Pune, India, Sept. 18, 2023 (GLOBE NEWSWIRE) -- Global veterinary vaccines market size was valued at USD 9.88 billion in 2022 Industry is expected to expand from USD 15.92 billion by 2030 exhibiting a CAGR of 6.3% over the study period. Technological Development in Animal Immunization to Propel Market Growth, Long-term Protection in Live Attenuated Vaccines to Lead to Segment Growth
The market expansion can be credited to the increased pet care spending. People have become more aware of animal healthcare and the implications of its neglect. Fortune Business Insights™ provides this information in its research report titled “Veterinary Vaccines Market, 2023-2030”.
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Key Industry Development:
September 2022: Boehringer Ingelheim International GmbH announced the launch of a bovine vaccine named Fencovis for the prevention of calf diarrhea caused by E. coli F5 and bovine rotavirus.
Key Takeaways:
- According to Forbes Media LLC's 2023 statistics, Americans expended USD 136.8 billion on their pets in the year 2022.
- The estimated range of smallholder farmers owning livestock in developing nations across Africa, Asia, and Latin America falls between 600 and 900 million.
- Based on product type, the worldwide market is categorized into inactivated, live attenuated, recombinant, and other segments.
- The size of the North America veterinary vaccines market stood at USD 4.47 billion in the year 2022.
Discover the Leading Players Featured in the Report:
Elanco (U.S.),HIPRA (Spain),Boehringer Ingelheim International GmbH (Germany),Virbac (France),MSD Animal Health (U.S.),Zoetis (U.S),Ceva (France),NEOGEN CORPORATION (U.S.),Hester Biosciences Limited (India)
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 6.3% |
| 2030 Value Projection | USD 15.92 billion |
| Base Year | 2022 |
| Market Size in 2023 | USD 10.38 billion |
| Historical Data | 2019-2021 |
| No. of Pages | 167 |
| Segments covered | Product, Animal, Route of Administration, Distribution Channel, and Region |
Browse Complete Report Details:
https://www.fortunebusinessinsights.com/industry-reports/veterinary-animal-vaccines-market-101532
Segmentation:
Long-term Protection in Live Attenuated Vaccines to Lead to Segment Growth
By product, the market is divided into live attenuated, inactivated, recombinant, and others. The live attenuated segment accounted for the largest veterinary vaccines market share in 2022. Long-term protection from different disorders is provided by live attenuated vaccines. This factor is propelling the segment growth.
Livestock Segment Dominated in 2022 Due to Regularization of Vaccines
Based on animal, the market is bifurcated into livestock and companion. The greater dependency of humans on livestock animals for animal-based products has increased attention on the regularization of livestock vaccines. This leads producers of animal meat to depend on timely vaccination to prevent the usage of unnecessary veterinary drugs.
Innovations in Technologies of Immunization Delivery Devices to Impel the Parenteral Segment Growth
In terms of route of administration, the market is categorized into oral, parenteral, and others. The parenteral segment is anticipated to register the highest revenue share during the forecast period. The segment expansion can be ascribed to technological innovations in immunization delivery devices.
Veterinary Clinics Segment to Dominate Owing to Growing Number of Short-term Procedures
Based on distribution channel, the market is bifurcated into veterinary clinics, veterinary hospitals, pharmacies & drug stores, and others. The veterinary clinics segment is poised to hold the dominant share in the market during the forecast period. Smaller facilities conduct short-duration procedures such as vaccinations. This factor is proliferating segment growth.
From the regional perspective, the market has been analyzed across the Asia Pacific, North America, Latin America, Europe, and the Middle East & Africa.
By Product
- Inactivated
- Live Attenuated
- Recombinant
- Others
By Animal
- Companion
- Livestock
By Route of Administration
- Oral
- Parenteral
- Others
By Distribution Channel
- Veterinary Hospitals
- Veterinary Clinics
- Pharmacies & Drug Stores
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Driving factor:
Technological Development in Animal Immunization to Propel Market Growth
One of the major factors driving the veterinary vaccines market growth is the development in technology in animal immunization. Many immunization products based on recombinant DNA technologies have been developed, which are considered one of the significant advancements in this area. This technology has provided benefits such as ease of administration and improved stability.
Despite such growth opportunities, a lack of awareness among smallholder farmers about the advantages offered by veterinary vaccines may impede market growth.
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Regional insights:
North America to Dominate the Market Owing to Surging Pet Ownerships
North America veterinary vaccines market is anticipated to lead during the forecast period. The regional growth can be credited to the rising pet ownerships across the region. In addition, the implementation of immunization guidelines for animals has increased the demand for veterinary vaccines in the region. These factors are escalating regional expansion.
The Asia Pacific veterinary vaccines market is anticipated to depict the highest growth in market value over the forecast period. The rising disposable income has increased product uptake in the region, fueling market expansion.
Competitive Landscape
Notable Companies Invest in Product Innovations to Broaden their Product Portfolio
Prominent market players are investing huge amounts in R&D activities to design innovative products. They are also focusing on other competitive strategies including joint ventures, mergers and acquisitions, and others.
FAQs
How big is the Veterinary Vaccines Market?
Veterinary Vaccines Market size was USD 10.38 billion in 2023.
How fast is the Veterinary Vaccines Market growing?
The Veterinary Vaccines Market will exhibit a CAGR of 6.3% during the forecast period, 2023-2030
Have Any Query? Ask Our Experts:
Related Links:
Veterinary Therapeutics Market
Veterinary Ultrasound Devices Market
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