The global veterinary vaccines market is projected to reach USD 10.8 billion by 2027 from USD 8.1 billion in 2022, at a CAGR of 5.9% during the forecast period. In emerging countries such as India and China, the pet insurance industry is in the nascent stage. The increasing disposable incomes and rising pet expenditure are expected to increase the adoption of pet insurance policies and support the veterinary health industry.
Bovine vaccines segment accounted for a larger share of the livestock vaccines market
In 2021, the bovine vaccines segment accounted for a larger share of the livestock vaccines market.This segment is also estimated to grow at a higher CAGR during the forecast period.
Growth in this segment can primarily be attributed to the increasing demand for meat and milk and increased awareness about the prevention of diseases in livestock.
The recombinant vaccines will grow at highest CAGR during the forecast period
Based on technology, the recombinant vaccines will grow at highest CAGR during the forecast period. The major advantages offered by recombinant vaccines include the lack of need for adjuvants and the stability offered by these vaccines that allows them to remain viable at ambient temperatures. Also, these vaccines are free from pathogen contamination, exhibit no post-vaccination reactions, and offer higher safety
North America accounted for the second largest share of the global veterinary vaccines market
In 2021, North America accounted for a share of the global veterinary vaccines market.The increasing animal population and growing animal disease prevalence, rising awareness of veterinary vaccines, and the increasing demand for animal products are the major factors that are expected to drive the growth of the veterinary vaccines market in North America.
In addition to the increasing healthcare expenditure, there has been a surge in the pet health insurance industry.
The break-up of the profile of primary participants in the veterinary vaccines market:
• By Company Type: Tier 1 – 60%, Tier 2 – 30%, and Tier 3 – 10%
• By Designation: C Level – 30%, Director Level – 50%, Others-20%
• By Region: North America – 45%, Europe – 15%, Asia Pacific – 25%, Middle East – 5%, and Latin America –10%
The prominent players in the veterinary vaccines market include Zoetis, Inc. (US), Merck & Co, Inc. (US), Boehringer Ingelheim International GmbH (Germany), Elanco Animal Health (US), Virbac (France).
The report analyzes the veterinary vaccines market and aims at estimating the market size and future growth potential of this market based on various segments such as type, disease, technology, route of administration, distribution channel and region.The report also includes a product portfolio matrix of various veterinary vaccines available in the market.
The report also provides a competitive analysis of the key players in this market, along with their company profiles, product offerings, and key market strategies.
Reasons to Buy the Report
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall veterinary vaccines market and the subsegments.This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
This report provides insights into the following pointers:
• Analysis of key drivers (growth in the companion animal population, rising incidence of zoonotic diseases, initiatives by various government agencies and animal associations, rising demand for animal-derived food products, growing demand for pet insurance, and rising animal health expenditure), restraints (the high storage cost of vaccines and rising pet care costs), opportunities (technological advancements and untapped emerging markets), and challenges (inadequate surveillance and reporting systems and lack of animal healthcare awareness emerging countries) influencing the growth of the veterinary vaccines market
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the veterinary vaccines market
• Market Development: Comprehensive information on the lucrative emerging markets by type, disease, technology, route of administration, distribution channel and region.
• Market Diversification: Exhaustive information about new products or product enhancements, growing geographies, recent developments, and investments in the global veterinary veterinary market.
• Competitive Assessment: In-depth assessment of market shares, growth strategies, product offerings, competitive leadership mapping, and capabilities of leading players like Zoetis, Inc. (US), Merck & Co, Inc. (US), Boehringer Ingelheim International GmbH (Germany), Elanco Animal Health (US), Virbac (France) in the global veterinary vaccines market.