Pune, India, May 11, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global Veterinary Vaccines Market size was valued at USD 10.24 billion in 2020 and is projected to grow from USD 10.73 billion in 2021 to USD 16.13 billion in 2028, exhibiting a CAGR of 6.0% during the forecast period. 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. Fortune Business Insights presents this information in its report titled "Veterinary Vaccines Market Forecast, 2021-2028”.
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Key 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.
Key Takeaways:
- Veterinary Vaccines Market size in North America was USD 4.43 billion in 2020
- Growing awareness and ownership of animals are driving the veterinary vaccines market.
- The market growth will be driven by an increasing demand for advanced and effective immunization products.
- The inactivated and live attenuated segment is expected to hold a major market share during the projected period.
Discover the Leading Players Featured in the 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)
- Biogénesis Bagó (Buenos Aires, Argentina)
- Other Prominent Players
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 |
| Veterinary Vaccines Market Size in 2020 | USD 10.24 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 167 |
| Segments covered | Product, Animal and Geography |
Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/veterinary-animal-vaccines-market-101532
Drivers & 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.
Segmentation:
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
- Middle East & Africa
- South America
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.
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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.
FAQs
How big is the Veterinary Vaccines Market?
Veterinary Vaccines Market size was USD 10.24 billion in 2020. It is expected to reach USD 16.13 billion in 2028.
How fast is the Veterinary Vaccines Market growing?
The Veterinary Vaccines Market will exhibit a CAGR of 6.0% during the forecast period, 2021-2028.
Related Reports:
Animal Health Market Size, Share, Revenue Forecast and Opportunities
Veterinary Therapeutics Market Overview, Industry Share and Forecast
Pet Insurance Market Size, Share, Opportunities & Analysis
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