Increasing Pet Ownership and Humanization of Pets is expected to act as a Driver for the Growth of Indonesia, Malaysia, Vietnam, Thailand, Philippines, Australia, New Zealand, China, Korea, and India Veterinary Medicine Market

The experience of pet ownership exists across many cultures in the world. In many countries, such as India, China, Korea, Thailand, Vietnam, and Australia a majority of people live with pets. Pet ownership is increasing due to a combination of factors such as the desire for companionship, health benefits, changing attitudes towards pets, and increased disposable income. Pets provide companionship and emotional support, which is especially important for people who live alone or have limited social interactions. Studies have shown that pet ownership can have numerous health benefits, including lower blood pressure, reduced stress levels, and improved mental health. Thus, more people move to urban areas, they may feel isolated and disconnected from nature. Owning a pet can provide a sense of connection to the natural world and a source of comfort.

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Key Findings of the Study

Growing Prevalence of Animal Diseases

Growing animal diseases are related to increasing veterinary medicines because as the number of animal diseases increases, the demand for effective treatments and preventative measures also increases. This leads to the development and production of more veterinary medicines to address the various diseases and conditions affecting animals.

Report Scope and Market Segmentation

Segment Analysis:

Indonesia, Malaysia, Vietnam, Thailand, Philippines, Australia, New Zealand, China, Korea, and India veterinary medicine market is segmented into seven notable segments such as product, animal type, dosage, route of administration, application, end user, and distribution channel.

• Based on product, Indonesia, Malaysia, Vietnam, Thailand, Philippines, Australia, New Zealand, China, Korea, and India veterinary medicine market is segmented into vaccines, medication, and supplements.
• In 2023, the vaccines segment is dominating in India veterinary medicine market with a market share of 44.55%.
•  In 2023, the vaccines segment is dominating in Australia veterinary medicine market with a market share of 44.83%.
• In 2023, the vaccines segment is dominating in China veterinary medicine market with a market share of 45.10%.
• In 2023, the vaccines segment is dominating in Indonesia veterinary medicine market with a market share of 45.38%.
• In 2023, the vaccines segment is dominating in Malaysia veterinary medicine market with a market share of 45.65%.
• In 2023, the vaccines segment is dominating in New Zealand veterinary medicine market with a market share of 45.92%.
• In 2023, the vaccines segment is dominating in Korea veterinary medicine market with a market share of 46.20%.
• In 2023, the vaccines segment is dominating in Vietnam veterinary medicine market with a market share of 46.46%.
•  In 2023, the vaccines segment is dominating in Thailand veterinary medicine market with a market share of 46.73%.
• In 2023, the vaccines segment is dominating in Philippines veterinary medicine market with a market share of 47.00%.

In 2023, the vaccines segment is expected to dominate the market due to a rising awareness of animal health and welfare.

On the basis of animal type, Indonesia, Malaysia, Vietnam, Thailand, Philippines, Australia, New Zealand, China, Korea, and India veterinary medicine market is segmented into food production and companion animals.

• In 2023, the food production segment is dominating in India veterinary medicine market with a market share of 64.99%.
• In 2023, the food production segment is dominating in Australia veterinary medicine market with a market share of 65.16%.
• In 2023, the food production segment is dominating in China veterinary medicine market with a market share of 65.34%.
• In 2023, the food production segment is dominating in Indonesia veterinary medicine market with a market share of 65.51%.
• In 2023, the food production segment is dominating in Malaysia veterinary medicine market with a market share of 65.68%.
• In 2023, the food production segment is dominating in New Zealand veterinary medicine market with a market share of 65.85%.
• In 2023, the food production segment is dominating in Korea veterinary medicine market with a market share of 66.02%.
• In 2023, the food production segment is dominating in Vietnam veterinary medicine market with a market share of 66.19%.
• In 2023, the food production segment is dominating in Thailand veterinary medicine market with a market share of 66.36%.
• In 2023, the food production segment is dominating in Philippines veterinary medicine market with a market share of 66.53%.

In 2023, the food production segment is expected to dominate the market due to a rising demand for animal based protein products.

On the basis of dosage, Indonesia, Malaysia, Vietnam, Thailand, Philippines, Australia, New Zealand, China, Korea, and India veterinary medicine market is segmented into solid, semi-solid, and liquid.

