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Meticulous Research®—a leading global market research company, published a research report titled, ‘Veterinary Vaccines Market by Type (Live, Inactive, Recombinant) Animal (Livestock [Ruminant, Poultry, Pig], Companion [Dog, Cat]) Administration Route (Oral, Parenteral, Nasal) Distribution Channel (Hospital & Clinic, Pharmacy) - Global Forecast to 2030’.
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According to this latest publication from Meticulous Research®, the veterinary vaccines market is expected to grow at a CAGR of 6.1% from 2023 to reach $11.13 billion by 2030. The growth of this market is driven by the increasing livestock population, growing pet adoption, increasing prevalence of diseases in animals, and growing demand for animal-derived food products. However, the high cost of manufacturing and vaccine storage restrain the growth of this market. Additionally, increasing awareness regarding animal health and growing expenditure on animal health and pet insurance are expected to create growth opportunities for the stakeholders in this market. However, low awareness regarding animal health in developing countries is a major challenge to market growth.
Key Players
The key players operating in the veterinary vaccines market are Zoetis Inc. (U.S.), Virbac (France), Ceva Santé Animale (France), Boehringer Ingelheim International GmbH (Germany), Phibro Animal Health Corporation (U.S.), Merck & Co., Inc (U.S.), Elanco Animal Health Inc. (U.S.), Vetoquinol (France), Neogen Corporation (U.S.), and Indian Immunologicals Ltd. (India).
Veterinary Vaccines Market: Future Outlook
The global veterinary vaccines market is segmented by type (live attenuated vaccines, inactive vaccines, recombinant vaccines, and other vaccines), animal type (livestock [ruminants, poultry, porcine, and other livestock], companion animals [canine, feline, and other companion animals]), route of administration (oral, intranasal, and parenteral), distribution channels (veterinary hospitals & clinics, pharmacies, and mobile veterinary units), and geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on type, the veterinary vaccines market is segmented into live attenuated vaccines, inactive vaccines, recombinant vaccines, and other vaccines. In 2023, the live attenuated vaccines segment is expected to account for the largest share of the market. This large share can be attributed to the high effectiveness of live attenuated vaccines. Live attenuated vaccines are the most traditional type of vaccines used. When introduced into the body, these vaccines initiate an immune repose against pathogens, helping the immune system fight the infection in the future.
Based on animal type, the veterinary vaccines market is segmented into livestock and companion animals. The livestock segment is expected to grow at a higher CAGR during the forecast period. Factors contributing to the segment’s growth are increasing demand and consumption of animal-derived food products in developing countries, increasing livestock population to meet the growing demand, and government initiatives to prevent and reduce animal disease occurrence. The governments of several countries are undertaking various initiatives to prevent animal diseases. For instance, in 2023, the Government of India launched two initiatives Animal Pandemic Preparedness Initiatives and World Bank-funded Animal Health System Support for One Health, under these initiatives. These initiatives aim to strengthen integrated disease surveillance & monitoring, early warning & response, vaccine/ diagnostics, R&D, and production for animal diseases in the country.
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Based on administration route, the veterinary vaccines market is segmented into parenteral, oral, and intranasal. In 2023, the parenteral segment is expected to account for the larger share of the market. This large share is attributed to the animals’, especially pets’, reluctance towards oral vaccines and easy and high vaccine absorption through the intramuscular route.
Based on distribution channel, the veterinary vaccines market is segmented into veterinary hospitals & clinics, pharmacies, and mobile veterinary units. The veterinary hospitals & clinics segment is estimated to account for the largest share of the veterinary vaccines market in 2023. The large share of this segment is attributed to the animal owners' high preference for hospitals & clinics, easy accessibility, and the growing burden of diseases in animals. As licensed professionals should administer the vaccines, pet owners and farmers prefer hospitals and clinics for routine vaccine appointments leading to a large share of the segment.
Geographic Review
This research report analyzes major geographies and provides a comprehensive analysis of the veterinary vaccines market in North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, and RoE), Asia-Pacific (Japan, China, India, and RoAPAC), Latin America (Brazil, Mexico, and RoLATAM), and the Middle East & Africa. North America is expected to dominate the veterinary vaccines market in 2023, followed by Europe and Asia-Pacific. Well-established agriculture and animal husbandry, awareness of animal health among farmers and pet owners, high production and export of animal-derived food products, and a large pet population base are expected to support North America’s large share.
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Key Questions Answered in the Report-
• What is the current revenue generated through the sale of veterinary vaccines across the globe?
• At what rate is the demand for veterinary vaccines projected to grow over the next 5–7 years?
• What is the historical market size and growth rate of the global veterinary vaccines market?
• What are the major factors impacting the growth of this market at the global and regional levels? What are the major opportunities for existing market players and new entrants in the market?
• Which segments in terms of type, animal type, route of administration, and distribution channels are creating major traction for the vendors in this market?
• What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the vendors operating in the global veterinary vaccines market?
• Who are the major players in the global veterinary vaccines market? And what are their specific vaccine offerings in the veterinary vaccines market?
• What are the recent strategic developments in the global veterinary vaccines market, and what are the impacts of these developments on the global market?
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