Number of pages: 120 | Report Format: PDF | Published date: January 27, 2022
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
Report Attribute |
Details |
Market Size Value in 2022 |
US$ 11.41 billion |
Revenue Forecast in 2031 |
US$ 19.12 billion |
CAGR |
5.90% |
Base Year for Estimation |
2022 |
Forecast Period |
2023 to 2031 |
Historical Year |
2021 |
Segments Covered |
Animal type, Route Of Administration, Vaccine Type, and Region |
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global veterinary vaccines market was valued at US$ 11.41 billion in 2022 and is expected to register a revenue CAGR of 5.90% to reach US$ 19.12 billion by 2031.
Veterinary Vaccines Market Fundamentals
Veterinary vaccines play a crucial role in safeguarding the health and well-being of animals, while also serving as a vital role in preventing and controlling infectious diseases. These vaccines are specifically designed to stimulate an immune response in animals, protecting them from various pathogens and reducing the risk of disease transmission. One of the major applications of veterinary vaccines is in preventing highly contagious and potentially devastating diseases, such as rabies, parvovirus, distemper, and bovine respiratory diseases.
In recent years, there has been an increasing trend in the development and use of veterinary vaccines. Advances in biotechnology and genomics have facilitated the identification of new vaccine targets and developing more effective and safer vaccines. Additionally, the growing demand for animal-derived products and the need to address emerging infectious diseases has promoted research and investment in veterinary vaccine development. The adoption of vaccination programs in livestock and companion animals has also increased as more pet owners and farmers recognize the benefits of proactive disease prevention.
This increasing trend in veterinary vaccines presents numerous opportunities for further advancements in the field. With ongoing research, there is potential for developing vaccines against previously untreatable or challenging diseases, offering new solutions for disease control and eradication. Furthermore, the expanding global market for animal vaccines opens doors for innovation, collaborations, and investment in developing novel vaccine technologies and delivery systems. These advancements can enhance the efficacy, safety, and convenience of veterinary vaccines, ensuring optimal protection for animals and contributing to the overall health of animal populations.
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Veterinary Vaccines Market Dynamics
Increasing pet ownership is one of the major factors driving the global veterinary vaccines market. Pet owners are becoming more aware of the importance of vaccinating their animals to prevent diseases and ensure their well-being. Recently, a report by Forbes, in April 2023, pet ownership in the United States has significantly increased over the past three decades, with 66% of households (equivalent to 86.9 million homes) owning a pet. In comparison, just 56% of households owned a pet in 1988. Interestingly, 78% of pet owners who participated in a Forbes Advisor survey reported acquiring their pets during the pandemic. This surge in pet ownership has led to an increase in demand for veterinary services, including vaccinations.
The global veterinary vaccines market is being supported by increased research studies on veterinary vaccines. Recently mRNA technology has been used in veterinary vaccines to protect farm animals from diseases. Additionally, there are measures in place to ensure that these vaccines do not end up in our food. For instance, according to global and U.S. veterinary officials, vaccines for African swine fever are currently undergoing testing in Vietnam and are nearing approval. This development could potentially be a significant breakthrough in combatting the highly fatal animal disease that commonly affects pig farms across the globe.
Increasing prevalence of zoonotic diseases such as HIV-AIDS, Ebola, Lyme disease, malaria, rabies, West Nile fever, and COVID-19. Intensive farming practices contribute to the spread of these diseases due to poor biosecurity, animal husbandry, and waste management. Animal vaccinations can help prevent many zoonotic diseases. To meet the growing demand for these vaccines, major players in the industry are investing in advanced products and increasing production capacity. Merck Animal Health, for instance, recently invested $100 million in its manufacturing site in DeSoto, Kansas, to expand vaccine production and support future research.
However, the veterinary vaccines market is facing challenges due to the significant expenses involved in vaccine development, storage, and handling. Additionally, government regulations on the transportation of biological materials used in vaccine production are expected to somewhat hinder market growth.
Market Ecosystem
The global veterinary vaccines market is analyzed from four perspectives: animal type, route of administration, vaccine type, and region.
Veterinary Vaccines Market by Animal Type
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Based on animal type, the global veterinary vaccines market is segmented into livestock animals and companion animals.
The livestock animal segment accounted for the majority of the global veterinary vaccines market revenue share in 2022. This can be attributed to the increasing demand for animal protein and the rising prevalence of zoonotic diseases. Moreover, the growing awareness among livestock farmers regarding the significance of vaccination to prevent diseases and maintain the health of animals is also driving market growth. In addition, the availability of government initiatives and funding to promote animal healthcare is expected to further boost the demand for veterinary vaccines in the coming years.
