Market Trends of Japan Veterinary Healthcare Industry
This section covers the major market trends shaping the Japan Veterinary Healthcare Market according to our research experts:
Vaccine by Therapeutics Segment holds the major share in Japan Veterinary Healthcare Market
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. New advanced vaccines have been manufactured containing 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. A strong foothold of key market players offering a wide range of products in the arena of veterinary vaccines is likely to fuel the segmental growth over upcoming years. For instance, Kyoritsu seiyaku Corporation is offering vaccines namely Canivac KC-3 for the Prevention of canine adenovirus (type 2) infection, canine parainfluenza & canine Bordetella infection and Felivac 3 for the prevention of feline viral rhinotracheitis, feline calicivirus infection, and feline panleukopenia. Thus, the easy availability of such product will likely boost the growth of this segment over the forecast period.
Additionally, market players are focusing on the launch of new vaccines across Japan to enhance their market presence. For instance, in 2019, German market player Verovaccines GmbH signed the first cooperation agreement with a Japanese pharmaceutical partner for the joint development of an animal vaccine to develop and commercialize novel, cost-effective vaccines with high safety and efficacy for animal health. Thus, due to the factors mentioned above, the growth of the vaccines segment is estimated to grow steadily during the forecast period.
