The veterinary vaccine market is projected to grow at a CAGR of 5.85% during the forecast period to reach US$10.596 billion by 2027, from US$7.119 billion in 2020.
Veterinary vaccines are crucial for animal health, welfare, food production, and public health among others. They are an affordable way to stop animal sickness, improve the effectiveness of food production, and lessen or stop the spread of zoonotic and foodborne pathogens to humans. Animal vaccines that are both safe and efficacious are crucial to modern society. Vaccines prevent epizootics in food-producing animals, facilitating the production of animal protein to feed the massive population. Further, the increasing adoption of animal companions coupled with the growing incidence of animal diseases fuels the growth of the market. Growth in the livestock population and increasing initiatives by the government along with the involvement of animal associations widen the market growth opportunities. Moreover, there is also a growing awareness of animal health with works as the key driver for the growth in the market. Governments are also taking initiatives to launch and develop veterinary vaccines for animal well-being and good health. For instance, the Department of Animal Husbandry and Dairying of India has a Livestock Health and Disease control scheme under which the department aims to improve the animal health sector by way of implementation of prophylactic vaccination programs against various diseases of livestock and poultry. The program's goals are to conduct a critical animal disease control program to vaccinate all sheep and goats in order to eradicate PPR by 2030 and to vaccinate all pigs in order to control Classical Swine Fever (CSF). These factors are expected to propel the market growth of the veterinary vaccines market during the anticipated period.
The Veterinary vaccines market will grow due to the rising cases of zoonotic diseases in developed and developing countries.
Zoonotic diseases or zoonoses are diseases spread by animals to people. Animals carry harmful germs that can spread diseases, such as harmful germs like viruses, bacteria, parasites, and fungi. Zoonotic diseases can have clinical effects that are minor to severe and occasionally fatal. Zoonotic diseases are pervasive across the world. According to the Centers for Disease Control (CDC), more than six out of ten infectious diseases that affect humans now can spread through animals, and three out of every four new or developing infectious diseases that affect humans will originate from animals. Furthermore, in the past few years, several new infectious human diseases causing viruses, such as Ebola virus, west Nile virus, and Hantavirus infections have emerged from animal reservoirs. The outbreaks have become more frequent of such viruses, which is creating a dire necessity to protect against such outbreaks.
Furthermore, the government initiatives to tackle these virus-spread issues among animals have also supported the growth of the veterinary vaccines market during the forecast period. For instance, in June 2022, the Ministry of Agriculture and Farmers Welfare of India announced the launch of animal vaccines and kits which were developed by the ICAR-NRC on equines. These Ancovax Vaccines on Equines are inactivated SARS-CoV-2 Delta vaccines for animals. The vaccine includes Alhydrogel as an adjuvant and inactivated SARS-CoV-2 (Delta) antigen. Further, the ministry announced that the vaccine is safe for dogs, lions, leopards, mice, and rabbits. Hence, the growth of incidences of zoonotic diseases is expected to boost the veterinary vaccine market in the forecast period.
The Veterinary vaccines market is expected to be dominated by the North American region, which is expected to hold a significant share of the veterinary vaccine market.
The high incidence of livestock and zoonotic illnesses causing widespread animal fatalities can be blamed for this substantial share. Additionally, the prevalence of established pharmaceutical companies, who continually work to expand their geographic reach and promote the widespread marketing of their vaccines, is anticipated to spur market expansion. Additionally, the rising pet population in the United States and the rising frequency of canine diseases, which are raising the use of vaccination against them, are some of the major drivers of the regional market's rise.
The COVID-19 pandemic resiliently impacted the veterinary vaccine market. The robust outbreak of the virus and its exponential spread resulted in the implementation of a nationwide lockdown. Stuck at home, increase anxiety and consciousness among people led to increasing adoption of pets. According to the Prospectus of Tanmiah Food Company published in 2021, the Kingdom of Saudi Arabia reportedly controlled the largest animal vaccinations market in the GCC in 2020 with a total requirement of 316 million doses for the same.
|Market Size Value in 2020||US$7.119 billion|
|Market Size Value in 2027||US$10.596 billion|
|Growth Rate||CAGR of 5.85% from 2020 to 2027|
|Forecast Unit (Value)||USD Billion|
|Segments Covered||Animal, Type, Route of Administration, And Geography|
|Regions Covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies Covered||Elanco, Zoetis, Ceva, Merck Animal Health, Phibro Animal Health, Virbac, Hester, Hipra, Boehringer Ingelheim International GmbH|
|Customization Scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What are the growth prospects for the veterinary vaccine market?
A1. The global veterinary vaccine market is projected to grow at a CAGR of 5.85% during the forecast period.
Q2. What will be the veterinary vaccine market size by 2027?
A2. The veterinary vaccine market is projected to reach a market size of US$10.596 billion by 2027.
Q3. What is the size of the global veterinary vaccine market?
A3. Veterinary Vaccines Market was valued at US$7.119 billion in 2020.
Q4. Which region holds the largest share of the veterinary vaccine market?
A4. The North American region is expected to hold a significant share of the veterinary vaccine market.
Q5. What factors are anticipated to drive the veterinary vaccine market growth?
A5. The increasing adoption of animal companions coupled with the growing incidence of animal diseases fuels the veterinary vaccine market growth.
1.1. Market Overview
1.2. COVID-19 Scenario
1.3. Market Definition
1.4. Market Segmentation
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Force Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. VETERINARY VACCINES MARKET, BY ANIMAL
5.3. Companion Animals
6. VETERINARY VACCINES MARKET, BY TYPE
6.2. Live, Attenuated Vaccines
6.3. Inactivated/Killed Vaccines
6.4. Toxoid (Inactive Toxin) Vaccines
6.5. Subunit/Conjugate Vaccines
7. VETERINARY VACCINES MARKET, BY ROUTE OF ADMINISTRATION
8. VETERINARY VACCINES MARKET, BY GEOGRAPHY
8.2. North America
8.2.1. United States
8.3. South America
8.4.3. United Kingdom
8.5. The Middle East and Africa
8.5.1. Saudi Arabia
8.6. Asia Pacific
8.6.4. South Korea
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrative
9.3. Mergers, Acquisition, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. COMPANY PROFILES
10.4. Merck Animal Health
10.5. Phibro Animal Health
10.9. Boehringer Ingelheim International GmbH
Merck Animal Health
Phibro Animal Health
Boehringer Ingelheim International GmbH
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