Veterinary Vaccine Global Market Forecast Report: A $19.86 Billion Market by 2033, Registering 7.3% CAGR During 2023-2033
DUBLIN, March 18, 2024 /PRNewswire/ -- The "Veterinary Vaccine Market - A Global and Regional Analysis: Focus on Type, Disease, Technology, Route of Administration, Distribution Channel, and Region - Analysis and Forecast, 2023-2033" report has been added to ResearchAndMarkets.com's offering.
In 2022, the global veterinary vaccine market held a value of $9.44 billion. The market is expected to grow at a CAGR of 7.3% during the forecast period 2023-2033 and attain a value of $19.86 billion by 2033. The market's trajectory suggests a transformative impact on veterinary healthcare, with companies adept at addressing regulatory complexities and embracing technological innovations poised for significant success.
The veterinary vaccine market holds significant importance in the animal health industry, with profound impacts on both animal welfare and public health. The availability and widespread use of effective vaccines contribute to the prevention and control of various infectious diseases in animals, ranging from pets to livestock. This not only safeguards the health and well-being of individual animals but also plays a crucial role in maintaining the overall health of animal populations. Furthermore, by preventing the transmission of zoonotic diseases from animals to humans, veterinary vaccines contribute to public health and reduce the risk of disease outbreaks.
The industry's advancements in vaccine research and development continually address emerging infectious threats, promoting sustainability in agriculture, ensuring food safety, and fostering a harmonious coexistence between humans and animals. As a result, the veterinary vaccine market's impact extends beyond animal health, making it an integral component of global health strategies and broader ecosystem.
Market Segmentation
Livestock Vaccines to Dominate the Global Veterinary Vaccine Market (by Type)
The livestock vaccines segment dominated the global veterinary vaccine market (by type) in FY2022. The dominance of livestock vaccines in the global veterinary vaccine market, categorized by type, underscores the critical role these vaccines play in safeguarding the health and productivity of livestock populations. Livestock vaccines are instrumental in preventing and controlling a variety of infectious diseases that can have profound economic implications for the agriculture sector. As livestock farming continues to be a significant component of the global food supply chain, the demand for vaccines tailored to the specific needs of cattle, poultry, swine, and other livestock remains high.
Avian Influenza (Bird Flu) to Dominate the Global Veterinary Vaccine Market (by Disease)
Avian influenza (bird flu) dominated the global veterinary vaccine market (by disease) in FY2022. Avian influenza is a highly contagious viral infection that primarily affects birds, including poultry. Given the potential for rapid transmission and severe economic consequences in the poultry industry, there is a heightened focus on developing and administering effective vaccines to prevent and control avian influenza outbreaks.
Inactivated Vaccines to Dominate the Global Veterinary Vaccine Market (by Technology)
The global veterinary vaccine market (by technology) was dominated by the inactivated vaccines segment in FY2022. Inactivated vaccines, also known as killed vaccines, are produced from pathogens that have been rendered non-infectious, typically through processes such as heat or chemicals. This technology offers a safe and effective means of stimulating an immune response in animals without the risk of causing disease. The prevalence of inactivated vaccines in the veterinary market underscores their established track record in providing protection against various diseases in animals.
Injectable Vaccines to Dominate the Global Veterinary Vaccine Market (by Route of Administration)
The global veterinary vaccine market (by route of administration) was dominated by the injectable vaccines segment in FY2022. Injectable vaccines are administered through injection, providing a direct and efficient means of delivering antigens to stimulate an immune response in animals. This route of administration is commonly used across various species, including livestock and companion animals. The dominance of injectable vaccines underscores their practicality, ease of administration, and established effectiveness in promoting immunity against a range of diseases.
Veterinary Hospitals and Clinics to Continue its Dominance in the Global Veterinary Vaccine Market (by Distribution Channel)
The veterinary hospitals and clinics segment accounted for the largest share of the global veterinary vaccine market (by distribution channel) in FY2022. Veterinary hospitals and clinics serve as primary points of contact for animal owners seeking preventive healthcare for their pets and livestock. These establishments not only provide vaccination services but also offer expertise and guidance on the appropriate immunization schedules and tailored healthcare plans for individual animals. The dominance of this distribution channel reflects the trust placed in professional veterinary care and the integral role veterinarians play in promoting animal health.
Among regions, North America held the largest market value in 2022, and the trend is anticipated to continue during the forecast period 2023-2033.
Demand - Drivers, Restraints, and Opportunities
Market Drivers:
Growing Population of Animals and Awareness of Vaccine: The global veterinary vaccine market is experiencing a notable upswing, primarily propelled by the escalating population of animals and the rising incidence of veterinary diseases. As the demand for effective healthcare solutions for animals intensifies, the veterinary vaccine market has become a crucial component in safeguarding the health and well-being of diverse animal species.
Market Restraints:
High Cost of Research and Development (R&D) of Veterinary Vaccine: The high cost of researching and developing veterinary vaccines can be a major obstacle to their development and accessibility, posing challenges for both animal health and veterinary industry. The intricate nature of developing vaccines tailored for diverse animal species, coupled with rigorous regulatory requirements, contributes to elevated expenses, thereby affecting the accessibility and affordability of veterinary vaccines.
Market Opportunities:
Technological Advancements in Veterinary Vaccine: Technological advancements in veterinary vaccine development present significant opportunities for the veterinary vaccine market. Innovations such as genetic engineering, adjuvant technologies, and novel delivery methods enhance vaccine efficacy, safety, and convenience.
Key Market Players and Competition Synopsis
The global veterinary vaccine market is a dynamic and rapidly evolving sector that plays a crucial role in maintaining animal health and safeguarding public health. With a focus on preventing and controlling infectious diseases in various animal species, including livestock, pets, and wildlife, the market has witnessed significant growth in recent years.
Key factors driving this expansion include rising awareness about zoonotic diseases, increasing demand for animal protein, and growing emphasis on animal welfare. The market is characterized by a diverse range of vaccines targeting different pathogens, with ongoing advancements in research and development contributing to the introduction of innovative and more effective vaccine formulations.
Some of the prominent companies in this market are:
- Boehringer Ingelheim International GmbH
- Ceva Sante Animale
- Elanco Animal Health Incorporated
- Merck & Co., Inc. (Merck Animal Health)
- Zoetis, Inc.
- Phibro Animal Health Corporation
- Virbac
Report Segmentation
Segmentation by Type
- Livestock Vaccines
- Porcine Vaccines
- Poultry Vaccines
- Companion Animal Vaccines
- Aquaculture Vaccines
Segmentation by Disease
- African Swine Fever
- Foot and Mouth Disease
- Newcastle Disease
- Avian Influenza (Bird Flu)
- Peste des Petits Ruminants
- Other Diseases
Segmentation by Technology
- Live Attenuated Vaccines
- Inactivated Vaccines
- Toxoid Vaccines
- Recombinant Vaccines
- Conjugate Vaccines
- Other Vaccines
Segmentation by Route of Administration
- Injectable Vaccines
- Oral Vaccines
- Intranasal/Spray Vaccines
Segmentation by Distribution Channel
- Veterinary Hospitals and Clinics
- Retail Pharmacies
- Veterinary Research Institutes
Segmentation by Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
For more information about this report visit https://www.researchandmarkets.com/r/vqpwf7
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