With 6.0% CAGR, Veterinary Vaccines Market Size Hit USD 16.13 Billion in 2028
According to Fortune Business Insights, The global veterinary vaccines market size was USD 10.24 billion in 2020. The market is set to grow from USD 10.73 billion in 2021 and reach USD 16.13 billion in 2028 at a CAGR of 6.0% in the 2021-2028 period.
Pune, India, Nov. 15, 2022 (GLOBE NEWSWIRE) — The global veterinary vaccines market size was USD 10.24 billion in 2020. The market is set to grow from USD 10.73 billion in 2021 and reach USD 16.13 billion in 2028 at a CAGR of 6.0% in the 2021-2028 period. This information is provided by Fortune Business Insights™ in its report titled, “Veterinary Vaccines Market, 2021-2028.” As per our researchers, the substantial growth of the market is mainly owing to increased adoption of pet animals worldwide, greater spending on pet maintenance, and escalating implementation of proficient vaccines are the chief contributors for the affirmative growth curve of the market across the forecast years. Therefore, to take precautionary measures for pets and keep them away from fleas and ticks, key players introduced several easy-to-feed medications on popular demand from their customers as it becomes difficult to feed the pets medicines.
For instance, in February 2020, Zoetis was granted approval by the U.S. FDA for Simparica, which is a once-a-month chewable flea and tick drug for dogs for treating heartworm infections. This is expected to fuel the veterinary vaccines market growth during the mentioned timeframe.
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Veterinary Vaccines Market Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 6.0% |
| 2028 Value Projection | USD 16.13 Billion |
| Base Year | 2020 |
| Market Size in 2021 | USD 10.73 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 167 |
Drivers and Restraints
Augmented Consciousness and Innovation of Novel Vaccines to Boost Market Growth
The increased awareness regarding veterinary healthcare and the corresponding increase in animal ownerships are one of the major driving factors in the market. Animal owners and pet lovers of the present period are superiorly alert regarding the jab of their pets or animals and the innovative launches in veterinary vaccines to secure their health. These owners have also been assisted in the procedure by the government as well as private organizations such as Bayer’s global movement towards animal health which is also related to the justification of zoonotic diseases.
COVID-19 Impact: Reduction of Medical Tourism amid Pandemic to Obstruct Growth
The COVID-19 outbreak affected every industry when it first arrived in 2019 and has an uncertain impact on this market in 2020. The market witnessed a decent growth of 2.1% in 2020, which is low in comparison to the pre-pandemic years. The pharmaceutical industry observed a substantial deterioration in incomes as well as patient appointments amidst the pandemic. For example, in 2020, according to the survey conducted by the American Veterinary Medical Association with veterinary practices in the U.S. perceived a noteworthy reduction in client calls 2020. Similarly, about 92% of the veterinary practitioners stated that they, too, unfortunately, saw low medical tourism for pets in April 2020 compared to the years before.
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Report Coverage
We have employed a distinctive research method that comprises statistics triangulation built on the famous bottom-up and top-down methodologies. Our researchers have lead systematic primary research to authenticate the estimated size of the market for veterinary vaccines. The data applied to represent the shares for multiple segments at the nationwide, local, and universal stages are excavated from all-inclusive discussions with various investors. Our analysts have also resulted from material from paid databases, industry journals, SEC filings, and many other means.
Segmentation
Based on product, the market is divided into inactivated, live attenuated, recombinant, and others. The inactivated and live attenuated vaccines segments are assessed to hold dominant shares of the market, in spite of their status as orthodox vaccines and the related restrictions. It held a substantial share of 33.9% in 2020.
By animal type, market is classified into companion and livestock. On the basis of route of administration, the global market is bifurcated into oral and parenteral. On the basis of distribution channels, the market is segregated into veterinary hospitals, veterinary clinics, pharmacies & drug stores, and others. In terms of region, the market is finally categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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Regional Insights
North America to Ace Market Backed by Rapid Adoption of Veterinary Vaccines
North America held the maximum veterinary vaccines market share and produced revenue of USD 4.43 billion in 2020. It is projected to arise as a dominant region in the global market in the foreseeable future. The quick adoption of effective veterinary vaccines combined with the utilization of advanced technology-infused vaccine injecting apparatus across the region is likely to steer market growth of this region.
Whereas Europe gained substantial revenue along with a stable growth rate. Europe is predicted to hold the second most leading position in terms of income, which is credited to the surging adoption of pet animals, escalating occurrence of zoonotic diseases, expanding veterinary clinics, and upgraded healthcare structure in European nations.
Asia Pacific is probable to observe the maximum growth in the market on account of the rising flexible incomes across the region. Also, the mindfulness regarding precautionary animal healthcare is high among the people of Asia Pacific.
Competitive Landscape
Key Companies Focus on Introducing Novel Products to Compete in This Market
Key players at times apply proficient strategies in order to succeed in the market and uphold their dominating positions. Among the efficient strategies such as mergers, partnerships, and many others, launching innovative products and solutions is one of the effective tactics. For example, in February 2020, MSD Animal Health made an announcement for the launch of Nasalgen. Nasalgen is an intranasal inoculation that safeguards beef and dairy cattle from the general pneumonia-causing biological pathogens.
Industry Development
August 2020: MSD Animal Health made an announcement regarding the acquisition of IdentiGEN, a frontrunner in DNA-related animal tracing keys for Livestock and Aquaculture.
List of Key Players Covered in this Market Report
- Elanco (Greenfield, U.S.)
- HIPRA (Girona, Spain)
- Boehringer Ingelheim International GmbH (Ingelheim am Rhein, Germany)
- Virbac (Carros, France)
- MSD Animal Health (New Jersey, U.S.)
- Zoetis (Parsippany, U.S)
- Ceva (Libourne, France)
- NEOGEN CORPORATION (Michigan, U.S.)
- Hester Biosciences Limited (Ahmedabad, India)
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Table Of Contents :
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Prevalence of Major Animal Diseases by Countries
- Livestock and Companion Animal Ownership Patterns
- Recent Industry Developments such as Mergers & Acquisitions
- Overview of Regulatory Scenario – Veterinary Vaccines
- Technological Advancements in Veterinary Vaccines
- Overview of Novel Vaccine Delivery Modes
- Key Strategies Adopted by Market Leaders
- Impact of COVID-19 on the Veterinary Vaccines Market
- Global Veterinary Vaccines Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Inactivated
- Live Attenuated
- Recombinant
- Others
- Market Analysis, Insights and Forecast – By Animal
- Companion
- Livestock
- Market Analysis, Insights and Forecast – By Route of Administration
- Oral
- Parenteral
- Others
- Market Analysis, Insights and Forecast – By Distribution Channel
- Veterinary Hospitals
- Veterinary Clinics
- Pharmacies & Drug Stores
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Veterinary Vaccines Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis – By Product
- Inactivated
- Live Attenuated
- Recombinant
- Others
- Market Analysis – By Animal
- Companion
- Livestock
- Market Analysis – By Route of Administration
- Oral
- Parenteral
- Others
- Market Analysis – By Distribution Channel
- Veterinary Hospitals
- Veterinary Clinics
- Pharmacies & Drug Stores
- Others
- Market Analysis – By Country
- U.S.
- Canada
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