New York, Nov. 10, 2022 (GLOBE NEWSWIRE) -- According to The Insight Partners new research study on “Veterinary Vaccines Market Size, Share, Growth, Trends and Forecast to 2028 – COVID-19 Impact and Global Analysis – by Vaccine Type and Technology,” the market is projected to reach USD 15.53 billion by 2028 from USD 9.9 billion in 2021; it is estimated to register a CAGR of 6.5% from 2021 to 2028.
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Global Veterinary Vaccines Market Report Scope, Segmentations, Regional & Country Scope:
| Report Coverage | Details |
| Market Size Value in | USD 9.9 billion in 2021 |
| Market Size Value by | USD 15.53 billion by 2028 |
| Growth rate | CAGR of 6.5% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| No. of Pages | 181 |
| No. of Tables | 111 |
| No. of Charts & Figures | 76 |
| Historical data available | Yes |
| Segments covered | Vaccine Type and Technology |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
North America is the largest contributor to the veterinary vaccines market. The increasing prevalence of diseases among animals and technologically advanced products across North America are the major factors bolstering the demand for veterinary vaccines in the region. The US is a major market for veterinary vaccines due to high burden of zoonotic diseases and healthcare costs. These diseases have a strong impact on socioeconomic status of the US. For instance, as per the estimates reported by ClinMed International Library, a zoonotic outbreak costs US$ 1.3 billion in the US every year. Therefore, research is conducted on the zoonotic flu virus to prevent an epidemic. The Centers for Disease Control and Prevention (CDC) conducts research on flu viruses for public health concern as most people do not have pre-existing immunity against the virus that can spread rapidly causing pandemic. It also conducts laboratory tests on zoonotic flu viruses by not limiting to antigenic characterization, antiviral resistance, genetic characterization, serology, and assessment of flu viruses. Research on zoonotic infection thereby limits the spread of diseases and prevents pandemic situation, thus acting as a standalone factor driving the market growth, thereby fueling the procurement of zoonotic vaccines.
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Global Veterinary Vaccine Market: Competitive Landscape and Key Developments
Boehringer Ingelheim International GmbH, Merck KGaA, Zoetis, Elanco, Vetoquinol, Ceva, Virbac, NEOGEN Corporation, Biovac, and ImmuCell Corporation are the key players operating in the global veterinary vaccine market. They focus on expanding and diversifying their market presence and clientele, thereby seeking prevailing business opportunities.
In October 2022, Elanco announced to acquire Bayer's Animal Health Business for a transaction value of US$ 7.6 billion. The acquisition is expected to double Elanco's animal business, thereby advancing the company's international portfolio transformation to balance mix between pet health and farm animal businesses.
Global Veterinary Vaccine Market: Future Trends
Quintessential Factors of Vaccine Bank
According to the 2022 report of the World Organization for Animal Health (Founded as OIE), the vaccine banks ensure the procurement of high-quality vaccine to be delivered on-time worldwide. The OIE regional antigen/vaccine bank includes ready-to-use and formulated vaccines that can be delivered on a timely basis in case of urgency. The creation of vaccine banks and deliveries of vaccines are funded by respective countries. These involve Australia (foot-and-mouth disease virus and rabies), Canada (avian influenza and rabies), China (foot-and-mouth disease virus), the European Union (foot-and-mouth disease virus, avian influenza, and rabies), France (rabies and foot-and-mouth disease virus), Germany (rabies), Japan (rabies), the Republic of Korea (foot-and-mouth disease virus), and New Zealand (foot-and-mouth disease virus). Such financial support delivers 16.3 million doses of rabies vaccine as of January 2022. In December 2021, a total of 26.1 million rabies vaccine doses, 8.1 million foot-and-mouth disease vaccine doses, and 84.6 million peste des petits ruminant’s vaccine doses were delivered in Africa and Asian countries.
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Global Veterinary Vaccine Market is Witnessing High Growth Due to Rising Prevalence of Zoonotic Diseases Boosts Vaccine Production
Animals can be harmful as they carry germs that can spread among humans and cause diseases called zoonotic diseases or zoonoses. The germs may cause different illnesses in people and animals, ranging from mild to severe illness and even death. According to the CDC, zoonotic diseases are very common in the US and worldwide. Scientists reveal estimates that more than 6 out of every 10 cases are known to cause infection in animals. Moreover, 3 cases are responsible for causing new or emerging infectious diseases from animals. Some zoonoses, such as rabies, are 100% preventable through vaccination, as per the World Health Organization (WHO) 2022 report.
The neglected zoonotic diseases (NZDs) are not perceived as major public health burdens when compared to HIV/AIDS, tuberculosis, and malaria. Also, there is little interest in manufacturing NZDs livestock vaccines among the manufacturers, limiting the reach of vaccination. To overcome barriers with NZDs, manufacturers' stockpiling strategy may work by preventing major outbreaks with long epidemic periods of up to 15 years. Also, the implementation of NZDs control programs supported by the government and Non-Government Organizations (NGOs) accelerates the demand for NZDs vaccine. Moreover, the private sector has a crucial role to play in producing veterinary vaccines of commercial interest. The vaccines for NZDs developed by the private sector at its own expense should be encouraged and supported to accelerate the procurement.
Global Veterinary Vaccine Market: Key Takeaways
Irradiated Veterinary Vaccines Assist Ethiopia’s Animal Fit
Ethiopia exports over 1 million cattle annually, accounting for a significant part of the economy. With 60 million cattle, Ethiopia has the largest livestock population in Africa and fifth largest in the world as per the estimates provided by the World Bank. To prevent animal-related epidemics, all livestock destined for export and domestic consumption need to be vaccinated against infection or disease. Veterinary vaccines are produced by the National Veterinary Institute (NVI) in the country. The livestock veterinary vaccine exports are vital for the economy. With the increasing demand from farmers and changing regulations by importing countries, the NVI has increased the procurement of veterinary vaccines from 93 million doses to 260 million doses annually over the past few decades. Such a high volume of vaccine procurement resulted in the increasing export to neighboring countries, involving those vaccines that prevent peste des petits ruminants, a viral disease found in goats and sheep. This has been a crucial goal of the African Union.
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Veterinary Vaccines Market: Segmental Overview
Based on vaccine type, the veterinary vaccine market is bifurcated into livestock vaccine and companion animal vaccine. Livestock vaccine is sub-segmented into bovine vaccine and small ruminant vaccine. Companion animal vaccine comprises feline vaccine, canine vaccine, and others. The livestock vaccine segment held the largest market share in 2021. Based on technology, the market is categorized into live attenuated vaccine, inactivated vaccine, toxoid vaccine, recombinant vaccine, conjugate vaccine, and others, of which the live attenuated vaccine segment occupied the largest market share in 2021.
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