PUBLISHER: Meticulous Research | PRODUCT CODE: 1518349
PUBLISHER: Meticulous Research | PRODUCT CODE: 1518349
Veterinary Vaccines Market Size, Share, Forecast, & Trends Analysis by Type (Live, Inactive, Recombinant), Animal (Livestock [Ruminant, Poultry, Pig), Companion (Dog, Cat), Administration Route (Oral, Parenteral, Nasal), End User - Global Forecast to 2030
The veterinary vaccines market is projected to reach $11.13 billion by 2030, at a CAGR of 6.1% from 2023-2030. Following thorough secondary and primary research and in-depth analysis of the market scenario, the report discusses key industry drivers, restraints, challenges, opportunities, and trends.
The growth of this market is driven by the increasing livestock population, growing pet adoption, increasing prevalence of diseases in animals, and growing demand for animal-derived food products. Additionally, increasing awareness regarding animal health and growing expenditure on animal health and pet insurance are expected to create growth opportunities for the stakeholders in this market. However, the high cost of manufacturing and vaccine storage restrain the growth of this market. Low awareness regarding animal health in developing countries is a major challenge to market growth.
Based on type, the veterinary vaccines market is segmented into live attenuated vaccines, inactive vaccines, recombinant vaccines, and other vaccines. In 2023, the live attenuated vaccines segment is expected to account for the largest share of the market. This large share can be attributed to the high effectiveness of live attenuated vaccines. Live attenuated vaccines are the most traditional type of vaccines used. When introduced into the body, these vaccines initiate an immune response against pathogens, helping the immune system fight the infection in the future.
Based on animal type, the veterinary vaccines market is segmented into livestock and companion animals. The livestock segment is expected to grow at a higher CAGR during the forecast period. Factors contributing to the segment's growth are increasing demand and consumption of animal-derived food products in developing countries, increasing livestock population to meet the growing demand, and government initiatives to prevent and reduce animal disease occurrence. The governments of several countries are undertaking various initiatives to prevent animal diseases. For instance, in 2023, the Government of India launched two initiatives, Animal Pandemic Preparedness Initiatives and World Bank-funded Animal Health System Support for One Health. These initiatives aim to strengthen integrated disease surveillance & monitoring, early warning & response, vaccine/ diagnostics, R&D, and production for animal diseases in the country.
Based on administration route, the veterinary vaccines market is segmented into parenteral, oral, and intranasal. In 2023, the parenteral segment is expected to account for the largest share of the market. The segment's large share is attributed to the animals' especially pets' reluctance towards oral vaccines and easy and high vaccine absorption through the intramuscular route. Muscle tissues have a generous blood supply; therefore, the vaccines administered are readily absorbed into the bloodstream.
Based on distribution channel, the veterinary vaccines market is segmented into veterinary hospitals & clinics, pharmacies, and mobile veterinary units. The veterinary hospitals & clinics segment is expected to grow at the highest CAGR during the forecast period. The high preference for veterinary hospitals & clinics by farmers and pet owners, the growing prevalence of diseases in animals, and easy accessibility are the factors driving the growth of this segment.
An in-depth analysis of the geographical scenario of the veterinary vaccines market provides detailed qualitative and quantitative insights about the five major geographies (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa) along with the coverage of major countries in each region. In 2023, North America is expected to dominate the veterinary vaccines market, followed by Europe and Asia-Pacific. Well-established agriculture and animal husbandry, awareness of animal health among farmers and pet owners, high production and export of animal-derived food products, and a large pet population base are expected to support North America's largest share.
Key companies operating in the veterinary vaccines market are Zoetis Inc. (U.S.), Virbac (France), Ceva Sante Animale (France), Boehringer Ingelheim International GmbH (Germany), Phibro Animal Health Corporation (U.S.), Merck & Co., Inc (U.S.), Elanco Animal Health Inc. (U.S.), Vetoquinol (France), Neogen Corporation (U.S.), and Indian Immunologicals Ltd. (India).
Veterinary Vaccines Market Assessment, by Type
(Other vaccines include Gene deleted, virus vector, subunit, DNA Plasmid, and Toxoid)
Veterinary Vaccines Market Assessment, by Animal Type
(Other livestock include zoo animals, horses, and camels)
(Other companion animals segment covers rabbits, guinea pigs, fish, and other small animals)
Veterinary Vaccines Market Assessment, by Administration Route
Veterinary Vaccines Market Assessment, by Distribution Channel
Veterinary Vaccines Market Assessment, by Geography
(Note: SWOT Analysis of Top 5 Companies Will Be Provided)