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Vet2Trade Business Report: Comparison of the key trends and players in India and the US – by Rakesh Shukla, vet2trade.market

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.

2. Livestock

● 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.

Comparison of Veterinary Markets: India vs. US

Market Size and Growth

● 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.

Granular Analysis

● 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.

Trends

1. 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.

2. 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.

3. 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.

Key Players in the Veterinary Market

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).

2. 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).

3. 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).

India

1. 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).

2. 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).

Companies Operating in Both Markets

1. 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)

2. 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).

3. 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.

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