Veterinary Vaccines Market to Expand Twofold by 2030; Near-term Uncertainties Due to COVID-19 Pandemic Pegging Back Market Growth
Immunization and vaccination are accepted as the most cost-effective and viable method of controlling infectious veterinary diseases. Veterinary vaccines play an important role in the reduction of diseases, in both, livestock and companion animals. Increasing awareness regarding animal health and growing demand for animal protein food products are key factors expected to augur well for the veterinary vaccines market. Veterinary vaccines are witnessing demand upsurge, globally, owing to increasing government-backed initiatives for the prevention of zoonotic diseases.
Veterinary Vaccines Market
A recent market study published by Future Market Insights (FMI) on the veterinary vaccines...
The global veterinary vaccines market is projected to be valued at US$ 9.1 Bn in 2020, and is expected to witness a CAGR of nearly 7% during the forecast period (2020–2030).
However, the coronavirus (COVID-19) pandemic has exposed the market to several uncertainties. With initial speculations blaming meat products for the transmission, the veterinary vaccines market witnessed a slowdown. That being said, further investigations have revealed that, meat consumption is not responsible for the COVID-19 contagion. As such, the veterinary vaccines market is gradually coming back on track, backed by increasing demand for animal-based products such as eggs, milk, and meat.
“Development of new and effective veterinary vaccines such as recombinant vaccines for infectious, parasitic, and metabolic diseases, and increasing animal disease eradication programs, will boost the growth of the veterinary vaccines market over the coming years.”
Key Takeaways of Veterinary Vaccines Market Study
- Attenuated live vaccines emerged as the largest segment by product, representing around 24% revenue share in veterinary vaccines market in 2019. Attenuated live vaccines are effective and are widely preferred for the treatment of animal diseases; they are expected to exhibit significant growth over the forecast period.
- By disease, the foot & mouth disease accounted for the highest revenue in 2019. High prevalence of foot & mouth disease is anticipated to drive demand for veterinary vaccines, worldwide.
- Veterinary clinics hold over 2/5 share of the veterinary vaccines market value, owing to increasing number of veterinary clinics.
- Based on species, livestock animals account for a leading revenue share in the veterinary vaccines market, owing to higher demand for livestock vaccines for better quality of meat and processed meat export.
- Cumulatively, North America and Western Europe contribute over 58% share in the global veterinary vaccines market, with North America leading the pack in terms of revenue share.
Acquisition a Prominent Strategy Adopted by Veterinary Vaccine Manufacturers
The acquisition strategy helps in complementing the vaccine portfolio that adds significant value to an organization. For instance, in June 2016, Boehringer Ingelheim International GmbH signed an agreement with Sanofi’s animal-health business (Merial). In July 2018, Zoetis acquired Nexvet Biopharma. This collaboration strengthened the development platform of mAb therapies and added new alternatives to treat osteoarthritis in companion animals.
Want more insights?
Future Market Insights brings a comprehensive research report on forecasted revenue growth at global, regional, and country levels, and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2030. The global veterinary vaccines market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader. The study provides compelling insights on the veterinary vaccines market on the basis of product (attenuated live vaccines, conjugate vaccines, inactivated vaccines, subunit vaccines, toxoid vaccines, DNA vaccines, and recombinant vaccines), disease (anaplasmosis, canine parvovirus, foot & mouth disease, new castle disease, distemper disease, influenza, porcine reproductive & respiratory syndrome (PRRS), and others), distribution channel (veterinary clinics, veterinary hospitals, veterinary research institutes, and retail pharmacies), and species (companion animals, companion animals, and equine), across seven major regions.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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