The size of the European Veterinary Vaccines Market is poised to reach USD 3.13 Billion by 2028 from USD 2.46 Billion in 2023, growing at a CAGR of 4.97% from 2023 to 2028.
The growing demand for animal-derived products across Europe is one of the key factors propelling the growth of the veterinary vaccine market in Europe. These products, including milk, eggs, fat and flesh, are widely consumed by the European population, contributing to their overall health and nutrition. Consumption of meat, with Germany leading in pork consumption, ranges from 39 kg to 64 kg per person annually. These animal products are integral to various regional dishes and packaged foods. Additionally, animal by-products find application in cosmetic and drug manufacturing, further fueling the European market growth.
The increasing spread of infections among animals and zoonotic diseases is fuelling the demand for veterinary vaccines across Europe and driving regional market growth. Seasonal changes, unhygienic surroundings, and genetic factors contribute to the susceptibility of animals to infections and diseases. To mitigate these issues and enhance the overall health of animals, veterinarians recommend vaccination to boost their immunity against viruses throughout their lifetime. Veterinary vaccines play a crucial role in improving the health of companion animals, enhancing livestock production, and preventing the transmission of diseases from animals to humans. Commonly used vaccines include those for influenza, lymphocytic choriomeningitis, rabies, bovine viral diarrhea, leukemia, porcine herpesvirus, among others.
The growing manufacturing activities of diverse vaccines targeting novel infections and diseases support the growth of the European veterinary vaccine market. Veterinary researchers are focused on developing advanced vaccines to combat rising mortality rates among animals. The substantial investments in research and development, a surge in approvals for novel vaccines, and growing support from both public and private organizations further contribute to the growth of the European market.
High investments required to store veterinary vaccines are a major factor restraining the European market growth. Factors such as a shortage of skilled professionals, limited awareness among pet owners, high vaccine costs in certain regions and improper reimbursement policies also hamper the European market growth. The potential side effects of vaccines for animals pose further challenges to the growth rate of the European veterinary vaccines market.
This research report on the Europe Veterinary Vaccines Market has been segmented and sub-segmented into the following categories:
Based on technology, the canine vaccines segment accounted for a slightly larger share (in terms of revenue) than the feline vaccines segment due to the higher average cost allied with canine vaccination.
Europe accounted for a noteworthy share of the global market in 2022 and is anticipated to account for a substantial share of the worldwide market during the forecast period owing to the presence of well-established veterinary hospitals and clinics in the European region and an increasing number of initiatives from the governments of European governments to ensure the approval of safe and effective novel vaccines for animals. The growing trend of pet adoption in Europe contributes to the European market's growth.
Germany had the largest share of the European market in 2022 and is anticipated to showcase its domination in the European region throughout the forecast period due to strong manufacturing capabilities, support from pharmaceutical companies and an increasing number of awareness programs and campaigns conducted. The UK veterinary vaccines market is anticipated to account for a substantial share of the European market during the forecast period owing to the growing number of vaccine centers, and rising healthcare expenditure by animal owners.
Prominent companies playing an active role in the European Veterinary vaccines Market are Bayer HealthCare AG, Bioniche Animal Health Canada, Sanofi Animal Health. Inc., Biogenesis Bago SA, Heska Corporation, Indian Immunologicals Ltd., Boehringer Ingelheim GmbH, Zoetis, Novartis Animal Health. Inc., Merck & Co. Inc., and Protein Sciences.
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