NEWARK, Del, Jan. 22, 2024 (GLOBE NEWSWIRE) -- The global veterinary biologics market is anticipated to reach a valuation of US$ 13,140.6 million in 2024, driven by animal welfare regulations. The trend is expected to create new opportunities for the market, leading to a projected CAGR of 6.3% between 2024 and 2034, and reaching a total valuation of approximately US$ 24,224.3 million by 2034.
One of the major factors contributing to the growth of the market is the exploration of regenerative medicine applications in veterinary healthcare, including the development of biologics for tissue repair and regeneration, which represents a potential avenue for market expansion.
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The increasing demand for seafood and the growth of aquaculture have led to a focus on developing vaccines and biologics to address diseases affecting fish and other aquatic species, contributing to the sustainability of the aquaculture industry. The adoption of precision farming practices in the livestock sector, including the use of sensors, IoT devices, and data analytics, presents opportunities for the development of biologics that align with the principles of precision agriculture to optimize animal health and productivity.
The prevalence of vector borne diseases in animals, such as Lyme disease and heartworm, creates opportunities for the development of biologics targeting the vectors or the pathogens transmitted by them. Government initiatives and funding for disease control programs in livestock and wildlife can create opportunities for the development and distribution of veterinary biologics. Advancements in genomic surveillance technologies enable more accurate tracking and monitoring of pathogens, which can lead to the development of targeted biologics and vaccines tailored to the specific strains of pathogens circulating in animal populations.
The integration of diagnostics and companion diagnostics with veterinary biologics can enhance the ability to identify specific health conditions and tailor treatment strategies, promoting a more personalized approach to animal healthcare. Increased investments in startups and biotech companies specializing in veterinary biologics indicate a growing interest in the sector and may lead to the development of innovative products.
Key Takeaways from the Veterinary Biologics Market Study
- From 2019 to 2023, the market demand expanded at a CAGR of 7.2%.
- The market in China is expected to expand at a CAGR of 8.1% through 2034.
- By animal, the livestock segment to account for a market share of 52.1% in 2024.
- From 2024 to 2034, veterinary biologics market is expected to flourish at a CAGR of 6.3%.
- By 2034, the market value of veterinary biologics is expected to reach US$ 24,224.3 million.
“Changing climate patterns can influence the distribution of disease vectors and the prevalence of certain diseases. Veterinary biologics may play a crucial role in adapting to and mitigating the impact of climate change on animal health,” remarks Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.)
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Competitive Landscape from the Veterinary Biologics Market:
Prominent players in the veterinary biologics market are Elanco Animal Health, Ceva, Phibro Animal Health Corporation, Boehringer Ingelheim, Zoetis Inc., Merck & Co., Inc., Virbac, Hester Biosciences Limited, Colorado Serum Company, Addison Biological Laboratory, Inc., American Animal Health, Inc., HIPRA, and Bimeda Inc. (Texas Vet Lab, Inc.), among others.
Company Portfolio
- Boehringer Ingelheim is a key player with a strong focus on vaccines and biologics for various animal species. The emphasis of the company on disease prevention and control contributes to its competitiveness in the market.
- Elanco, known for its comprehensive animal health solutions, has a significant presence in the veterinary biologics market. The portfolio of the company includes vaccines and other biologic products for both companion animals and livestock.
Veterinary Biologics Market Key Players
- Elanco Animal Health
- Ceva
- Phibro Animal Health Corporation
- Boehringer Ingelheim
- Zoetis Inc.
- Merck & Co. Inc.
- Virbac
- Hester Biosciences Limited
- Colorado Serum Company
- Addison Biological Laboratory Inc.
- American Animal Health Inc.
- HIPRA
- Bimeda Inc. (Texas Vet Lab Inc.)
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Key Segments in the Veterinary Biologics Market Report
Product:
- Vaccines
- Attenuated Live Vaccines
- Conjugate Vaccines
- Inactivated Vaccines
- Subunit Vaccines
- Toxoid Vaccines
- DNA Vaccines
- Recombinant Vaccines
- Bacterial Extracts
- Monoclonal Antibody
- Immunomodulatory
- Cytokines
- Others
- Allergenic Extracts
Animal:
- Companion Animals
- Canine
- Avian
- Feline
- Livestock
- Aquatic
- Bovine
- Porcine
- Ovine/Caprine
- Poultry
- Equine
Distribution Channel:
- Veterinary Clinics
- Veterinary Hospitals
- Veterinary Research Institutes
- Retail Pharmacies
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East and Africa
About the Healthcare Division at Future Market Insights
The healthcare team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Million+ data points, the team has been analyzing the market lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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Orthobiologics Market is anticipated to expand its boundaries at a CAGR of 3.0% during the forecast period. The market holds a share of US$ 6.0 billion in 2023, while it is expected to cross a value of US$ 8.1 billion by 2033.
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Spine Biologics Market is likely to register a CAGR of 4.5% during the forecast period. The market is anticipated to be valued at US$ 2.62 Bn in 2022 and likely to be valued at US$ 4.7 Bn by 2032.
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