Executive
Summary
The veterinary market is segmented into several primary
categories, including companion animals, livestock, and various services like
diagnostics, therapeutics, and pet food. This report details these segments and
examines the differences in the Indian and US markets in terms of segmentation,
relative size, growth, and trends. Key trends such as technological advancements,
drug developments, and healthcare improvements are highlighted. This report
also provides a granular analysis of urban vs. rural areas within each country
and identifies major players in the industry, especially those operating in
both India and the US.
Primary Segments in the Veterinary Market
1. Companion Animals
● Diagnostics: Includes diagnostic imaging, blood tests, and
genetic testing.
● Therapeutics: Encompasses medications and treatments for
diseases and conditions.
● Pet Food: Nutritional products tailored for various breeds and
health conditions.
● Services: Routine check-ups, vaccinations, and emergency care.
● Diagnostics: Disease testing and monitoring.
● Therapeutics: Veterinary drugs and vaccines for disease
prevention and treatment.
● Nutrition: Feed supplements and nutritional products to enhance
productivity and health.
● Services: Breeding, health monitoring, and surgical procedures.
●
US Market:
●
The US
veterinary market is one of the largest globally, with a market size of
approximately $45 billion in 2023, growing at a CAGR of 5% over the past five
years.
● The companion animal segment dominates, driven by high pet
ownership rates and significant spending on pet healthcare and wellness.
●
Indian Market:
●
The Indian
veterinary market is smaller but rapidly growing, with a market size of about
$1.4 billion in 2023, and a higher CAGR of 8% over the past five years.
● The livestock segment is more prominent due to the agrarian
economy and reliance on livestock for income.
●
Urban vs. Rural:
●
US: Urban areas
show higher expenditure on companion animals with a focus on advanced
diagnostics and therapeutics. Rural areas focus more on livestock services.
● India: Urban regions are seeing increasing pet ownership and
related services, but rural areas still largely depend on livestock veterinary
services for economic reasons.
- Technological
Advancements:
● US:
●
Telemedicine:
Companies like Fuzzy Pet Health and PetDesk are providing telehealth services,
enabling pet owners to consult veterinarians remotely, enhancing access to
veterinary care.
● AI-driven Diagnostics: Firms like SignalPET use artificial
intelligence to interpret radiographs, improving diagnostic accuracy and speed.
● Wearable Health Monitoring Devices: Products like the Whistle
GPS Pet Tracker and FitBark monitor pet activity and health metrics, providing
real-time data to veterinarians and pet owners.
● India:
●
Telemedicine:
Platforms such as Practo and VetnCare offer teleconsultation services,
particularly beneficial in remote areas where veterinary facilities are scarce.
● Mobile Apps: PetKonnect and Woofwoofnow provide veterinary
consultation, health tracking, and service bookings, making veterinary care
more accessible to urban pet owners.
- Drug Developments:
● US:
●
Biologics:
Zoetis’ Cytopoint, a monoclonal antibody therapy, provides targeted treatment
for canine atopic dermatitis, representing a shift towards precision medicine
in veterinary care.
● Novel Therapies: Elanco’s Galliprant, a non-steroidal
anti-inflammatory drug (NSAID), offers an innovative approach to managing
canine osteoarthritis with fewer side effects compared to traditional NSAIDs.
● India:
●
Affordable
Generics: Companies like Hester Biosciences focus on producing cost-effective
generic vaccines and medications for livestock, such as Hester’s ND+IB vaccine
for poultry.
● Veterinary Vaccines: Indian Immunologicals Limited (IIL) has
developed Raksha Ovac, a vaccine for ovine footrot, addressing a significant
health issue in sheep farming.
- Healthcare Improvements:
● US:
●
Specialized
Veterinary Practices: The rise of specialty clinics like VCA Animal Hospitals
and BluePearl Veterinary Partners, which offer advanced services such as
oncology, cardiology, and neurology, reflects a trend towards specialized and
comprehensive pet healthcare.
● Wellness Programs: Companies like Banfield Pet Hospital offer
Optimum Wellness Plans, which include preventive care, vaccinations, and
routine health checks, promoting proactive health management for pets.
● India:
●
Advanced
Treatments: Veterinary hospitals like Cessna Lifeline in Bangalore provide
state-of-the-art treatments including endoscopy, orthopedic surgeries, and
critical care, bringing advanced veterinary services to urban pet owners.
● Preventive Care: NGOs and veterinary organizations are
increasingly focusing on preventive care programs, such as regular vaccination
drives and health camps for livestock in rural areas, improving overall animal
health and productivity.
- Zoetis Inc.
●
Market Share:
Zoetis is the largest global player in animal health with a significant market
share.
● Technical Differentiators: Leading in research and development
with innovative vaccines, parasiticides, and diagnostic products.
