The global veterinary biologics market is on a trajectory of substantial growth, with a projected valuation of USD 13,140.6 million in 2024, propelled by evolving animal welfare regulations and increasing awareness of animal health. This dynamic market is set to experience a promising compound annual growth rate (CAGR) of 6.3% from 2024 to 2034, reaching an estimated USD 24,224.3 million by the end of the forecast period.
The surge in market valuation is attributed to the growing emphasis on animal health and welfare, leading to heightened demand for advanced veterinary biologics. These biologics, including vaccines, therapeutics, and diagnostics, are crucial in preventing and managing diseases in animals, thereby enhancing overall animal well-being and productivity.
Key Market Drivers:
- Stricter Animal Welfare Regulations: Governments and regulatory bodies worldwide are implementing more stringent animal welfare regulations, driving the demand for effective and innovative veterinary biologics.
- Increasing Animal Health Awareness: There is a growing awareness among pet owners, livestock farmers, and veterinarians about the benefits of preventive care and advanced biologics in maintaining animal health.
- Technological Advancements: Continuous advancements in biotechnology and the development of novel biologics are contributing to market growth by offering more effective and targeted solutions for animal health management.
The global veterinary biologics market’s robust growth trajectory highlights the expanding opportunities within the sector, fostering innovation and investment in animal health technologies. As the market evolves, stakeholders are encouraged to stay abreast of the latest developments and emerging trends to capitalize on the burgeoning demand for veterinary biologics.
Key Takeaways from the Market Study:
- From 2019 to 2023, the market demand expanded at a CAGR of 7.2%.
- The market in China is expected to expand at a CAGR of 8.1% through 2034.
- By animal, the livestock segment to account for a market share of 52.1% in 2024.
- From 2024 to 2034, veterinary biologics market is expected to flourish at a CAGR of 6.3%.
- By 2034, the market value of veterinary biologics is expected to reach USD 24,224.3 million.
“Changing climate patterns can influence the distribution of disease vectors and the prevalence of certain diseases. Veterinary biologics may play a crucial role in adapting to and mitigating the impact of climate change on animal health,” remarks an FMI analyst.
Get the Full Picture: Download the Complete Veterinary Biologics Market Report Here!
Competitive Landscape:
Prominent players in the veterinary biologics market are Top of Form Elanco Animal Health, Ceva, Phibro Animal Health Corporation, Boehringer Ingelheim, Zoetis Inc., Merck & Co., Inc., Virbac, Hester Biosciences Limited, Colorado Serum Company, Addison Biological Laboratory, Inc., American Animal Health, Inc., HIPRA, and Bimeda Inc. (Texas Vet Lab, Inc.), among others.
Company Portfolio:
- Boehringer Ingelheim is a key player with a strong focus on vaccines and biologics for various animal species. The emphasis of the company on disease prevention and control contributes to its competitiveness in the market.
- Elanco, known for its comprehensive animal health solutions, has a significant presence in the veterinary biologics market. The portfolio of the company includes vaccines and other biologic products for both companion animals and livestock.
Key Segments in the Veterinary Biologics Market Report:
Product:
- Vaccines
- Attenuated Live Vaccines
- Conjugate Vaccines
- Inactivated Vaccines
- Subunit Vaccines
- Toxoid Vaccines
- DNA Vaccines
- Recombinant Vaccines
- Bacterial Extracts
- Monoclonal Antibody
- Immunomodulatory
- Cytokines
- Others
- Allergenic Extracts
Animal:
- Companion Animals
- Canine
- Avian
- Feline
- Livestock
- Aquatic
- Bovine
- Porcine
- Ovine/Caprine
- Poultry
- Equine
Distribution Channel:
- Veterinary Clinics
- Veterinary Hospitals
- Veterinary Research Institutes
- Retail Pharmacies
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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