically engineered components derived from those disease agents. The vaccines segment is expected to be driven by innovations in vaccines, growing awareness of animal health, increasing investments by government bodies and associations, increasing demand for animal protein, including milk, meat, eggs, and fish, and rising healthcare expenditure for companion animals.
In May 2021, Hyderabad-based Indian Immunologicals Limited (IIL) launched Raksha Class, a classical swine fever (CSF) vaccine, which is a unique cell culture technology-based vaccine for pigs, developed in collaboration with the Indian Veterinary Research Institute (IVRI), Bareilly. Additionally, there has been increasing use of technology in veterinary vaccines in India. For instance, in November 2022, Noida based startup named Tech Eagle became the world's first company to deliver vaccines to the animal husbandry department of Arunachal Pradesh with the help of a drone. Hence, with such launches in the Indian market, the segment is expected to witness strong growth.
Furthermore, in June 2022, Agriculture Minister Narendra Singh Tomar on Thursday launched the country's first homegrown COVID-19 vaccine Anocovax for animals, developed by Haryana-based ICAR-National Research Centre on Equines (NRC). The immunity induced by Anocovax neutralizes both Delta and Omicron variants of SARS-CoV-2. Hence, with such advancements in veterinary vaccines across the country, the segment is expected to witness strong growth in the future.
Increasing Pet Adoption in India is Expected to Propel the Market Growth in Coming Years
The major factor contributing to the growth of the market studied in India is the increasing pet adoption and the rising number of animals getting injured with pain and inflammatory diseases. For instance, as per the Bark India Charitable Trust, dogs and cats are the most common animals that the team has been saving since it began its project. The crew saved 82 animals in June 2022, 10 of whom received surgery before being maintained for adoption, and in August 2022, 107 sick and injured animals were rescued. Hence, the surgeries on animals increase the need for veterinary products that help the market grow in the forecast period.
As per the data from PetKeen published in August 2022, dogs are the most common pet in India, with around 34% of pet owners having a dog, whereas 20% have cats. Furthermore, the same data indicated that around 60% of people in India have a pet, with over 10 million pet dogs in the country. Despite the comparatively low adoption of cats in the country, it is estimated that by the year 2023, the number of pet cats in India will reach around 2.4 million. Hence, the statistics mentioned above indicate that there is a high rate of pet adoption in the country, which is fueling the market for veterinary healthcare in India.
Furthermore, the increased awareness of animal healthcare and pain management products in the nation is expected to drive the market. For instance, as per the data by Pashudhan Praharee published in March 2022, in the treatment of companion animals, licensed veterinary NSAIDs are used to manage the discomfort and swelling brought on by osteoarthritis in dogs and horses. The data also stated the level of knowledge about NSAIDS treatment on animals, including side effects, contraindications, and risks associated with NSAIDs in companion animals. Therefore, with the increasing use of NSAIDs in veterinary practice, the market studied is expected to witness strong growth in the coming years.
Veterinary in India Industry Overview
The Indian veterinary healthcare market is moderately competitive and consists of several major players, such as Boehringer Ingelheim GmbH, Elanco Animal Health, IDEXX Laboratories Inc., Merck & Co. Inc., Vetoquinol SA, Virbac, and Zoetis Inc. These companies are mostly focusing on growth strategies like collaborations, partnerships, agreements, mergers, and acquisitions to improve their market presence.
Veterinary in India Market Leaders
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Boehringer Ingelheim GmbH
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Zoetis Inc.
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Merck & Co. Inc.
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Elanco Animal Health
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Vetoquinol
*Disclaimer: Major Players sorted in no particular order
Veterinary in India Market News
- October 2022 : Hyderabad-based Indian Immunologicals Limited (IIL) announced that the company will invest about Rs 700 Crores to set up a new animal vaccine manufacturing facility in Genome Valley, Hyderabad - the 'Vaccine Hub of the World', to meet the vaccine security of the nation against economically important diseases such as Foot and Mouth disease (FMD) and other emerging diseases. The facility will create total employment for around 750 people.
- December 2021: Fujifilm India Pvt. Ltd, a pioneer in medical imaging and diagnostic technologies, recently joined hands with A'alda Vet India Pvt. Ltd to boost healthcare facilities for pets. As part of the partnership, Fujifilm India will provide innovative medical and screening devices to DCC (Dogs, Cats, and Companions) animals.
