CAGR: 6.6%Current Market Size: USD 10 BillionFastest Growing Region: APAC
Largest Market: North AmericaProjection Time: 2022-2029Base Year: 2021
The Global Veterinary Vaccines market is expected to grow from USD 10 billion in 2021 to USD 16.67 billion by 2029, at a CAGR of 6.6% during the Projection period 2022-2029. The growth of this market is mainly driven owing to the increasing demand for health-related issues in mainly livestock animals.
Veterinarian vaccines provide an effective method of preventing diseases in animals, are generally safe and effective, and have few severe side effects. Vaccines are primarily used to improve animals' immunity by improving their health conditions, which helps to prevent diseases from being transmitted between humans and animals. Moreover, due to the growing number of pets in developed countries and a rise in cattle & poultry in developing countries, the animal vaccine market is expected to experience steady growth. In addition, for livestock farming to be more productive and healthier, veterinary vaccinations are used to increase the number of animals and ensure their health. To feed a growing population, livestock production needs to be more efficient, livestock animals need to be healthy, and high-quality protein coming from livestock sources needs to be more readily available. In addition to food insecurity, revenue loss, and productivity losses associated with livestock diseases, which adversely impact human health, the introduction of veterinary animal vaccines has responded to all of these factors. For veterinary vaccine manufacturers and suppliers, the Projection period will continue to provide growth prospects for veterinary vaccine suppliers and manufacturers since billions of dollars are spent annually on pharmaceuticals and vaccines. These products are used to protect animals against a wide range of diseases and improve their immunity.
Sample Request: - Global Veterinary Vaccines Market
Market Dynamics:
Drivers:
Rapid urbanization has played an important role in increasing the demand for pet care clinics. The rising demand for pet care clinics boosts the growth of the veterinary vaccines market, as owners are becoming more aware of the health of their pets. Pet care centers provide all the necessary vaccinations to the pets which are required to increase their immunity against any infection. Growth in the veterinary-animal vaccines market will be boosted by the growing demand for animal protein in human food and the rising popularity of adopting pets.
Restraints:
One of the main reasons which hinder the growth of the veterinary market is the lack of awareness about the animal’s health. Instead of so many initiatives started by the government for the welfare of animals, people are giving less attention towards animals’ health. Negligence in vaccination and immunization of animals at the right time is arising so many problems, increasing cases of infection among animals, low productivity, and early deaths are some of the reasons which are arising due to lack of awareness, which needs to be resolved by spreading more and more awareness about the benefits of healthy animals in livestock, poultry etc.
Opportunities:
Major key players in the veterinary vaccine industry are continuously working on vaccines to make them more efficient and suitable for a wide range of animals and birds. With the help of continuous research & development and technological advancements, industries are manufacturing more acceptable and strong vaccines for animals and birds. Furthermore, the development of healthcare technology will enhance the growth rate of the market for veterinary-animal vaccines in the future, along with the rise in cattle and poultry in developing countries.
Challenges:
The high cost of vaccines is the most common and the biggest challenge faced by the veterinary vaccines market. Due to the high cost of vaccines, so many people avoid the timely vaccination and immunization of their animals which in turn gives rise to so many other problems related to animals’ health, low production of products coming from animal sources etc. In addition to a lack of awareness about animal health, the possibility that veterinary vaccines can adversely affect human and other animal health will create additional challenges for the market.
Segmentation Analysis:
The global veterinary vaccines market has been segmented based on type, technology, route of administration and region.
By Technology
The technology segment includes toxoid vaccines, attenuated live vaccines, recombinant vaccines, inactivated vaccines and others. The attenuated live vaccines segment led the largest share of the veterinary vaccines market with a market share of around 29.83% in 2021. As opposed to other vaccines, attenuated vaccines provide strong immunity by activating a wide range of immune responses. Furthermore, attenuated vaccines require fewer booster shots and provide rapid immunity onset which eventually boosts the growth of the textile fabric market.