• In 2023, the solid segment is dominating in India veterinary medicine market with a market share of 53.69%.
• In 2023, the solid segment is dominating in Australia veterinary medicine market with a market share of 53.92%.
• In 2023, the solid segment is dominating in China veterinary medicine market with a market share of 54.15%.
• In 2023, the solid segment is dominating in Indonesia veterinary medicine market with a market share of 54.38%.
• In 2023, the solid segment is dominating in Malaysia veterinary medicine market with a market share of 54.61%.
• In 2023, the solid segment is dominating in New Zealand veterinary medicine market with a market share of 54.83%.
• In 2023, the solid segment is dominating in Korea veterinary medicine market with a market share of 55.06%.
• In 2023, the solid segment is dominating in Vietnam veterinary medicine market with a market share of 55.29%.
• In 2023, the solid segment is dominating in Thailand veterinary medicine market with a market share of 55.51%.
• In 2023, the solid segment is dominating in Philippines veterinary medicine market with a market share of 55.73%.

On the basis of route of administration, Indonesia, Malaysia, Vietnam, Thailand, Philippines, Australia, New Zealand, China, Korea, and India veterinary medicine market is segmented into oral, parenteral, and topical.

• In 2023, the oral segment is dominating in India veterinary medicine market with a market share of 53.36%.
• In 2023, the oral segment is dominating in Australia veterinary medicine market with a market share of 53.59%.
• In 2023, the oral segment is dominating in China veterinary medicine market with a market share of 53.82%.
• In 2023, the oral segment is dominating in Indonesia veterinary medicine market with a market share of 54.06%.
• In 2023, the oral segment is dominating in Malaysia veterinary medicine market with a market share of 54.29%.
• In 2023, the oral segment is dominating in New Zealand veterinary medicine market with a market share of 54.51%.
• In 2023, the oral segment is dominating in Korea veterinary medicine market with a market share of 54.74%.
• In 2023, the oral segment is dominating in Vietnam veterinary medicine market with a market share of 54.97%.
• In 2023, the oral segment is dominating in Thailand veterinary medicine market with a market share of 55.19%.
• In 2023, the oral segment is dominating in Philippines veterinary medicine market with a market share of 55.42%.

On the basis of application, Indonesia, Malaysia, Vietnam, Thailand, Philippines, Australia, New Zealand, China, Korea, and India veterinary medicine market is segmented into foot and mouth disease, autoimmune diseases, bacterial diseases, helminths infection, bluetongue, canine atopic dermatitis, and others.

• In 2023, the foot and mouth disease segment is dominating in India veterinary medicine market with a market share of 23.71%.
• In 2023, the foot and mouth disease segment is dominating in Australia veterinary medicine market with a market share of 24.09%.
• In 2023, the foot and mouth disease segment is dominating in China veterinary medicine market with a market share of 24.47%.
• In 2023, the foot and mouth disease segment is dominating in Indonesia veterinary medicine market with a market share of 24.85%.
• In 2023, the foot and mouth disease segment is dominating in Malaysia veterinary medicine market with a market share of 25.23%.
• In 2023, the foot and mouth disease segment is dominating in New Zealand veterinary medicine market with a market share of 25.60%.
• In 2023, the foot and mouth disease segment is dominating in Korea veterinary medicine market with a market share of 25.97%.
• In 2023, the foot and mouth disease segment is dominating in Vietnam veterinary medicine market with a market share of 26.35%.
• In 2023, the foot and mouth disease segment is dominating in Thailand veterinary medicine market with a market share of 26.71%.
• In 2023, the foot and mouth disease segment is dominating in Philippines veterinary medicine market with a market share of 27.08%.

On the basis of end user, Indonesia, Malaysia, Vietnam, Thailand, Philippines, Australia, New Zealand, China, Korea, and India veterinary medicine market is segmented into hospitals, veterinary clinics, homecare settings, and laboratories.

• In 2023, the hospitals segment is dominating in India veterinary medicine market with a market share of 41.68%.
• In 2023, the hospitals segment is dominating in Australia veterinary medicine market with a market share of 41.97%.
• In 2023, the hospitals segment is dominating in China veterinary medicine market with a market share of 42.26%.
• In 2023, the hospitals segment is dominating in Indonesia veterinary medicine market with a market share of 42.55%.
• In 2023, the hospitals segment is dominating in Malaysia veterinary medicine market with a market share of 42.84%.
• In 2023, the hospitals segment is dominating in New Zealand veterinary medicine market with a market share of 43.13%.
• In 2023, the hospitals segment is dominating in Korea veterinary medicine market with a market share of 43.41%.
• In 2023, the hospitals segment is dominating in Vietnam veterinary medicine market with a market share of 43.69%.
• In 2023, the hospitals segment is dominating in Thailand veterinary medicine market with a market share of 43.98%.
• In 2023, the hospitals segment is dominating in Philippines veterinary medicine market with a market share of 44.26%.