Veterinary in India Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
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4.2 Market Drivers
- 4.2.1 Advanced Technology Leading to Innovations in Animal Healthcare
- 4.2.2 Increasing Adoption of Pet in India
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4.3 Market Restraints
- 4.3.1 Use of Counterfeit Medicines
- 4.3.2 Increasing Costs of Animal Testing and Veterinary Services
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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 (Market Size by Value - USD million)
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5.1 By Product
- 5.1.1 By Therapeutics
- 5.1.1.1 Vaccines
- 5.1.1.2 Parasiticides
- 5.1.1.3 Anti Infectives
- 5.1.1.4 Medical Feed Additives
- 5.1.1.5 Other Therapeutics
- 5.1.2 By Diagnostics
- 5.1.2.1 Immunodiagnostic Tests
- 5.1.2.2 Molecular Diagnostics
- 5.1.2.3 Diagnostic Imaging
- 5.1.2.4 Clinical Chemistry
- 5.1.2.5 Other Diagnostics
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5.2 By Animal Type
- 5.2.1 Dogs and Cats
- 5.2.2 Horses
- 5.2.3 Ruminants
- 5.2.4 Swine
- 5.2.5 Poultry
- 5.2.6 Other Animals
6. COMPETITIVE LANDSCAPE
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6.1 Company Profiles
- 6.1.1 Boehringer Ingelheim GmbH
- 6.1.2 Elanco Animal Health
- 6.1.3 IDEXX Laboratories Inc.
- 6.1.4 Merck & Co. Inc.
- 6.1.5 Vetoquinol
- 6.1.6 Virbac
- 6.1.7 Zoetis Inc.
- 6.1.8 Zydus Cadila
- 6.1.9 Hester Biosciences Limited
- 6.1.10 Indian Immunologicals Limited
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityVeterinary in India Industry Segmentation
As per the scope of the report, veterinary healthcare can be defined as the science associated with the diagnosis, treatment, and prevention of diseases in animals. The increasing importance of the production of livestock animals is generating growth in the veterinary healthcare market. The Indian veterinary healthcare market is segmented by Product (Therapeutics and Diagnostics), and Animal Type (Dogs and Cats, Horses, Ruminants, Swine, Poultry, and Other Animals). The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the value (in USD million) for the above segments.
| By Product | By Therapeutics | Vaccines |
| Parasiticides | ||
| Anti Infectives | ||
| Medical Feed Additives | ||
| Other Therapeutics | ||
| By Product | By Diagnostics | Immunodiagnostic Tests |
| Molecular Diagnostics | ||
| Diagnostic Imaging | ||
| Clinical Chemistry | ||
| Other Diagnostics | ||
| By Animal Type | Dogs and Cats | |
| Horses | ||
| Ruminants | ||
| Swine | ||
| Poultry | ||
| Other Animals |
Veterinary in India Market Research FAQs
How big is the India Veterinary Healthcare Market?
The India Veterinary Healthcare Market size is expected to reach USD 1.25 billion in 2024 and grow at a CAGR of 8.63% to reach USD 1.89 billion by 2029.
What is the current India Veterinary Healthcare Market size?
In 2024, the India Veterinary Healthcare Market size is expected to reach USD 1.25 billion.
Who are the key players in India Veterinary Healthcare Market?
Boehringer Ingelheim GmbH , Zoetis Inc., Merck & Co. Inc., Elanco Animal Health and Vetoquinol are the major companies operating in the India Veterinary Healthcare Market.
What years does this India Veterinary Healthcare Market cover, and what was the market size in 2023?
In 2023, the India Veterinary Healthcare Market size was estimated at USD 1.15 billion. The report covers the India Veterinary Healthcare Market historical market size for years: 2021, 2022 and 2023. The report also forecasts the India Veterinary Healthcare Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the key factors driving the India Veterinary Healthcare Market?
The key factors driving the India Veterinary Healthcare Market are a) Greater awareness of animal health and well-being is leading to increased spending on veterinary care b) Government support for animal health awareness campaigns, veterinary infrastructure development, and livestock welfare programs is positively impacting the market
India Veterinary Industry Report
The India Veterinary Healthcare market is on the cusp of significant expansion, propelled by increasing zoonotic diseases, enhanced focus on livestock and companion animal health, along with government-driven initiatives for veterinary healthcare improvements. Innovations such as the launch of vaccines using new technologies and the introduction of tailor-made vaccines for ongoing global health challenges highlight the market's adaptability. Furthermore, rising pet adoption rates and heightened awareness about animal health are key contributors to market growth, evidenced by establishments like DCC Animal Hospital expanding their services. However, challenges such as counterfeit medications and the high costs of veterinary services pose barriers. Despite these challenges, robust government programs and a growing pet population are expected to drive substantial market growth. Detailed insights and forecasts are available in a report by Mordor Intelligence™, providing comprehensive market analysis.
