Number of pages: 120 | Report Format: PDF | Published date: 27 January, 2022
Historical Years – 2018 & 2019 | Base Year – 2020 | Forecasted Years – 2021-2031
The global veterinary vaccines market was pegged at US$ 7.65 billion in 2020 and is expected to witness a CAGR of 5.0% during the forecast period.
Veterinary vaccines play a major role in improving the health and welfare of livestock & companion animals, reducing animal sufferings, and increasing production of livestock in a cost-effective manner. These vaccines also greatly reduce the need for antibiotics to treat livestock & companion animals and prevent animal-to-human transmission from both domestic animals and wildlife.
The global veterinary vaccines market is mainly driven by growth in the companion animal population, increasing outbreak of animal zoonotic diseases, and rising investment for R&D of advanced vaccines. Several initiatives by government and organizations to spread awareness regarding veterinary vaccination and ways to reduce contagious diseases are also likely to play a pivotal role in bolstering the market growth globally. However, increasing adoption of vegan diet and high costs associated with vaccine development, storage & handling are expected to hamper the market growth to a certain extent.
The global veterinary vaccines market has been analyzed from three perspectives: Animal Type, Vaccine Type, and Region.
Veterinary Vaccines Market by Animal Type
Based on 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, companion animal segment is furthered categorized into canine, feline and others (equine, rabbit, and others). The livestock animals segment accounted for the largest share in the market. The growth of segment can primarily be attributed to the large demand for meat and other animal based products coupled with rising need for livestock animal immunization to assure the safety of animal based products.
Veterinary Vaccines Market by Vaccine Type
Based on vaccine type, the veterinary vaccines market has been segmented into live attenuated vaccines, inactivated vaccines, toxoid vaccines and recombinant vaccines and other vaccines type (subunit vaccine, conjugate vaccine, and DNA vaccine). The live attenuated vaccines accounted for the largest share in the veterinary vaccines market. Live attenuation is the conventional vaccination method used in 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.
Veterinary Vaccines Market by Region
Based on region, the global veterinary vaccines market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW). North America dominated the veterinary vaccines market, followed by Asia Pacific. The large share of North America in the global market can largely be attributed to increasing number of pet and livestock population and rising awareness about the prevention of diseases. Increase in disease outbreaks coupled with growing demand for effective animal medicinal products are also likely to propel the market growth.
Some of the prominent players operating in the veterinary vaccines market includes:-