Australia Veterinary Healthcare Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Australia Veterinary Healthcare Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Australia veterinary healthcare market was valued at about USD 975 million in 2020, and it is expected to reach USD 1,620 million, while registering a CAGR of 8.5% over the forecast period.

The Australia veterinary healthcare industry has been impacted by the effect of coronavirus, especially on the livestock segment. There has been a sharp fall in demand for chicken and meat since the outbreak, as there have been various rumors among people that the virus can spread through animals’ meat, like chicken. However, there has been an increasing focus on veterinary telemedicine in the country, which is likely to have a positive impact on the market. In April 2020, the Australian Veterinary Association Ltd (AVA) Board ratified the AVA telemedicine policy and initiated extensive tele-veterinary services in the country.

The 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, 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 chicken and pork, the risk of emerging zoonosis, and an increase in pet health awareness among the owners are also propelling the growth of the market. According to a 2019 article titled, “Prevalence and Zoonotic Potential of Giardia intestinalis in Dogs of the Central Region of Australia“, it was found that in Australia, the frequency of this parasitosis in humans is 19%, affecting mainly toddlers and school-aged children. In dogs, the worldwide prevalence is estimated at 15.2%, while in Australia, it is higher than 42%.

In October 2019, Australian researchers at the University of Sydney identified a newly discovered feline virus called domestic cat hepadnavirus (DCH), which might be the cause of liver cancer in cats, and 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 a wide range of solutions, is projected to boost the Australia veterinary healthcare market over the forecast period.

Furthermore, increasing government initiatives on animal health and new product launches are 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. ​Also, there is a shift in the trend toward the use of counterfeit medicines for animal health, which are usually cheap, of low quality, and produced without adequate testing. These act as restraints for the market's growth.

Key Market TrendsVaccines holds the Major Share in the 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 and boost immunity. New advanced vaccines have been manufactured containing genetically engineered components derived from those disease agents.​

The veterinary vaccines segment in Australia is expected to be driven by innovations in vaccines, growing awareness of animal health, increasing investments by government bodies and associations, increased demand for animal protein, including milk, meat, eggs, and fish, and increased expenditure on the healthcare of companion animals. ​

The Australian Pesticides and Veterinary Medicines Authority is an animal welfare association in Australia that takes care of animals by helping them get vaccinations on time. This association has spread its reach across the country and contributes to the wellness of veterinary health. The presence of such organizations acts as a driving factor for the market.

Additionally, a significant focus on research regarding animal vaccines being carried out in Australia is also a major factor driving the market growth. For instance, according to the August 2020 study published in Cell Reports by Australian investigators from Monash University and the University of Melbourne, a rabies virus protein called P protein binds to STAT1, which is an important transducer of immune responses in mammalian cells. The research results have also reported that blocking P protein from binding could lead to the development of oral rabies vaccines that are more effective and more convenient to provide. ​

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.

Competitive Landscape

The Australia 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 substantial market shares. The major players are Zoetis Animal Healthcare, Merck Animal Health, Ceva Animal Health Inc., Virbac Corporation, Boehringer Ingelheim, and Elanco, among others. In January 2020, the Australian life sciences company, QBiotics Group Limited (QBiotics), received approval from the US Food and Drug Administration's Center for Veterinary Medicine for its STELFONTA (tigilanol tiglate) for the treatment of non-metastatic mast cell tumors (MCT) in dogs. Such approvals will present several opportunities for the veterinary healthcare market in the region.

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