● Key Market Segments: Companion animals and livestock.
● Product Brands:
●
Companion
Animals: Simparica Trio (parasiticide), Cytopoint (atopic dermatitis
treatment).
● Livestock: Draxxin (antibiotic), Excede (antibiotic).
- IDEXX Laboratories
●
Market Share: A
major player in veterinary diagnostics.
● Technical Differentiators: Cutting-edge diagnostic technology
and software solutions.
● Key Market Segments: Companion animals.
● Product Brands:
● Diagnostics: Catalyst One (chemistry analyzer), SNAP tests
(rapid diagnostic tests).
- Boehringer Ingelheim
●
Market Share:
Significant global presence in animal health.
● Technical Differentiators: Strong focus on vaccines and
therapeutics, innovative R&D.
● Key Market Segments: Companion animals, livestock, poultry.
● Product Brands:
●
Companion
Animals: NexGard (parasiticide), Heartgard (heartworm prevention).
● Livestock: Ingelvac (swine vaccines), Bovikalc (cattle
supplement).
- Hester Biosciences
●
Market Share:
Leading in the poultry vaccine market in India.
● Technical Differentiators: Extensive vaccine production
capabilities, focus on affordability.
● Key Market Segments: Poultry, livestock.
● Product Brands:
● Poultry: Hester ND+IB (Newcastle and Infectious Bronchitis
vaccine), Hester Coryza (fowl coryza vaccine).
- Venkys India
●
Market Share:
Major player in the poultry segment.
● Technical Differentiators: Comprehensive product portfolio for
poultry health and nutrition.
● Key Market Segments: Poultry.
● Product Brands:
●
Nutrition:
Venky’s India feed supplements.
● Health Products: Vetcom (medications for poultry).
- Boehringer Ingelheim
●
Market Share:
Substantial presence in both India and the US.
● Technical Differentiators: Advanced R&D, extensive portfolio
in vaccines and therapeutics.
● Key Market Segments: Companion animals, livestock, poultry.
● Product Brands: (See above)
- Elanco Animal Health
●
Market Share:
Strong market position globally, including India and the US.
● Technical Differentiators: Focus on innovation, broad portfolio
across species.
● Key Market Segments: Companion animals, livestock.
● Product Brands:
●
Companion
Animals: Trifexis (parasiticide), Galliprant (arthritis treatment).
● Livestock: Rumensin (feed additive), Imrestor (immunostimulant).
- Merck Animal Health
●
Market Share:
Leading player in animal health with operations in both countries.
● Technical Differentiators: Comprehensive solutions, advanced
biologics.
● Key Market Segments: Companion animals, livestock, poultry.
● Product Brands:
●
Companion
Animals: Bravecto (flea and tick treatment), Nobivac (vaccines).
● Livestock: Zilmax (beef cattle feed additive), Safe-Guard
(anthelmintic).
Conclusion
The veterinary markets in India and the US show significant
differences in size, growth, and focus. The US market is more developed with a
strong emphasis on companion animals, advanced diagnostics, and therapeutic
services. In contrast, the Indian market, while smaller, is growing rapidly
with a primary focus on livestock health. Both markets are experiencing trends
driven by technological advancements and healthcare improvements, though the
pace and focus of these trends vary. Key players like Boehringer Ingelheim,
Elanco, and Merck are instrumental in shaping the veterinary landscape in both
countries.
About Vet2Trade™
Vet2Trade™ is part of
Rakesh Shukla-led VOSD Corporation. Vet2Trade™ is India’s largest B2B platform
for the veterinary industry, bringing together Medical Equipment and
Instruments, Medical Supplies and Accessories, Pharmaceuticals and Medications,
Pet Services, and Pet Care in a single marketplace. Vet2Trade™ brings together
various players in the veterinary industry and operates as a reliable,
quality-driven platform ensuring convenience and competitive pricing for all
its users.
VOSD Corporation™ is a
holding company that creates and delivers India’s most beloved pet brands &
businesses to pet parents across veterinary care, pet transport, lifestyle, vet
pharma, and pet food. These include Vet2Trade™, VOSD AI™, VOSD Advance Vet
Care™, VOSD Brands™ and VOSD-on-Wheels™. Together these companies fund the VOSD
Trust™ — the world’s largest dog rescue.
About Rakesh
Shukla
Rakesh Shukla is the foremost
expert on dogs in India & the founder of the VOSD Trust™ — the world’s
largest dog rescue. Rakesh has spent 30 years creating several
multimillion-dollar world-class software products & businesses. Rakesh
manages a portfolio of successful startups –
in IT, PetTech, and RetailTech including VOSD™ Vet & Pet
Corporation, TWBcx™, The Better Company™ & inStore™ Retail. The VOSD Trust™
is the sole financial survivor of Rakesh Shukla and all his investments and
companies.
References