Veterinary Vaccines Market by Animal Type [Livestock Animals and Companion Animals], Vaccine Type [Live Attenuated Vaccines, Inactivated Vaccines, Toxoid Vaccines, and Recombinant Vaccines] – Global Outlook & Forecast 2021-2031
According to the deep-dive market assessment study conducted by Growth+ Reports, the global veterinary vaccines market was pegged at ~US$ 7.65 billion in 2020. The market is expected to witness a CAGR of ~5.0% from 2021 to 2031.
Growth in the companion animal population, increasing outbreak of animal zoonotic diseases, rising investment for R&D of advanced vaccines are some of the pivotal factors propelling the growth of the veterinary vaccines market. However, increasing adoption of vegan diet and high costs associated with vaccine development, storage & handling are likely to restrain the market growth to a certain extent.
Government bodies and numerous organizations across the globe are implementing several initiatives to spread awareness regarding veterinary vaccination and ways to reduce contagious diseases by providing the necessary funding, grants and launching various vaccination programmes. For instance, in May 2020, the finance minister of India announced the National Animal Disease Control Programme (NADCP) worth USD1.8 billion (INR 13,343 crore) for 100% vaccination of cattle, buffalo, sheep , goat and pigs totaling 530 million animals all over the country and eradication of livestock diseases by FY 2030.
Zoonosis or zoonotic disease is a disease that has passed into the human population from an animal source directly or through an intermediary species. Zoonotic infections can be bacterial, viral, or parasitic in nature. Some of the examples of zoonotic diseases are HIV-AIDS, Ebola, Lyme disease, malaria, rabies, West Nile fever, and the current novel coronavirus disease (COVID-19). Many small farmers and marginalized populations in Africa, Asia and Latin America depend on animals for their livelihoods. However, each year, a significant number of animals belonging to these farmers die due to zoonotic diseases, or transmit zoonotic diseases to other animals. Furthermore, intensive farm settings cause animals to be raised in close proximity to each other, in less ideal conditions characterized by limited biosecurity and animal husbandry and poor waste management. This makes them more vulnerable to infections, which can further lead to emergence of zoonotic diseases. The wide range of such diseases can be prevented by active adoption of animal vaccinations.
In an effort to maintain their position in the market, prominent players are continuously launching advanced products and increasing their production capacity to meet the rising demands. For instance, in July 2020, Merck Animal Health announced an investment of $100 million into its manufacturing site in DeSoto, Kansas, to scale up vaccine production and pave the way for future research in the field.
However, the high costs associated with vaccine development and storage & handling remain a major concern for the growth of the veterinary vaccines market. Furthermore, as biological materials are the basic resource used in the production of vaccines, government stringent regulation on transportation of biological materials from one region to another is also expected to hamper the growth of the market to a certain extent.
The Asia Pacific region is projected to be the fastest growing veterinary vaccines market. The high growth of the region can mainly be attributed to rising pet adoption & livestock population, rising non-governmental organizations’ (NGOs) work for the welfare of animals and high R&D expenditure by many prominent players. Furthermore, owing to the presence of largest livestock inventory in the world, India and China in the APAC region are expected to offer significant growth opportunities.
Some of the prominent players operating in the veterinary vaccines market are Boehringer Ingelheim International GmbH, Intervet Inc., a subsidiary of Merck & Co. Inc., Zoetis, Elanco, Ceva, Virbac, Phibro Animal Health Corporation, Hester Biosciences Limited, HIPRA, Biogénesis Bagó, among others.