Veterinary Vaccines Market
Number of pages: 120 | Report Format: PDF | Published date: January 27, 2022
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 11.9 billion |
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Revenue Forecast in 2031 |
US$ 24.65 billion |
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CAGR |
8.43% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023-2031 |
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Historical Year |
2021 |
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Segments Covered |
Animal Type, Vaccine Type, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global veterinary vaccines market was valued at US$ 11.9 billion in 2022 and is expected to register a revenue CAGR of 8.43% to reach US$ 24.65 billion by 2031.
Veterinary Vaccines Market Fundamentals
Veterinary vaccines are biological preparations designed to stimulate animal immune responses, providing protection against specific infectious diseases. Just like human vaccines, veterinary vaccines contain antigens that resemble the disease-causing organisms, but they are either killed, weakened, or modified to reduce their virulence. There are different types of veterinary vaccines, including inactivated, live attenuated, subunit, recombinant, and DNA vaccines.
Veterinary Vaccines Market Dynamics
The global veterinary vaccines market is mainly driven by growth in the companion animal population, increasing outbreaks of animal zoonotic diseases, and rising investment in R&D of advanced vaccines. Several initiatives by governments and organizations to spread awareness regarding veterinary vaccination and ways to reduce contagious diseases are also likely to bolster global market growth. The growing trend of companion animal ownership has increased the demand for better healthcare facilities with an intention to take care of the health of their companion/pet animals, which in turn is expected to propel the veterinary vaccine market. According to American Pet Products Association (APPA), 2019-2020, around 67% of U.S. households owned a pet, equating to 84.9 million homes. This number is expected to grow dynamically in the forecast period, fueling the market’s growth. 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 programs.
Furthermore, 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 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 the emergence of zoonotic diseases. A wide range of such diseases can be prevented by actively adopting animal vaccinations. Additionally, 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 the transportation of biological materials from one region to another is also expected to hamper the market growth to a certain extent.
Veterinary Vaccines Market Ecosystem
The global veterinary vaccines market has been analyzed from the following perspectives: animal type, vaccine type, and region.
Veterinary Vaccines Market by Animal Type
Based on the animal type, the market has been segmented into livestock animals and companion animals.
The livestock animal segment is further categorized into porcine, bovine, poultry, and others (ovine, aquaculture, bees, and others). Whereas the companion animal segment is further categorized into canine, feline, and others (equine, rabbit, and others). The livestock animals segment accounted for the largest share of the market in 2022. The segment’s growth can primarily be attributed to the great demand for meat and other animal-based products coupled with the rising need for livestock animal immunization to ensure animal-based products’ safety. Furthermore, this growth can be attributed to preserving the animals' health for food production, safeguarding public health, and maintaining the food supply; farmers use medications. Farmers that breed cattle, pigs, poultry, and other livestock produce high livestock production. Healthy cattle are used for domestic and international meat production and dairy products. This benefits the different economies and provides consumers with wholesome, inexpensive food, raising the demand for healthy animals for consumption. The companion animal segment proliferates due to increasing demand for pet nurturing and pet-human bonds.
Veterinary Vaccines Market by Vaccine Type
Based on the vaccine type, the veterinary vaccines market has been segmented into live attenuated vaccines, inactivated vaccines, toxoid vaccines, recombinant vaccines, and other vaccines type (subunit vaccine, conjugate vaccine, and DNA vaccine).
The live attenuated vaccines accounted for the largest share of the veterinary vaccines market. Live attenuation is the conventional vaccination method used in the veterinary field. The large share of the segment can be attributed to its benefits, such as ease of administration, greater efficacy, and long-term immunity. Inactivated viral vaccines are often more stable than live vaccinations and do not pose the danger of pathogenicity reversion. The first dose primes the immune system’s response, but a protective immunological response only emerges in the second or subsequent doses. They are typically less costly and safer, resulting in increased market demand. Furthermore, increased virus development is increasing the need for inactivated vaccines.
Recombinant vaccines account for a notable revenue share in the global market. In veterinary medicine, recombinant technology is still an emerging field. Its advantages include avoiding exposing the vaccine to the pathogen, the absence of the requirement for adjuvants, and stability, which permits some vaccines to remain alive at room temperature. These recombinants can acquire several genetic inserts, allowing for development of different combination vaccinations for animal use. Recombinant vaccines offer effective control and prevention of various infectious diseases in animals. They can be designed to provide protection against specific pathogens or strains, allowing for targeted disease management. Recombinant vaccines can be developed for various animal species, including livestock, companion animals, and wildlife. This versatility makes them valuable in addressing the diverse vaccination needs across different sectors of the veterinary market. In veterinary medicine, licensed recombinant vaccines include those that protect against Lyme disease, pseudorabies, rabies, canine distemper, Newcastle disease, and a form of avian influenza.
Veterinary Vaccines Market by Region
Based on region, the global veterinary vaccines market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America dominated the veterinary vaccines market with a revenue share of ~36%, followed by Asia Pacific. The large share of North America in the global market can largely be attributed to the increasing number of pet and livestock populations and rising awareness about the prevention of diseases. An increase in disease outbreaks coupled with growing demand for effective animal medicinal products are also likely to propel market growth.
Similarly, Asia Pacific accounts for a sizeable revenue share and is a rapidly growing region in the global market. In recent years, there has been a significant rise in awareness about animal health and the importance of preventing and controlling infectious diseases in animals. This increased awareness has increased the demand for veterinary vaccines in the Asia Pacific region. The Asia Pacific region has a large and rapidly growing population, which has resulted in an increased demand for livestock products and pet ownership. This has led to expanding the livestock and companion animal sectors, creating a need for effective vaccines to maintain animal health and productivity. As economies in the Asia Pacific region continue to grow, there has been an increase in disposable income levels and changing lifestyles. This has led to a greater willingness and ability to spend on pet healthcare, including preventive measures such as vaccination. The Asia Pacific region has a significant livestock industry, including poultry, swine, cattle, and aquaculture. With the growing demand for animal protein and dairy products, there is an increasing focus on improving animal health and productivity through vaccination programs, driving the demand for veterinary vaccines. Many countries in the Asia Pacific region have implemented government initiatives and regulations to control and prevent the spread of animal diseases. These initiatives often include vaccination programs, which contribute to the growth of the veterinary vaccines market in the region. The Asia Pacific region has seen advancements in veterinary vaccine technologies, including the development of novel vaccines and delivery systems. Additionally, there has been an increase in research and development investments by pharmaceutical companies and government agencies, driving the growth of the veterinary vaccines market.
Competitive Landscape
Some of the prominent players operating in the veterinary vaccines market are as follows:
Strategic Developments
Veterinary vaccinations are primarily used to protect cattle against infections such as the bluetongue virus, foot-and-mouth disease (FMD), and rabies. Veterinary vaccinations also enhance companion animal health and well-being, raise livestock output cost-effectively, and prevent animal-to-human transmission from both domestic animals and wildlife.
The estimated market size of the global veterinary vaccines market in 2031 is US$ 24.65 billion.
The revenue CAGR for the veterinary vaccines market is 8.43% during the forecast period of 2023 to 2031.
The Asia Pacific region is projected to grow at high revenue CAGR in the global veterinary vaccines market.
The inactivated vaccines segment dominates the global veterinary vaccines market.
*Insights on financial performance are subject to the availability of information in the public domain