By Type
The type segment includes aquaculture vaccines, porcine vaccines, livestock vaccines, and others. The livestock vaccines segment led the largest share of the veterinary vaccines market with a market share of around 39.23% in 2021. Humans rely on livestock animals for the majority of their primary and secondary food items, so ensuring their health is a top priority, resulting in farmers using healthcare products like livestock vaccines, lubricating the growth of the veterinary vaccines market.
By Distribution Channel
The distribution channel segment includes veterinary clinics, veterinary hospitals, pharmacies and others. The veterinary clinic segment led the largest share of the veterinary vaccines market with a market share of around 39.23% in 2021. Vaccination is not a time-consuming process; it takes very less time to vaccinate animals and birds due to which veterinary clinics become more popular for the process of vaccination as compared to the other distribution channel. As a result of this veterinary clinics accounts for a major share in the growth of the veterinary vaccines market.
Global Veterinary Vaccines Market- Sales Analysis.
The sale of Veterinary Vaccines expanded at a CAGR of 6% from 2015 to 2021.
Growing pet ownership in developed countries and increasing cattle & poultry numbers in developing countries should lead to steady growth for the animal vaccines market. Animal protein's increasing use in human food and pet adoption's growing trend will positively impact the growth of the veterinary-animal vaccines market.
The need for animal vaccines for the livestock population is rising as a result of growing concerns about food security and improved animal husbandry. Global livestock output has increased as a result of rising consumer demand for animal products. The demand for animal products is also rising as a result of a number of causes, including population expansion and variations in food choices brought on by changing lifestyles. These elements are contributing to the market's expansion. Additionally, the ongoing development of vaccinations and the spread of cattle diseases have contributed to the changing market dynamics.
A wide range of diseases and improved immunity are being treated with pharmaceuticals and vaccines on an annual basis, which will continue to drive growth prospects for suppliers and manufacturers of veterinary vaccines in the coming years.
Thus, owing to the aforementioned factors, the global Veterinary Vaccines Market is expected to grow at a CAGR of 6.6% during the Projection period from 2022 to 2029.
By Regional Analysis:
The regions analyzed for the gloves market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The North American region dominated the textile fabric market and held a 38.28% share of the market revenue in 2021.
Global Veterinary Vaccines Market- Country Analysis:
Germany's veterinary vaccines market size was valued at USD 0.62 billion in 2021 and is expected to reach USD 1.05 billion by 2029, at a CAGR of 6.9% from 2022 to 2029. Several factors contribute to this enormous percentage, including livestock and zoonotic illness in large numbers, which results in large-scale animal deaths which propel the growth of the veterinary vaccines market.
China’s veterinary vaccines market size was valued at USD 0.61 billion in 2021 and is expected to reach USD 1.02 billion by 2029, at a CAGR of 6.7% from 2022 to 2029. The rising disposable incomes in the region are leading to a greater awareness of the importance of preventive animal healthcare which will drive the growth of the market in the country.
India's veterinary vaccines market size was valued at USD 0.40 billion in 2021 and is expected to reach USD 0.67 billion by 2029, at a CAGR of 6.8% from 2022 to 2029. The increasing awareness about animal health and initiatives started by the government for proper and timely vaccination of animals propels the growth of the veterinary vaccine market.
Key Industry Players Analysis:
To increase their market position in the global veterinary vaccines business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2021-2029 |
Base year |
2021 |
CAGR (%) |
6.6% |
Market Size |
10 billion in 2021 |
Projection period |
2022-2029 |
Projection unit |
Value (USD) |
Segments covered |
By Technology, By Type, By Distribution Channel, and By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
Ceva, Zoetis Inc., Merck & Co. Inc., Eli Lily and Company, Aratana Therapeutics Inc., Karyopharm Therapeutics, Morphogenesis, Inc., Virbac, Biogenesis Bago, MSD Animal Health, Elanco, Hester Biosciences Limited, Boehringer Ingelheim International GmbH, NEOGEN CORPORATION, Torigen, HIPRA, Phibro Animal Health, China Animal Husbandry, Tianjin Ringpu, Vetoquinol, and Brilliant Bio Pharma Private Limited. |
By Technology |
|
By Type |
|
By Distribution Channel |
|
Regional scope |
|
Scope of the Report
Global Veterinary Vaccines Market by Technology:
Global Veterinary Vaccines Market by Type:
Global Veterinary Vaccines Market by Distribution Channel:
Global Veterinary Vaccines Market by Region:
Global Veterinary Vaccines market is expected to reach USD 16.67 billion by 2029.
