PUBLISHER: BIS Research | PRODUCT CODE: 1415354
PUBLISHER: BIS Research | PRODUCT CODE: 1415354
“The Global Veterinary Vaccine Market Expected to Reach $19.86 Billion by 2033.”
In 2022, the global veterinary vaccine market held a value of $9.44 billion. The market is expected to grow at a CAGR of 7.30% during the forecast period 2023-2033 and attain a value of $19.86 billion by 2033. The market's trajectory suggests a transformative impact on veterinary healthcare, with companies adept at addressing regulatory complexities and embracing technological innovations poised for significant success.
KEY MARKET STATISTICS | |
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Forecast Period | 2023 - 2033 |
2023 Evaluation | $9.82 Billion |
2033 Forecast | $19.86 Billion |
CAGR | 7.3% |
The global veterinary vaccine market is in a growing mature phase. Characterized by a significant increase in demand and adoption, this stage reflects the rising recognition and acceptance of veterinary vaccines. Key drivers include the growing population of animals and awareness of vaccines, government initiatives for promoting veterinary health, and increasing emphasis on disease prevention. Due to challenges such as regulatory complexities and high cost of research and development (R&D) of veterinary vaccines, the overall trajectory suggests a dynamic and expanding market.
The veterinary vaccine market holds significant importance in the animal health industry, with profound impacts on both animal welfare and public health. The availability and widespread use of effective vaccines contribute to the prevention and control of various infectious diseases in animals, ranging from pets to livestock. This not only safeguards the health and well-being of individual animals but also plays a crucial role in maintaining the overall health of animal populations. Furthermore, by preventing the transmission of zoonotic diseases from animals to humans, veterinary vaccines contribute to public health and reduce the risk of disease outbreaks.
The industry's advancements in vaccine research and development continually address emerging infectious threats, promoting sustainability in agriculture, ensuring food safety, and fostering a harmonious coexistence between humans and animals. As a result, the veterinary vaccine market's impact extends beyond animal health, making it an integral component of global health strategies and broader ecosystem.
The livestock vaccines segment dominated the global veterinary vaccine market (by type) in FY2022. The dominance of livestock vaccines in the global veterinary vaccine market, categorized by type, underscores the critical role these vaccines play in safeguarding the health and productivity of livestock populations. Livestock vaccines are instrumental in preventing and controlling a variety of infectious diseases that can have profound economic implications for the agriculture sector. As livestock farming continues to be a significant component of the global food supply chain, the demand for vaccines tailored to the specific needs of cattle, poultry, swine, and other livestock remains high.
Avian influenza (bird flu) dominated the global veterinary vaccine market (by disease) in FY2022. Avian influenza is a highly contagious viral infection that primarily affects birds, including poultry. Given the potential for rapid transmission and severe economic consequences in the poultry industry, there is a heightened focus on developing and administering effective vaccines to prevent and control avian influenza outbreaks.
The global veterinary vaccine market (by technology) was dominated by the inactivated vaccines segment in FY2022. Inactivated vaccines, also known as killed vaccines, are produced from pathogens that have been rendered non-infectious, typically through processes such as heat or chemicals. This technology offers a safe and effective means of stimulating an immune response in animals without the risk of causing disease. The prevalence of inactivated vaccines in the veterinary market underscores their established track record in providing protection against various diseases in animals.
The global veterinary vaccine market (by route of administration) was dominated by the injectable vaccines segment in FY2022. Injectable vaccines are administered through injection, providing a direct and efficient means of delivering antigens to stimulate an immune response in animals. This route of administration is commonly used across various species, including livestock and companion animals. The dominance of injectable vaccines underscores their practicality, ease of administration, and established effectiveness in promoting immunity against a range of diseases.
The veterinary hospitals and clinics segment accounted for the largest share of the global veterinary vaccine market (by distribution channel) in FY2022. Veterinary hospitals and clinics serve as primary points of contact for animal owners seeking preventive healthcare for their pets and livestock. These establishments not only provide vaccination services but also offer expertise and guidance on the appropriate immunization schedules and tailored healthcare plans for individual animals. The dominance of this distribution channel reflects the trust placed in professional veterinary care and the integral role veterinarians play in promoting animal health.
Among regions, North America held the largest market value in 2022, and the trend is anticipated to continue during the forecast period 2023-2033.
Growing Population of Animals and Awareness of Vaccine: The global veterinary vaccine market is experiencing a notable upswing, primarily propelled by the escalating population of animals and the rising incidence of veterinary diseases. As the demand for effective healthcare solutions for animals intensifies, the veterinary vaccine market has become a crucial component in safeguarding the health and well-being of diverse animal species.
High Cost of Research and Development (R&D) of Veterinary Vaccine: The high cost of researching and developing veterinary vaccines can be a major obstacle to their development and accessibility, posing challenges for both animal health and veterinary industry. The intricate nature of developing vaccines tailored for diverse animal species, coupled with rigorous regulatory requirements, contributes to elevated expenses, thereby affecting the accessibility and affordability of veterinary vaccines.
Technological Advancements in Veterinary Vaccine: Technological advancements in veterinary vaccine development present significant opportunities for the veterinary vaccine market. Innovations such as genetic engineering, adjuvant technologies, and novel delivery methods enhance vaccine efficacy, safety, and convenience.
Workflow/Innovation Strategy: The veterinary vaccine market (by type) has been segmented into detailed segments of types of vaccines based on species, including livestock, poultry, porcine, companion animals, and aquaculture animals. Moreover, the study provides the reader with a detailed understanding of the different technologies and diseases.
Growth/Marketing Strategy: The veterinary vaccine market encompasses a range of vaccinations available for animals. Since the market is in a growing mature phase, there are upcoming technologies present that can further enhance the adoption of veterinary vaccines in the market.
Competitive Strategy: Key players in the global veterinary vaccine market have been analyzed and profiled in the study, including manufacturers involved in new product launches, acquisitions, expansions, and strategic collaborations. Moreover, a detailed competitive benchmarking of the players operating in the global veterinary vaccine market has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.
The key data points taken from the primary sources include:
The key data points taken from the secondary sources include:
The global veterinary vaccine market is a dynamic and rapidly evolving sector that plays a crucial role in maintaining animal health and safeguarding public health. With a focus on preventing and controlling infectious diseases in various animal species, including livestock, pets, and wildlife, the market has witnessed significant growth in recent years.
Key factors driving this expansion include rising awareness about zoonotic diseases, increasing demand for animal protein, and growing emphasis on animal welfare. The market is characterized by a diverse range of vaccines targeting different pathogens, with ongoing advancements in research and development contributing to the introduction of innovative and more effective vaccine formulations.
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Companies that are not a part of the aforementioned pool have been well-represented across different sections of the report (wherever applicable).