Swine Healthcare Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Swine Healthcare Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The swine healthcare market is projected to register a CAGR of 8.2% over the forecast period.

The COVID-19 pandemic led to disruptions in not only the R&D activities of other therapies and drugs for medical conditions other than COVID-19 but also impacted the veterinary industry, as the logistics supply of various essential veterinary pharmaceutical products was adversely impacted. For instance, according to the research study published by Anna K. Johnson in the December 2021 issue of the National Library of Medicine, due to the COVID-19 pandemic, supply chain disruptions in Lowa, United States, caused producer uncertainty, confusion, and stress, including time-sensitive challenges for maintaining animal care. To overcome these challenges, the Lowa Resource Coordination Center (IRCC) was created to support swine welfare. Therefore, COVID-19 had an unprecedented impact on the swine healthcare market in its initial phase; however, with the slowing down of infections and large-scale vaccinations, the studied market is expected to reach the potential of the pre-COVID era. For instance, in January 2022, an article published by William Reed stated that pig feed production in 2021 increased by 6.5% due to growth in the Asia-Pacific region. Thus, with such increased growth, the market is expected to grow over the forecast period.

The major factor driving the growth of the swine healthcare market is the rising incidence of swine diseases around the world, which is expected to drive the demand for swine healthcare products for diagnostics and treatment. For instance, according to the March 2022 update of the FAO of the United Nations, African swine fever (ASF) has been reported in the administrative areas of the following countries, namely, China, Mongolia, Vietnam, Cambodia, the Democratic People’s Republic of Korea, Myanmar, the Philippines, Indonesia, India, Malaysia, and others, which shows a high prevalence of ASF in different countries of the world. Thus, the demand for diagnostics and treatment products for ASF is expected to increase, which is expected to fuel the growth of the studied market.

As per the research study published in September 2021 by Yin Li and Ian Robertson, swine influenza is a major health concern for the swine industry, as swine influenza can not only cause large economic losses for the pig industry but can also lead to epidemics or pandemics in the human population, and it is one of the most ubiquitous diseases circulating in the global pig population. As per the same source, the major diagnostic techniques used for detecting swine influenza include serological methods (e.g., hemagglutination inhibition (HI) test and enzyme-linked immunosorbent assay (ELISA)), molecular methods (e.g., polymerase chain reaction (PCR)), and virus isolation methods. Hence, with the growing burden of these diseases and awareness about them, the demand for swine healthcare products is anticipated to increase over the forecast period.

Moreover, the increasing demand for livestock products, along with increasing R&D investment in the area of novel therapeutics, is expected to augment the growth of the swine healthcare market. For instance, in September 2021, the United States Department of Agriculture pledged up to USD 500 million from the Commodity Credit Corporation to prevent African swine fever. The amount will be spent on expansion, coordination, monitoring, and surveillance of the disease, along with other efforts. However, the stringent regulatory policies and high cost of swine healthcare products are expected to impede the growth of the swine healthcare market during the forecast period.

Vaccines consist of attenuated or killed microbes or microbial DNA, and upon administration, the immune system triggers a response that produces antibodies, thus increasing immunity. New advanced vaccines have been manufactured that contain genetically engineered components derived from disease-causing agents. They are given to pigs, usually by injection, to stimulate an immune response that will protect the pigs against later natural infection with the organism from which the vaccine was derived. Vaccines impart immunity to the pigs in the most efficient way and are highly effective. Hence, the vaccine segment is expected to grow significantly over the forecast period.

Owing to the high efficiency and effectiveness of the vaccines for swine health, key companies, as well as academic research institutes, are investing heavily in the area of the development, approval, and launch of new vaccines, which is expected to fuel the growth in the studied market as a new product in the market will increase the competition in the studied market. For instance, in May 2022, Boehringer Ingelheim, a global leader in animal health, launched TwistPak, a revolutionary mixing platform. It enables swine producers to combine two vaccines, Ingelvac CircoFLEX and Ingelvac MycoFLEX, in a convenient, fast, and flexible way. The positive outcome from the undergoing vaccine candidates is further expected to have a positive impact on the growth of the studied segment. For instance, as per the September 2021 report of the United States Department of Agriculture (USDA), one of its African Swine Fever Virus (ASFV) vaccine candidates has been shown to prevent and effectively protect both European and Asian-bred swine against the current circulating Asian strain of the virus. Therefore, with the high efficiency of vaccines against swine diseases, new launches, and research studies, the vaccine segment is expected to hold a major share of the studied market over the forecast period.

North America is expected to dominate the market due to the presence of a well-established swine industry and the rising incidence of swine infections, such as Swine Enteric Coronavirus Disease (SECD), Porcine Epidemic Diarrhea (PEDv), and Porcine Delta Coronavirus (PDCoV), which cause significant morbidity and mortality, particularly in young piglets. All these factors are collectively driving the growth of the studied market in the region.

In the North American region, the United States is expected to occupy a major market share in the swine healthcare market. Investment in the country is expected to increase market growth over the forecast period. For instance, in March 2022, the United States Department of Agriculture awarded USD 642,000 to Cornell University for the development of more effective swine influenza vaccines. Such grants are expected to increase market growth over the forecast period as they will increase the research and development activities resulting in the development of innovative vaccines.

Furthermore, the approval of new drugs or vaccines is expected to increase market growth in the region. For instance, in April 2022, scientists with the US Department of Agriculture's Agricultural Research Service (ARS) stated that a vaccine candidate for African Swine Fever (ASF) passed an important safety test required for regulatory approval, moving the vaccine one step closer to commercial availability. Thus, with initiatives such as increasing grants and approvals, the market is expected to grow over the forecast period.

The market players in the swine health market are involved in various growth strategies such as collaborations, partnerships, agreements, mergers, and acquisitions, along with product development and launch, to enhance their market presence. The swine healthcare market is moderately competitive. Some of the major market players in the studied market include Zoetis Animal Healthcare, Merck Animal Health, IDVet, Elanco, and Ceva Animal Health Inc.

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