It is expected that by 2033, the Veterinary Vaccines Market will have increased from US$ 11.3 billion to US$ 20.82 billion. Between 2023 and 2033, this is anticipated to significantly increase the market share of veterinary vaccines and achieve a CAGR of 6.2%.
The global veterinary vaccines market is anticipated to showcase a robust CAGR of around 7.2% CAGR between 2022 and 2026. The global market was expected to register a year-on-year (YoY) growth rate of 6.5% and the global veterinary vaccines market size was valued at around US$ 10 Bn in 2021. The market is predicted to register a valuation surpassing around US$ 14.1 Bn by 2026.
The growth of the global veterinary vaccines market is expected to surge amid the increasing prevalence of animal diseases all over the world. Sales of veterinary vaccines accounted for around 91.3% share of the global veterinary biologics market in 2021. Based on product, the attenuated live vaccines segment leads the veterinary vaccines market with nearly ¼ market share.
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As the threat of another pandemic bestows over the world, improving animal health is one of the major priorities for people and governments all over the world. On an annual basis, billions of dollars are being spent on pharmaceuticals and vaccines to protect animals from a wide range of diseases as well as to improve their immunity. This is expected to generate growth prospects for veterinary vaccine suppliers and manufacturers during the forecast period. Surging efforts to develop vaccines for zoonotic diseases which are also commonly found in humans as well is set to improve the growth of the overall veterinary vaccines market.
Veterinary vaccines have rapidly become ideal preventive healthcare solutions in order to protect animals from developing and contracting lethal diseases as well as for improving their immunity systems. These vaccines allow pet owners and farmers to significantly reduce the spread of infectious diseases, improve their pet’s health and minimize healthcare costs. The variation between the BPS values observed within the global veterinary vaccines market in H1, 2022 – outlook over the H1, 2022 projected period reflects a decline of 20 BPS units. Furthermore, a decline in BPS growth in H1-2022 over H1-2021 by 13 Basis Point Share (BPS) is demonstrated by the market.
- 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.
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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
Veterinary Vaccines Market Segmentation by Category
- Attenuated Live Vaccines
- Conjugate Vaccines
- Inactivated Vaccines
- Subunit Vaccines
- Toxoid Vaccines
- DNA Vaccines
- Recombinant Vaccines
- Canine Parvovirus
- Foot & Mouth Disease
- New Castle Disease
- Distemper Disease
- Porcine Reproductive & Respiratory Syndrome (PRRS)
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By Distribution Channel:
- Veterinary Clinics
- Veterinary Hospitals
- Veterinary Research Institutes
- Retail Pharmacies
- Companion Animals
- Livestock Animals
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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