NEWARK, Del, Sept. 20, 2023 (GLOBE NEWSWIRE) -- From 2023 to 2033, the veterinary vaccine market is expected to increase from US$ 11.3 billion to US$ 20.82 billion. A CAGR of 6.2% has been projected for the industry in the aforementioned forecast period.
Through the control and prevention of serious epidemic diseases, veterinary vaccines are often crucial to animal health protection. The veterinary vaccines market is forecast to grow throughout the forecast years primarily due to the high adoption of pets worldwide.
Furthermore, there is a persistent economic slowdown, rising storage costs, and an increase in vegetarianism that limit the market's growth. With lower costs, more investments in animal health, and skilled professionals, it could enjoy lucrative growth.
Veterinary vaccines are becoming increasingly popular due to their ability to protect both animal health and public health. This is because they mimic naturally acquired immunity. Veterinary vaccine sales are particularly high in developed nations due to increased pet ownership. Animals benefit greatly from these vaccines as they prolong their lifespan and keep them healthy.
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Key Takeaways from the Market Study
- The market for veterinary vaccines is expected to grow at a CAGR of 6.2% over the forecast period.
- According to estimates, the veterinary vaccines market in North America will remain strong throughout the length of the forecast period.
- Attenuated live vaccines dominate the global veterinary vaccines market, with 24.3% of the market share expected to be attained by 2023.
“Prevalence of zoonotic diseases has become increasingly common, leading to a rise in interest in companion animal vaccines. This has encouraged government investments and expenditure on animal health,” says a lead analyst at Future Market Insights.
Competitive Landscape
Several prominent companies dominate this market, such as:
- Boehringer Ingelheim GmbH
- Zoetis Inc.
- Elanco Animal Health
- Merck & Co. Inc.
- Bayer AG
- Virbac Group
- Ceva Santé Animale
- Phibro Animal Health Corporation
Additional growth strategies include acquisition, partnerships, and research & development in the efficient extraction of veterinary vaccines from animals and plants. These strategies have led to the attainment of critical developments in the global veterinary vaccines market.
Key Developments
- The Merck Animal Health division of Merck & Co., Inc., Kenilworth, N.J., USA, and Automazioni VX Inc. introduced a revolutionary subcutaneous chick vaccination technology called Innoject Pro in January 2020.
- With the opening of its French plant in September 2020, Ceva Santé Animale will be able to produce a three-fold increase in the number of bacterial autogenous vaccines (primarily for pigs and poultry).
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Veterinary Vaccines Market Segmentation by Category
By Product
- Attenuated Live Vaccines
- Conjugate Vaccines
- Inactivated Vaccines
- Subunit Vaccines
- Toxoid Vaccines
- DNA Vaccines
- Recombinant Vaccines
By Disease
- Anaplasmosis
- Canine Parvovirus
- Foot & Mouth Disease
- New Castle Disease
- Distemper Disease
- Influenza
- Porcine Reproductive & Respiratory Syndrome (PRRS)
- Others
By Distribution Channel
- Veterinary Clinics
- Veterinary Hospitals
- Veterinary Research Institutes
- Retail Pharmacies
By Species
- Companion Animals
- Canine
- Avian
- Feline
- Livestock Animals
- Aquatic
- Bovine
- Porcine
- Ovine/Caprine
- Poultry
- Equine
By Region
- North America
- Latin America
- Europe
- The Middle East and Africa
- East Asia
About the 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.
Have a Look at Related Reports of the Veterinary Vaccine Market:
Middle East Veterinary Vaccines Market: The Middle East Veterinary Vaccines Market is valued at US$ 335.0 Million in 2021 and is expected to reach US$ 533.4 Million by 2031, reflecting a cumulative CAGR of 4.8%.
Companion Animal Vaccines Market: Future Market Insights, Inc. researchers have pointed out that the global companion animal vaccines market is expected to register a CAGR of 6.8% from 2023 to 2033.
Veterinary Wound Debridement Market: The global veterinary wound debridement market was valued at US$ 663.7 Million in 2022 and is expected to reach US$ 1.5 Billion by 2033.
Paediatric Vaccine Market: The global paediatric vaccine market is expected to enjoy a valuation of US$ 48.8 Billion by the end of the year 2022, and further expand at a CAGR of 12.7% to reach a valuation of US$ 160.7 Billion by the year 2032.
Meningococcal Vaccines Market: Global meningococcal vaccines market is set to expand at a 8.6% CAGR over the forecast period, reaching US$ 7.7 Bn in 2032.
About Future Market Insights (FMI)
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