India's Pet Healthcare Market To Double By 2029

In a recent interview with BW Businessworld, Arun Vasudevan, CEO of MaxPetZ, emphasised the rising demand for quality pet healthcare across India. He highlighted challenges like limited access to advanced care and a shortage of skilled vets. Vasudevan also noted increasing investor interest, expecting the pet healthcare market to grow at a CAGR of 12-14 per cent over the next decade. With only 30 per cent access to quality care currently, he sees significant growth potential, especially with government efforts to regulate the sector and promote pet health insurance.

Staying Abreast with Evolving Trends in Pet Healthcare

Pet healthcare is progressing and is now more akin to paediatric care both in the perceptions and expectations of pet parents. There is a strong demand for quality veterinary care across the country including non-metro cities as they are underserved.

Since 1952, MaxPetZ has been at the forefront of pet healthcare innovation. We have achieved significant milestones, including conducting the first brain surgery and pacemaker implantation in dogs. Additionally, we introduced hydrotherapy and performed the first total hip replacement surgery for pets in the country. Recently, we introduced Electrochemotherapy to India, bringing revolutionary cancer treatment options to pets.

We provide compassionate pet care and prioritise client education. Our experienced team of veterinarians offers a wide range of services, from routine check-ups to specialised procedures like neurosurgery and cancer care. With advanced medical facilities, including our CT scan facility, we ensure comprehensive care for pets at every stage of their lives.

Addressing Market Gaps and Industry Challenges

The pet healthcare industry is highly fragmented, with key pain points for pet parents including limited access to quality care and low efficacy treatments. While new entrants are emerging, most focus on basic primary care, leaving tertiary care as a significant gap. Factors like inbreeding, pollution, and poor nutrition contribute to the rising demand for tertiary care. We anticipate rapid growth and evolution in the tertiary pet healthcare sector, mirroring trends in developed markets.

A few other structural issues too need to be addressed, such as the scarcity of skilled vets and specialists, the availability of critical drugs, and historically there has been very little regulation specifically for the pet healthcare sector. However, this is evolving. The government is actively working on bringing in regulations for this sector, for example, on minimum standards of care. Such regulations are favourable and will not only benefit the customers by improving access to quality care but also the sector as a whole. Last but not least, awareness and benefits of pet health insurance.

Piquing Investors’ Interest

The pet care sector has seen significant traction in private investment over recent years, particularly in pet food and retail. However, there's a growing interest in pet healthcare, representing a relatively untapped opportunity. Currently estimated at Rs 4,000-4,500 crore, the pet healthcare market is expected to grow at a CAGR of 12-14 per cent over the next decade, reaching around 100 million pets. With only about 30 per cent access to quality pet healthcare currently, there's immense growth potential. Globally, pet care is an organised market with a strong focus on healthcare, whereas, in India, we are just beginning this evolution. As such, the pet healthcare market is poised for robust growth, with expectations of more than doubling over the next five years.