On the basis of distribution channel, Indonesia, Malaysia, Vietnam, Thailand, Philippines, Australia, New Zealand, China, Korea, and India veterinary medicine market is segmented into direct tender, retail sales, online pharmacy, and others.

• In 2023, the direct tender segment is dominating in India veterinary medicine market with a market share of 45.26%.
• In 2023, the direct tender segment is dominating in Australia veterinary medicine market with a market share of 45.53%.
• In 2023, the direct tender segment is dominating in China veterinary medicine market with a market share of 45.81%.
• In 2023, the direct tender segment is dominating in Indonesia veterinary medicine market with a market share of 46.08%.
• In 2023, the direct tender segment is dominating in Malaysia veterinary medicine market with a market share of 46.35%.
• In 2023, the direct tender segment is dominating in New Zealand veterinary medicine market with a market share of 46.62%.
• In 2023, the direct tender segment is dominating in Korea veterinary medicine market with a market share of 46.88%.
• In 2023, the direct tender segment is dominating in Vietnam veterinary medicine market with a market share of 47.15%.
• In 2023, the direct tender segment is dominating in Thailand veterinary medicine market with a market share of 47.41%.
• In 2023, the direct tender segment is dominating in Philippines veterinary medicine market with a market share of 47.68%.

Major Players

Data Bridge Market Research recognizes the following companies as the market players in Indonesia, Malaysia, Vietnam, Thailand, Philippines, Australia, New Zealand, China, Korea, and India veterinary medicine market are Zoetis Services LLC (U.S.), Boehringer Ingelheim International GmbH.(Germany), Virbac (France), Ceva (France), Dechra Pharmaceuticals PLC (England), HUVEPHARMA (Bulgaria), Phibro Animal Health Corporation (U.S.), Kemin Industries, Inc.(U.S.), Vetoquinol (France), Mankind Pharma (India), Indian Immunologicals Ltd.(India), ECO Animal Health Ltd (U.K.), Biologische Heilmittel Heel GmbH, Alivira Animal Health Limited, Jurox Pty Limited, Biogénesis Bagó (Germany), Bentoli (U.S.), Inovet (Hungary), MSD Animal Health (U.S.), Zovix Pharmaceuticals (India), and Valor Chemical Co., Ltd (China) among others.

Market Developments

• In May 2023, Zoetis Services LLC announced that the U.S. Food and Drug Administration (FDA) has approved Librela (bedinvetmab injection) for the control of pain associated with osteoarthritis (OA) in dogs. Librela is the first and only once-monthly, anti-NGF monoclonal antibody treatment for canine OA pain and is approved as safe and effective in providing long-term control of OA pain symptoms in dogs, which can improve their mobility and overall quality of life.
• In September 2022, Boehringer Ingelheim International GmbH. launched Fencovis, a new vaccine to prevent calf diarrhea. This has helped the company to establish its global presence.
• In January 2020, Vibrac. has been recognized as the "Best Animal Health Company" by Agriculture Today Group’s India Dairy Award 2020. This has helped the company to establish its global presence.
• In April 2023, The World Veterinary Association (WVA) and Ceva announced the WVA Global Veterinary Awards, the evolution of the highly successful Global Animal Welfare Awards, that were launched in 2017 and focused solely on Animal Welfare. This has helped the company to establish its global presence.
• In August 2019, Dechra Pharmaceuticals PLC finalized a licensing and supply agreement with Akston Biosciences Corporation for a patent pending long-acting protein for the treatment of diabetes in dogs. This has helped the company to establish its product portfolio.

Regional Analysis

Geographically, the countries covered in the Indonesia, Malaysia, Vietnam, Thailand, Philippines, Australia, New Zealand, China, Korea, and India veterinary medicine market are, India, Australia, China, Indonesia, Malaysia, New Zealand, Korea, Vietnam, Thailand, and Philippines as per Data Bridge Market Research analysis:

India is the dominant country in Indonesia, Malaysia, Vietnam, Thailand, Philippines, Australia, New Zealand, China, Korea, and India veterinary medicine market during the forecast period 2023 - 2030

In 2023, India dominated Indonesia, Malaysia, Vietnam, Thailand, Philippines, Australia, New Zealand, China, Korea, and India veterinary medicine market owing to advancements in veterinary medicines and technology. India will continue to dominate Indonesia, Malaysia, Vietnam, Thailand, Philippines, Australia, New Zealand, China, Korea, and India veterinary medicine market share and market revenue and will continue to flourish its dominance during the forecast period. India is estimated to be the fastest growing country in Indonesia, Malaysia, Vietnam, Thailand, Philippines, Australia, New Zealand, China, Korea, and India veterinary medicine market in the forecast period 2023 -2030. This is due to the advancements in veterinary medicine and technology in this region.

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