The companion animal segment is expected to increase with a high revenue CAGR in the forecast years. This growth can be attributed to the increasing adoption of pets globally, rising disposable incomes, and changing lifestyle patterns. In addition, the growing awareness about the health benefits of owning pets has also been a major factor driving the demand for companion animals. Moreover, the increasing popularity of pet therapy and emotional support animals has further fueled the growth of the companion animal market.
Veterinary Vaccines Market by Route of Administration
Based on the route of administration, the global veterinary vaccines market is segmented into oral and parenteral.
The parenteral segment accounted for the majority of revenue share in the global veterinary vaccines market. The growing demand for parenteral vaccines can be attributed to their higher efficacy and faster onset of action than oral vaccines. Additionally, the increasing adoption of companion animals and livestock for food production has driven the demand for parenteral vaccines in the veterinary industry.
Veterinary Vaccines Market by Vaccine Type
Based on the vaccine type, the global veterinary vaccines market is segmented into live attenuated vaccines, toxoid vaccines, recombinant vaccines, inactivated vaccines, and other vaccines type (subunit vaccine, conjugate vaccine, and DNA vaccine).
The inactivated segment accounted for 34.5% of the global veterinary vaccines market. Inactivated vaccines are considered safe because it eliminates the risk of pathogen-causing disease in the vaccinated animal. Inactivated vaccines are suitable for all types of animals, such as young animals, immunocompromised animals, or pregnant animals that may be more susceptible to adverse effects from live vaccines. Moreover, top manufacturers are also focusing on developing inactivated vaccines due to their high demand and effectiveness in preventing animal diseases. Overall, the inactivated segment is a significant contributor to the growth of the veterinary vaccines market and is expected to continue to grow in the future.
However, the recombinant vaccine segment is expected to increase with high revenue CAGR in the forecast years. This can be attributed to the growing demand for vaccines that offer better efficacy and safety. Recombinant vaccines are produced by genetic engineering techniques, which produce highly specific and targeted vaccines. This has led to increased adoption of recombinant vaccines to prevent infectious diseases such as hepatitis B, HPV, and influenza. Additionally, the development of novel recombinant vaccines for emerging infectious diseases such as COVID-19 is expected to drive the growth of this segment in the coming years.
Veterinary Vaccines Market by Region
Based on the region, the veterinary vaccines market is segmented into North America, Europe, Asia Pacific, Latin America, & the Middle East & Africa.
North America accounted for most veterinary vaccines markets, with the majority of market revenue share in 2022. This can be attributed to the increasing adoption of pets and livestock and the growing awareness about animal health and welfare among pet owners and livestock farmers. Additionally, the presence of established animal healthcare infrastructure and favorable government initiatives for animal welfare are further fueling the growth of the veterinary vaccines market in North America.
The Asia Pacific veterinary vaccines market is projected to show a significant growth of 9.1% CAGR in the forecast years. The market growth can be attributed to the rising prevalence of zoonotic diseases and increasing pet ownership in the region. The growing demand for animal-derived food products and the need for disease prevention in livestock is also driving the market growth. Furthermore, advancements in biotechnology and the development of innovative vaccines are expected to further boost the market growth in the coming years.
Veterinary Vaccines Competitive Landscape
The veterinary vaccines market is highly competitive and fragmented, with a large number of players operating in the market. Some of the key players in the market include Zoetis Inc., Merck Animal Health, Boehringer Ingelheim, Elanco Animal Health, and Virbac. These companies are continuously engaged in research and development activities to introduce new and innovative products to the market to gain a competitive edge. In addition, these companies are also focusing on expanding their geographical reach and distribution networks to increase their market share.
Some of the prominent companies having the largest revenue share in the global veterinary vaccines market are,
Veterinary vaccines play a crucial role in safeguarding the health and well-being of animals, while also serving as a vital tool in the prevention and control of infectious diseases.
The global veterinary vaccines market has grown significantly in recent years due to increasing demand for pet ownership, the rising prevalence of animal diseases, and growing awareness about animal health.
The global veterinary vaccines market is expected to register a revenue CAGR of 5.90% in the forecast period from 2023 to 2031.
North America region dominated the global veterinary vaccines market in 2022.
The global veterinary vaccines market was valued at US$ 11.41 billion in 2022.
*Insights on financial performance are subject to the availability of information in the public domain