USD 10.85 billion
Report ID: SQMIG35I2239 | Region: Global | Published Date: March, 2024 | Pages: 219 | Tables: 237 | Figures: 78
Global Veterinary Vaccines Market size was valued at USD 10.85 billion in 2022 and is Poised to grow from USD 11.50 billion in 2023 and to USD 18.33 billion by 2031, at a CAGR of 6% during the forecast period (2024–2031).
The escalating prevalence of zoonotic diseases is expected to drive the demand for animal vaccines as they pose a threat to both animal and human health, compromising food security. The population growth of both humans and animals, coupled with environmental degradation and globalized trade and travel, increase the transmission of pathogens among species. The need for animal protein has resulted in amplified commercial food animal production, leading to the emergence of zoonotic diseases in both livestock and companion animals, posing a significant risk to public health. The control of emerging diseases requires the use of animal vaccines, which are vital in mitigating the impact of these diseases. As such, animal vaccines will continue to play a critical role in controlling emerging diseases in the coming years.
US Veterinary Vaccines Market is poised to grow at sustainable CAGR for the next forecast year.
Global Market Size
USD 10.85 billion
Largest Segment
Veterinary Clinics
Fastest Growth
Veterinary Clinics
Growth Rate
6% CAGR
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Global Veterinary vaccines Market is segmented based on Disease, Technology, Type, Route of Administration, Distribution Channel, and region. Based on Disease the market is segmented into Livestock Diseases, Poultry Diseases, Companion Animal Diseases, Equine Diseases, Aquaculture Diseases. Based on Technology the market is segmented into Live Attenuated Vaccines, Inactivated Vaccines, Toxoid Vaccines, Subunit, Recombinant, and Conjugate Vaccines, DNA Vaccines, Vectored Vaccines. Based on Type the market is segmented into Livestock vaccines, Poultry vaccines, Companion Animal vaccines, Equine vaccines, Aquaculture vaccines. Based on Route of Administration the market is segmented into Injection Vaccines, Oral Vaccines, Intranasal/Spray Vaccines. Based on Distribution Channel the market is segmented into Veterinary Hospitals, Veterinary Clinics, Retail Pharmacies. Based on region the global Veterinary vaccines Market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Veterinary Vaccines Market Analysis by Distribution Channel
In 2022, the veterinary clinics segment dominated the global veterinary vaccines market due to its accessibility to pet owners, especially in rural areas where access to larger veterinary hospitals may be limited. In many cases, veterinary clinics are often the first choice for pet owners who are seeking basic health care services for their animals. As such, the veterinary clinics segment is considered the most significant and lucrative channel for animal vaccines.
The veterinary hospital segment is the second most dominant segment, as it offers more advanced care facilities for animals that require specialized treatment. This segment often caters to animals with more complicated health issues, such as those that require hospitalization and surgery.
The pharmacies & drug stores segment is expected to grow, as there is an increasing trend of pet owners purchasing veterinary vaccines online. These institutions often support this trend by offering convenient access to veterinary vaccines and related products. As a result, this segment is anticipated to experience revenue growth opportunities in the animal vaccine market.
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The North American region dominated the global veterinary vaccines market in 2022, accounting for over 25% of the market revenue. The region is expected to maintain its dominance during the forecast period due to the high prevalence of zoonotic and livestock diseases resulting in significant animal deaths. The presence of well-established pharmaceutical companies in the region, with a focus on expanding their commercialization and geographical reach, is expected to drive market growth. Additionally, the rising incidence of canine disorders and the growing pet population in the United States are also contributing to the expansion of the regional market.
On the other hand, the Asia-Pacific region is expected to register the highest growth rate during the forecast period. This is primarily due to the anticipated increase in livestock population and government initiatives in developing economies. For instance, India has a large cattle population of 192.5 million in 2019, which calls for a high demand for vaccines. Moreover, the market is being driven by high R&D expenditure by major players, combined with efforts to commercialize veterinary vaccines at affordable prices.
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Veterinary Vaccines Market Drivers
Veterinary Vaccines Market Restraints
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The global veterinary vaccines market is moderately consolidated, with a few major players dominating the market. However, there are also numerous smaller companies and new entrants that are striving to gain a foothold in the market. The market is dominated by a few major players such as Merck Animal Health, Zoetis, Boehringer Ingelheim, and Elanco, who collectively account for a significant share of the market. These companies have a strong presence in multiple regions and offer a wide range of products for both livestock and companion animals. However, there are also several smaller players and new entrants that are striving to expand their presence in the market. These companies are focusing on developing innovative products and solutions to cater to the evolving needs of the market. Many of these companies are also targeting emerging markets, which offer significant growth opportunities.
Top Player’s Company Profiles in Veterinary Vaccines Market
Veterinary Vaccines Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the global veterinary vaccines market is expected to continue its growth trajectory in the coming years due to increasing demand for animal health products and the rising prevalence of various animal diseases. The market is characterized by the presence of several established players, which have a strong presence in developed markets. However, there are also opportunities for new players to enter the market, particularly in emerging economies. Additionally, advances in biotechnology and genomics are expected to drive the development of more innovative and effective veterinary vaccines. The use of adjuvants, recombinant DNA technology, and genomics-based vaccines is expected to increase, which will likely drive growth in the market.
The major challenges faced by the veterinary vaccines market include stringent regulations, high cost of development, and the time-consuming process of vaccine development. The emergence of new diseases and increasing resistance to antibiotics also pose significant challenges to the market.
Overall, the veterinary vaccines market is expected to continue to grow in the coming years, driven by increasing demand for animal health products and advances in biotechnology.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 10.85 billion |
Market size value in 2031 | USD 18.33 billion |
Growth Rate | 6% |
Base year | 2022 |
Forecast period | 2024–2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Veterinary Vaccines Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Veterinary Vaccines Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Veterinary Vaccines Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Veterinary Vaccines Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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