CHICAGO, April 7, 2023 /PRNewswire/ -- The future of the veterinary vaccines industry looks promising. The industry is expected to grow at a steady rate over the next few years, driven by rising demand for pet health products and increasing awareness of pet health among pet owners. The rising demand for vaccines, particularly in developing countries, is expected to further drive growth in the industry. Additionally, advancements in technology and the development of new vaccine formulations and delivery methods are anticipated to play a significant role in the growth of the industry. Furthermore, increasing investments in the development of animal health products, such as vaccines, by both the public and private sector are expected to contribute to the growth of the industry.
Veterinary Vaccines Market in terms of revenue was estimated to be worth $8.1 billion in 2022 and is poised to reach $10.8 billion by 2027, growing at a CAGR of 5.9% from 2022 to 2027 according to a new report by MarketsandMarkets. Growth in this market can primarily be attributed to the growing demand for pet insurance and rising animal health expenditure. Spending on pet healthcare-which includes the purchase of pet food, supplies/over-the-counter medications, veterinary care, pet insurance policies, and other services, has increased significantly in recent years. A large number of pet owners, especially in major markets across North America and Europe, are purchasing pet insurance because of the significant growth in pet care expenditure in recent years.
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Browse in-depth TOC on "Veterinary Vaccines Market"
305 - Tables
56 - Figures
292 - Pages
Veterinary Vaccines Market Scope:
Report Coverage | Details |
Market Revenue in 2022 | $8.1 billion |
Estimated Value by 2027 | $10.8 billion |
Growth Rate | Poised to grow at a CAGR of 5.9% |
Market Size Available for | 2020-2027 |
Forecast Period | 2022-2027 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By type, disease, technology, route of administration, distribution channel |
Geographies Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Technology Adavancements |
Key Market Drivers | Rising demand for animal-derived food products |
Injectable vaccines accounted for the largest share of the veterinary vaccines market
Based on the route of administration, the veterinary vaccines market is segmented into injectable vaccines, oral vaccines, and intranasal/spray vaccines. In 2021, injectable vaccines accounted for the largest share of the veterinary vaccines market. This mode of administration allows the medication to be absorbed into the bloodstream quickly. It also results in a better immune response and a lower rate of injection-site reactions, this factor will support the market growth.
The veterinary hospitals segment accounted for the largest share of the veterinary vaccines market
Based on the distribution channel, the veterinary vaccines market is segmented into veterinary hospitals, veterinary clinics, and retail pharmacies. In 2021, the veterinary hospitals segment accounted for the largest share of the veterinary vaccines market. The large share of the veterinary hospitals segment is attributed to the growing awareness about animal health in developing countries.
Asia Pacific segment accounted for the largest share of the veterinary vaccines market
The global veterinary vaccines market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2021, Asia Pacific segment accounted for the largest share of the veterinary vaccines market. The growing trend of pet ownership in APAC countries has resulted in increased pet healthcare expenditures. This can also be attributed to the growing disposable income levels in APAC countries, due to which the willingness to spend on animal healthcare and well-being is rising.
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Veterinary Vaccines Market Dynamics:
Drivers:
1. Growth in companion animal population
2. Rising incidence of zoonotic diseases
3. Initiatives by various government agencies and animal associations
4. Rising demand for animal-derived food products
5. Growing demand for pet insurance and rising animal health expenditure
Restraints:
1. High storage cost of vaccines
2. Rising pet care costs
Opportunities:
1. Technological advancements
2. Untapped emerging markets
Challenges:
1. Inadequate surveillance and reporting systems
2. Lack of animal healthcare awareness in emerging countries
Key Market Players:
The major players in the veterinary vaccines market include Zoetis, Inc. (US), Merck & Co, Inc. (US), Boehringer Ingelheim International GmbH (Germany), Elanco Animal Health (US), Virbac (France).
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Recent Developments:
- In September 2022, Zoetis acquired Jurox, a privately held animal health company that develops, manufactures, and markets a wide range of veterinary medicines for treating livestock and companion animals.
- In June 2022, Boehringer Ingelheim and CarthroniX partnered to pursue small molecule therapeutics in canine oncology.
- In July 2021, Elanco acquired KindredBio, a biopharmaceutical company focused on developing novel pet therapeutics.
Veterinary Vaccines Market Advantages:
- Veterinary vaccines are important for the prevention of animal diseases and the reduction of animal deaths.
- Vaccines can help reduce the spread of zoonotic diseases from animals to humans, thus reducing the risk of human disease.
- Veterinary vaccines can prevent the transfer of disease between animals, which can help to improve the health and productivity of livestock herds, and reduce the economic losses associated with animal diseases.
- Vaccination can also help to reduce the use of antibiotics, which can help to reduce the emergence of antibiotic-resistant bacteria.
- Veterinary vaccines can help to reduce the spread of emerging diseases and pandemics, which can cause serious economic and public health consequences.
- Veterinary vaccines are relatively inexpensive and easy to administer, making them accessible to a wide range of veterinary practices.
Veterinary Vaccines Market - Report Highlights:
REFINEMENTS IN THE SEGMENTS OF THE GLOBAL VETERINARY VACCINES MARKET:
- The current edition of the report consists of an updated market overview, which includes information on the industry trends, regulatory analysis, value chain analysis, supply chain analysis, ecosystem market map, porter's five forces analysis, patent analysis, technology analysis, indicative pricing model analysis, and key conferences and events during 2023 to 2025. It also includes the list of key regulatory bodies, government agencies, other organizations, key stakeholders, and their buying criteria.
- The competitive landscape chapter has been updated with the revenue share analysis, market share analysis, company footprint, company evaluation quadrant, company evaluation quadrant for startups, and competitive benchmarking segments.
- The current edition of the report consists of an updated segmentation, including chapters on the route of administration (injection vaccines, oral vaccines, and intranasal/spray vaccines) and distribution channels (veterinary hospitals, veterinary clinics, and retail pharmacies).
UPDATED FINANCIAL INFORMATION/PRODUCT PORTFOLIOS OF PLAYERS:
The new edition of the report provides updated financial information in the context of the veterinary vaccines market until 2021/2022 for each listed company in a graphical representation in a single diagram (instead of multiple tables). This will easily help analyze the present status of profiled companies in terms of their financial strength, profitability, key revenue-generating country/region, business segment focus in terms of the highest revenue-generating segment, and investment in R&D activities.
UPDATED MARKET DEVELOPMENTS OF PROFILED PLAYERS:
Recent developments are important to understand the market trend and growth strategies players adopt in the global veterinary vaccines market. The current edition of this report provides updated developments of profiled players from January 2019 to March 2023, indicating a continuation of the previous version. Product launches & upgrades, expansions, acquisitions, partnerships, and collaborations have been the principal growth strategies adopted by market players in this period.
Related Reports:
Vaccine Adjuvants Market - Global Forecasts to 2027
Veterinary Diagnostics Market - Global Forecasts to 2027
Veterinary Imaging Market - Global Forecasts to 2027
Infectious Disease Diagnostics Market - Global Forecasts to 2027
Allergy Diagnostics Market - Global Forecasts to 2026
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