The global veterinary vaccine market is on track for significant expansion, with a projected Compound Annual Growth Rate (CAGR) of 6.2% between 2023 and 2033. This follows a robust year-on-year (YoY) growth rate of 6.5% in 2021, propelling the market to a valuation exceeding US$ 20.82 billion by 2033. This growth is fueled by several key factors:
- Increasing Prevalence of Animal Diseases: The global rise in animal diseases necessitates widespread vaccination efforts to protect animal health.
- Growing Pet Ownership: A growing global trend of pet ownership creates a larger market for veterinary healthcare products, including vaccines.
- Focus on Animal Health in a Pandemic Era: The recent pandemic has highlighted the importance of animal health in preventing zoonotic diseases – illnesses transmissible from animals to humans. This has spurred investments in veterinary vaccines to prevent the spread of such diseases.
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Veterinary Vaccines: A Cornerstone of Animal Health
In 2021, veterinary vaccines accounted for a commanding 91.3% share of the global veterinary biologics market. Attenuated live vaccines currently lead the segment, holding nearly a quarter of the market share. This segment offers a cost-effective and established method for immunizing animals against various diseases.
Collaborative Efforts Drive Innovation
The development of vaccines for zoonotic diseases holds immense potential, fostering collaboration between animal and human health sectors. This collaborative approach is expected to further propel the growth of the veterinary vaccines market.
Veterinary vaccinations have quickly emerged as the best means of preventative medicine, both to strengthen animals’ immune systems and shield them from deadly infections. With the help of these vaccinations, farmers and pet owners can enhance their animals’ health, cut down on medical expenses, and dramatically slow the spread of contagious diseases. A 20 BPS unit reduction is seen in the disparity between the BPS values seen within the global veterinary vaccines market in H1, 2022 – outlook over the H1, 2022 predicted period. Furthermore, the market shows a 13 Basis Point Share (BPS) drop in BPS growth in H1-2022 compared to H1-2021.
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Key Takeaways
- The global veterinary vaccines market is gaining traction over the projection period due to the rising prevalence of zoonotic diseases, surging demand for animal products, and growing trend of pet adoption across the world. Among some of the key driving factors of the global veterinary vaccines market is the exponential growth of the animal healthcare products market.
- The rapid expansion of the veterinary respiratory disease treatment market along with the veterinary pain management drugs market attributed to the increasing spending by pet owners on improving the health of their pets will create sales prospects for veterinary vaccines throughout the forecast period.
- Massive popularity can be seen within the veterinary vaccines market for their potential to protect animal health along with public health as they effectively mimic naturally acquired immunity. Among the developing nations, veterinary vaccine sales are estimated to be high owing to the increasing pet ownership. These vaccines play a crucial role in assuring longevity and good health in animals.
- The introduction of technologically advanced vaccinations, increasing livestock population, rising government investments and initiatives to tackle the burden of animal diseases, and expanding pet care market across developing regions are anticipated to create growth avenues within the global veterinary vaccines market during the forthcoming years.
- The rapid surge in the animal healthcare market combined with the companion animal vaccines market is anticipated to generate lucrative prospects for the manufacturers of veterinary vaccines during the forecast period between 2022 and 2026.
Competitive Landscape
Key players profiled in the global veterinary vaccines market are focusing on continuous investments in research and development activities for the introduction of effective vaccines. Besides this, leading veterinary vaccine manufacturers are adopting various market strategies such as joint ventures, collaborations, partnership agreements, sales agreements, and capacity expansion to expand their global footprint.
More Insights into the Veterinary Vaccines Market
The U.S. is anticipated to be a dominant market for veterinary vaccines attributing to the surging frequency of drug approvals, advances in veterinary science, rise in pet adoption rate, and the emergence of new veterinary vaccine market trends.
China is yet another country emerging as an opportunistic market for veterinary vaccines, combined by collaborative initiatives of governments and private firms in order to promote better animal healthcare with advanced veterinary medical devices.
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Key Companies Profiled:
- Boehringer Ingelheim GmbH
- Zoetis Inc.
- Elanco Animal Health
- Merck & Co., Inc.
- Bayer AG
- Virbac Group
- Ceva Santé Animale
- Phibro Animal Health Corporation
- Others
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
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