As per our report, the global veterinary vaccines market size is poised to grow USD 8.92 Billion by 2027 from USD 6.83 Billion in 2022. This market is predicted to showcase a CAGR of 5.5% from 2022 to 2027. The veterinary vaccines market has seen significant growth over the past few years due to fear of imminent epidemics that have led to substantial losses, particularly in the poultry segment.
Veterinary vaccines are given regularly for both pet and poultry animals to prevent diseases. These vaccines are manufactured following different types of bacteria affecting varied animals. In traditional days, these vaccines are considered the most cost-effective procedure for treating infectious diseases in animals. Therefore, veterinary vaccines are essential thing in protecting animal health.
From traditional days, veterinary vaccines are effective procedures for preventing various animal diseases. It also helps in preventing the transmission of diseases from animals to humans. Veterinary vaccines improve the health of animals cost-effectively. These vaccines aim to increase the production rate of poultry products by improving livestock health.
MARKET DRIVERS:
The growing prevalence of livestock and zoonotic diseases and the advancements in animal vaccines are majorly driving the veterinary vaccines market.
Veterinary vaccines manufacturers pay attention to reducing the risk of various diseases in animals, demanding proper vaccination is further estimated to accelerate the market's growth rate during the forecast period. In addition, improving quality and effectiveness in the production of poultry products, increasing care for pet animals, and the rising consumption rate of meat and poultry products such as eggs and others are also propelling the animal vaccines market growth.
According to a Food and Agriculture organization study, more animal diseases can be easily transmissible to humans where pharmaceutical companies have to be focused on the manufacturing of various vaccines accordingly, which is estimated to expand the growth of the veterinary vaccines market.
Furthermore, factors such as increasing disposable income in urban areas and focusing on manufacturing novel vaccines to meet animal needs in the medical sector bolstered market growth. In addition, the growing prevalence of DNA vaccines and recombinant vaccines is also essential in providing growth scope to the global veterinary vaccines market.
MARKET RESTRAINTS:
However, rising maintenance costs for the storage of vaccines increasing the adoption of a vegetarian diet in major economies owing to the increased risk of obesity and other chronic diseases are necessary restraints that are expected to restrict the growth of the global veterinary vaccines market.
The fluctuations in the prices of the end products are slowly hampering the growth of this market. Furthermore, the lack of skilled persons in manufacturing and stringent rules and regulations by the government to approve new vaccines limit the market's demand. In addition, the rise in the complications of specific vaccines in real-time due to a lack of knowledge over the dosage level has remained a challenging factor for the market growth.
Impact of COVID-19 on the global animal / veterinary vaccines market:
The COVID-19 was announced as a pandemic and emergence of healthcare on March 11, 2020. Before introducing the pandemic, the market had experienced the most considerable growth. But due to the lockdown restrictions in the first half of 2020, the market had experienced a declined growth rate. All the veterinary hospitals' activities were postponed during this period to control the spread of the novel coronavirus disease. Thus, the market had experienced a down in the initial period of the pandemic. However, the unlock guidelines by governments across the world have positively impacted the market's growth rate. As a result, the postponed veterinary treatments have been resumed; during this pandemic, the companion animal population increased rapidly, and the rising demand for animal-derived animal products propelled the market growth. As a result, the market is expected to have a better share than it was earlier in the coming years.
REPORT COVERAGE:
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REPORT METRIC |
DETAILS |
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Market Size Available |
2021 to 2027 |
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Base Year |
2021 |
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Forecast Period |
2022 to 2027 |
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Segments Covered |
By Type, Production Technologies, and Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
This research report on the global veterinary vaccines market has been segmented based on the type, production technologies, and region.
Veterinary Vaccines Market - By Type:
Based on the type, the Livestock vaccine segment is estimated to dominate the global veterinary vaccines market during the forecast period. Increasing the livestock population is majorly attributing the growth to this segment. Growing concern towards animal healthcare the rise in the demand to prevent the spread of diseases from animals to humans is helping this segment shine. Among different types of livestock vaccines, the porcine segment has the highest shares of the market. Increasing incidences of zoonotic diseases are ascribed to outshine the demand of the maIn addition, that. The rise in the campaigns to spread awareness in rural areas over the benefits of vaccines is gearing up the market's need.
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.
Veterinary Vaccines Market - By Production Technologies:
Based on production technologies, live attenuated vaccine production technology has the highest growth rate from the past few years. It is to continue the same growth in the coming years. The introduction of various products with advanced technologies increasing awareness towards manufacturing effective vaccines inappropriate with the diseases is spurring the market's growth rate. In addition, the rise in the investments in veterinary hospitals by both private and public organizations is further gearing up the segment's demand.
Veterinary Vaccines Market - By Region:
During the forecast period, the North American region is leading the global veterinary vaccine market in consumption, followed by Europe. Together, these two regions account for more than 70% of the global veterinary vaccine market revenue. In Europe, increasing incidences of zoonotic diseases and demand to prevent and cure these diseases with certain medications is expanding the growth rate of the veterinary vaccines market. In addition, stringent rules and regulations to promote effective treatment procedures in the hospitals are leveraging the market's growth in this region.
Europe is expected to grow at a healthy CAGR due to the quick adoption of the latest technologies and the launch of various quality products at a low cost. Besides, increasing capita income in developed and developing countries is likely to outshine the market's growth to the extent.
Asia pacific is positioned next to North America in leading dominant market shares with the increased priority to improve the quality of poultry products, escalating the growth of the market. Also, a rise in awareness programs through campaigns and digital advertisements elevates the market's demand.
The Middle East and Africa are having a slow growth rate in recent years, and it is expected to have a slight inclination in the growth rate in the coming years.
KEY MARKET PARTICIPANTS:
Notable companies in the global animal / veterinary vaccines market profiled in the report are Bayer HealthCare AG, Sanofi Animal Health, Inc., Heska Corporation, Indian Immunologicals Ltd., Biogenesis Bago SA, Boehringer Ingelheim GmbH, Zoetis, Novartis Animal Health, Inc., Merck & Co. Inc. and Protein Sciences.
RECENT MARKET DEVELOPMENTS:
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