PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1642246
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1642246
The veterinary vaccines market is projected to reach USD 13.33 billion by 2029, from USD 9.39 billion in 2024, at a CAGR of 6.1%." during the forecast period.
Scope of the Report | |
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Years Considered for the Study | 2024-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Value (USD) |
Segments | By type, disease, technology, route of administration, end user |
Regions covered | North America, Europe, APAC, LATAM, and MEA |
The growing awareness of animal health, along with the rising pet population and pet ownership, is driving the adoption of veterinary vaccines. Government initiatives aimed at improving animal health and the increasing uptake of pet insurance policies are also contributing to this trend. In major markets like North America and Europe, many pet owners are purchasing pet insurance due to the significant rise in pet care spending in recent years. Additionally, the focus on developing new and advanced vaccine products, combined with the growing adoption of veterinary vaccines in emerging economies, is expected to further support market growth. However, the high costs associated with vaccines may pose a challenge to the veterinary vaccines market's expansion.
"The livestock vaccines segment of veterinary vaccines market to register highest share during the forecast period."
Based on type, the livestock vaccines segment accounted for the largest share. As livestock animals are owned for the production of food, such as meat and dairy products. As global demand for animal derived food increases and livestock farming intensifies to meet the nutritional needs of an expanding population, there is a greater emphasis on maintaining animal health, preventing disease outbreaks, and improving productivity. Additionally, government regulations, rising awareness about animal health, and growing demand for safer, disease-free food products are driving the adoption of livestock vaccines, further contributing to their dominant share in the market.
"The intramuscular segment to capture the largest market share of veterinary vaccines market."
Based on route of administration, intramuscular vaccines hold a higher share in the veterinary vaccines market due to their effectiveness and widespread use. Compared to conventional methods of administration like subcutaneous or oral vaccines, this kind of vaccine is delivered directly into the muscle, enabling a faster and more powerful immune response. Because of their ability to produce long-lasting immunity, intramuscular vaccines are frequently used to treat a range of conditions, including bacterial, viral, and parasite infections. The increased market share of intramuscular vaccines is partly a result of their shown efficacy, simplicity of use, and veterinarians' inclination for this approach in both individual pet care and large-scale farming.
"Asia pacific accounted for the fastest growing region of the veterinary vaccines market by region."
The global veterinary vaccines market is segmented into five major regions, namely, North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is the fastest growing market for veterinary vaccines. The increased ownership of pets is a major factor driving the need for veterinary care and vaccinations, particularly in economies like China, India, and Japan. Pet owners are also being encouraged to invest in vaccinations as a result of the region's increasing awareness of animal health and preventative measures. Growing focus on livestock health, better veterinary facilities, and economic expansion all contribute significantly to the market's growth. Governments and organizations have backed animal health initiatives, and more consumers are looking for improved pet healthcare as disposable incomes rise. The Asia Pacific region is becoming a significant growth engine for the veterinary vaccines market due to this confluence of variables.
The major players operating in the veterinary vaccines market market are Zoetis(US), Merck & Co, Inc. (US), Boehringer Ingelheim International GmbH (Germany), Elanco (US), Virbac (France), Ceva (France), Phibro Animal Health Corporation (US), Hester Biosciences Limited (India), Neogen Corporation (US), HIPRA (Spain), Biogenesis Bago (Argentina), Tianjin Ringpu BioTechnology Co., Ltd. (China), China Animal Husbandry Industry Co., LTD. (China), Jinyu Bio-technology Co., Ltd. (China), and Vaxxinova International B.V.(Netherlands).
Research Coverage
This report studies the veterinary vaccines market based on type, disease, technology, route of administration and region. The report also studies factors (such as drivers, restraints, opportunities, and challenges) affecting market growth and provides details of the competitive landscape for market leaders. Furthermore, the report analyzes micro markets with respect to their individual growth trends and forecasts the revenue of the market segments with respect to five major regions (and the respective countries in these regions).
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The report will enable established firms as well as entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them to garner a larger market share. Firms purchasing the report could use one or a combination of the below-mentioned strategies for strengthening their market presence.