In the next decade, the veterinary vaccine market size is expected to increase from US$ 11.3 Billion to US$ 20.82 Billion. This is predicted to drive the market share of veterinary vaccines by 6.2% between 2023 and 2033.
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.
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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.
“In recent years, zoonotic diseases have become increasingly common and have led to a rise in interest in companion animal vaccines. A key factor contributing to advancement in this field is the emergence of new zoonotic diseases, government investments, and pet lovers’ increased expenditures on animal health.” says a lead analyst at Future Market Insights.
Key Takeaways from 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.
- The global veterinary vaccines market is dominated by attenuated live vaccines, with 24.3% of the market share expected to be attained by 2023.
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Competitive Landscape:
Several prominent companies dominate this market, including Boehringer Ingelheim GmbH, Zoetis Inc., Elanco Animal Health, Merck & Co., Inc., Bayer AG, Virbac Group, Ceva Santé Animale, Phibro Animal Health Corporation, and others.
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
Recent 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
About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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