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Animal Vaccines Market size was valued at USD 11.68 billion in 2019 and is poised to grow from USD 12.8 billion in 2023 to USD 26.12 billion by 2031, growing at a CAGR of 9.4% in the forecast period (2024-2031).

In terms of the competitive landscape, a few companies have dominated this market due to their strong product portfolios and key strategic decisions. These include 4-5 veterinary vaccine manufacturers with ongoing research and development for new product approvals and a broad geographical presence. The emphasis on inorganic strategies, such as Elanco's acquisition of Bayer's Animal Health division, is expected to further consolidate the major revenue share. With the presence of numerous small and large animal vaccine manufacturers. The rapid adoption of veterinary preventive injections, combined with government-aided bulk purchase of veterinary vaccines, are key factors influencing competition. Furthermore, to maintain market share and diversify product portfolios, major players frequently pursue strategies such as mergers and acquisitions, partnerships, and new product launches. 'Zoetis', 'Merck & Co., Inc.', 'Boehringer Ingelheim International GmbH', 'Elanco Animal Health Inc.', 'Bayer AG', 'Virbac', 'Ceva', 'HIPRA', 'Hester Biosciences Limited', 'Phibro Animal Health Corporation', 'Biogenesis Bago', 'Vaxxinova', 'IDT Biologika GmbH', 'Bimeda Animal Health', 'BravoVax', 'MSD Animal Health', 'Nexvet', 'Merial', 'Agrovet Market Animal Health', 'Anicon Labor GmbH'

Increasing prevalence of zoonotic diseases has the possibility to get a negative impact on human lives, which is likely to increase demand for animal vaccines. Emerging and exotic animal diseases pose a growing threat to human and animal health, as well as a threat to food security.  The increase in human and animal population, as well as environmental degradation and globalization of trade and travel, increases opportunities for pathogen transmission within and between species.  The resulting diseases present enormous challenges both now and in the future. 

Increase in public-private funding for targeted research activities, an increase in the prevalence of animal diseases, and rise in product innovations and development due to technological advancements will create lucrative opportunities for market participants. The market growth rate will also be boosted in the future by increasing number of strategic alliances, rising internet penetration rate, concerns about animal diseases spreading to humans, technological and biotechnological developments in diagnostics and therapeutics in developing regions, and rising per capita health care spending.

North America dominated the market, accounting for more than 27.5% of revenue in 2021.  Throughout the forecast period, the region is expected to maintain its dominant position.  This large proportion can be attributed to the high prevalence of livestock and zoonotic diseases, which result in mass animal deaths.  Furthermore, the large presence of well-established pharmaceutical firms that are consistently striving for broad commercialization of their vaccines and expanding their geographic reach is expected to drive market growth.  Furthermore, rising incidence of canine disorders, which is increasing the adoption of vaccination for the same, and rising pet population in the United States are some of the key factors contributing to the regional market expansion.

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Animal Vaccines Market

Product ID: SQMIG35B2059