The Veterinary Vaccines market is projected to have a CAGR of 6.6%.
The technology segment includes toxoid vaccines, attenuated live vaccines, recombinant vaccines, inactivated vaccines and others.
Leading market players active in the global Veterinary Vaccines market are Ceva, Zoetis Inc., Merck & Co. Inc., Eli Lily and Company, Aratana Therapeutics Inc., Karyopharm Therapeutics, Morphogenesis, Inc., Virbac, Biogenesis Bago, MSD Animal Health, Elanco, Hester Biosciences Limited, Boehringer Ingelheim International GmbH, NEOGEN CORPORATION, Torigen, HIPRA, Phibro Animal Health, China Animal Husbandry, Tianjin Ringpu, Vetoquinol, Brilliant Bio Pharma Private Limited among others.
The type segment includes aquaculture vaccines, porcine vaccines, livestock vaccines, and others.
Political Factors- Political factors have a significant impact on how businesses operate. Governments are in charge of putting rules and regulations into effect that may have a direct or indirect impact on every facet of a corporation. Thus, political and legal factors are inextricably linked. The primary distinction between political and legal variables is that the former are defined and subject to compliance, while the latter are trends in attitude toward certain items. Governmental laws have a significant impact on a firm and can have both direct and indirect effects. Incentives for emissions reductions driving up demand for veterinary vaccines are an illustration of an indirect effect.
Economical Factors- The economic environment in which a company conducts its operations is undoubtedly the most important source of potential for profit-making as well as of difficulties and dangers that must be managed. Everything related to growth rates, commerce, supply and demand, market trends, competition, and currency fluctuations is considered an economic element. Economic Projectioning is a useful tool for making decisions since it can be used to predict the breadth and direction of economic changes. Depending on the industry, a corporation may confront a different set of economic considerations. A specific business is responsible for considering the economic climate in which they operate. A business's success is directly impacted by the state of the economy, and those effects can be long-lasting.
Social Factor- The sociocultural aspects of a region that can have an impact on an organization are the subject of this section of a PESTLE investigation. These influences might be overt or covert, but they have a significant impact on how an organization functions. Socio-cultural influences may have some overt effects on firms, such as determining the kind of goods and services they provide, their marketing strategies, and their overall financial success. These are some of the more obvious effects of sociocultural influences, but they can also have less obvious effects.
Technological Factors- Several distinct technological aspects must be taken into account when performing a PESTLE analysis. These subjects can be divided into several groups. The technology used in production comes first. These examine the technologies a business uses to produce a product. From small to large automated production lines, these factors are relevant. Manufacturing technology examples are widely available. The automotive industry is a prime example of a large-scale manufacturing operation today, whose increased production was made possible by automation advances. There are numerous instances of improved manufacturing technology efficiency in the biotech sector.
Environmental Factors- Environmental awareness is becoming increasingly important for firms working in contemporary society. Climate change is a reality in our world, and environmental disturbances brought on by human activities are happening more frequently. Issues including the depletion of natural resources, waste management, and recycling practices can all have an impact on the environment. Information gathering is a top priority step since many environmental elements are changing. Environmental variables take ecological and environmental concerns into account. Environmental factors include all methods of protecting and managing natural resources, such as water, oil, and land. If they are disregarded, they can also have an impact on the health and morale of the workforce and create uncertainty and risk.
Legal Factors- These constraints can be local or federal and include all laws, rules, regulations, and policies. The legal standards that must be followed by an organization, such as the minimum wage rate and tax regulations, are particularly significant because breaking them can result in serious penalties. These include penalties, a halt to activities, and reputational harm. The many legal frameworks that exist across the various nations where larger organizations operate must be dealt with.
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