The Veterinary Vaccines Market Size is driven by increasing incidence of zoonotic diseases and rising prevalence foodborne diseases and infections. The livestock vaccines segment is likely to hold the largest market share in 2021 and companion animal segment is anticipated to register the highest CAGR of 7.0% during 2021 to 2028.
NEW YORK, Jan. 11, 2022 /PRNewswire/ -- According to the new market research report "Veterinary Vaccines Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Vaccine Type [Livestock Vaccines (Bovine Vaccines and Small Ruminant Vaccines) and Companion Animal Vaccines (Feline Vaccines, Canine Vaccines, and Others)] and Technology (Live Attenuated Vaccines, Inactivated Vaccines, Toxoid Vaccines, Recombinant Vaccines, Conjugate Vaccines, and Others)", published by The Insight Partners, the global veterinary vaccines market is projected to reach US$ 15,536.38 million by 2028 from US$ 9,984.65 million in 2021; it is estimated to register a CAGR of 6.5% from 2021 to 2028.
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Report Coverage | Details |
Market Size Value in | US$ 9,984.65 million in 2021 |
Market Size Value by | US$ 15,536.38 million by 2028 |
Growth rate | CAGR of 6.5% from 2021 to 2028 |
Forecast Period | 2021-2028 |
Base Year | 2021 |
No. of Pages | 181 |
No. 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 |
Veterinary Vaccines Market: Competition Landscape and Key Developments
Boehringer Ingelheim International GmbH; Zoetis Inc.; Merck & Co., Inc.; Virbac; BIOVAC, NEOGEN Corporation; Elanco; HIPRA; Ceva; and Hester Biosciences Limited are among the key companies operating in the veterinary vaccines market. Leading market players focus on new product launch, expansion, diversification, and acquisition strategies to tap prevailing business opportunities.
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In 2021, In North America, the US is the largest veterinary vaccines market. The regulatory agencies in the country have very stringent policies on controlling the spread of infection among animals and humans. As part of such policies, the agencies have adopted various strategies. For instance, in June 2021, the US has banned the import of dogs from 113 Countries After Rising In False Rabies Records. In addition, in 2020, the CDC identified more than 450 dogs imported in the US with falsified or fraudulent rabies certificates, which was estimated to be about a 52% increase compared with the previous couple of years. Vaccination of the pet is mandatory as part of the routine healthcare plan for the pet and livestock animals. There has been a considerable rise in awareness about the vaccination among the owners of the animals country, the increasing prevalence of viral infections, and the presence of prominent market players based in the is expected to augment the growth of Veterinary Vaccines market during the forecast years.
Growing Market in Untapped Economies to Drive Veterinary Vaccines Market:
The veterinary care business is witnessing substantial transformations. Countries across the world have favored sophisticated remedies and supplements that are simple to use and beneficial in healthcare. Countries such as China, India, and Australia are projected to be among the major contributors to the expansion in veterinary healthcare. The increasing rate of pet ownership, rising disposable income of the population, and growing awareness related to pet health are among the factors that are likely to drive the growth of the Veterinary Vaccines Market in the future. Further, improvement in animal welfare across the countries and implementation of rules for the manufacturing of animal vaccines and nutritional supplements would propel the growth of the market in emerging regions in the coming years. There has been a movement in the business approach of animal health enterprises that have grown from medicines to preventive to productivity enhancement and now to total healthcare of animals. This is expected to increase the adoption of veterinary vaccines in the potential market and undeveloped countries, which is projected to create lucrative opportunities for market growth during the forecast period.
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Veterinary Vaccines Market: Segmental Overview
The global veterinary vaccines market, based on vaccine type, is segmented into livestock vaccines, companion animal vaccines, and others. The livestock vaccines segment is likely to hold the largest market share in 2021. However, the companion animal segment is anticipated to register the highest CAGR of 7.0% during the forecast period.
The global veterinary vaccines market, based on technology, is segmented into live attenuated vaccines, inactivated vaccines, toxoid vaccines, recombinant vaccines, conjugate vaccines, and others. In 2021, the live attenuated vaccines segment is likely to hold the largest market share. However, the inactivated vaccines segment is expected to witness growth in its demand at a fastest CAGR during 2021 to 2028.
COVID Impacts:
There have been incidences where companion animals are infected with COVID-19 through their human counterparts. As a preventive measure, various organizations vaccinate animals against COVID-19 infection. For instance, in October 2021, Cincinnati Zoo vaccinated about 80 animals against COVID-19 with two doses veterinary vaccines.
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