A vast surge in the prevalence of zoonotic diseases, increased expenditures on the health and wellness of companion animals by pet lovers, and efforts by government and non-government organizations to educate masses about animal diseases and their effective treatment have collectively fueled the global veterinary vaccines market in the past few years. In the next few years, rising investments by key vendors on R&D activities are expected to lead to the development of highly effective varieties of vaccines such as subunit vaccines, DNA vaccines, and recombinant vaccines. This will have a huge impact on the overall growth prospects of the global veterinary vaccines market.
Transparency Market Research states that the global veterinary vaccines market, which held an opportunity worth US$6.27 bn in 2015, will exhibit a healthy 6.9% CAGR from 2016 through 2024, and rise to a valuation of US$11.40 bn by 2024.
Live Attenuated Vaccines Emerge as Leading Contributor to Market’s Revenues
Of the key varieties of veterinary vaccines available in the global market, the segment of live attenuated vaccines presently dominates. The segment held a share of more than 44% in the global market in 2015. Expected to expand at a healthy 6.8% CAGR over the period between 2016 and 2024, the segment is expected to retain its dominance in the global market in the next few years as well. Factors such as easy transport, durability, affordability, safety, and ease of administration work in favor of these vaccine types.
As the production of live attenuated vaccines incurs comparatively low costs than inactivated vaccines and can be produced in bulk, their market is expected to flourish especially in developing regions. Over the period between 2016 and 2024, however, the market for technologically advanced product varieties such as DNA vaccines, subunit vaccines, and recombinant vaccines is expected to expand at the fastest CAGR of 9.2%. Factors such as high level of safety and no use of adjuvants will help these vaccines gain increased attention from pet and farm animal owners.
North America Leads but Emerging Economies to Present Promising Growth Opportunities
North America is presently the key regional market for veterinary vaccines, accounting for nearly 37% of the overall revenues of the global veterinary vaccines market in 2015. The vast rise in pet ownership in the region, especially in the U.S., which has the world’s largest number of pets, is central to the massive demand for veterinary vaccines in the region. The market for veterinary vaccines in North America is also driven owing to the strict regulations put in place by the federal government mandating vaccination against certain viruses such as parvovirus, rabies, and adenovirus. Continuous research and progress in the field of veterinary immunology and immunopathology have also kept the region at the forefront of the global veterinary vaccines market.
Though the North America veterinary vaccines market will continue to be in a commanding position over the forecasting horizon in terms of revenue contribution, emerging markets such as Latin America, Asia Pacific, and Middle East and Africa are expected to provide the most promising returns. The vast rise in the number of companion and farm animals across these regions, rising awareness about vaccination among the population, and the rise in prevalence of zoonotic disease will drive the markets for veterinary vaccines in these regions. The market in Asia Pacific will exhibit a strong CAGR of 8.4% over the period between 2016 and 2024.
Some of the key vendors in the global veterinary vaccines market are Ceva Santé Animale, Bayer AG, Bimeda, Inc., Merck Animal Health, Sanofi (Merial Animal Health), Boehringer Ingelheim GmbH, Eli Lilly and Company (Elanco Animal Health), Virbac, and Zoetis, Inc.
Global Veterinary Vaccine Market: Overview
Veterinary vaccination is one of the most lucrative product segments for veterinary medication manufacturers and providers. Given the precautionary nature of veterinary medicinal services, the global veterinary vaccine market is assessed to gain extensive traction and clock immense growth over the coming years. With surge in occurrence of zoonotic infections, the worldwide animal production has decreased by 15%– 20% per annum. The rise in the trend of adoption of pets has escalated due to progressively detached ways of life, increasing aged populace and increasing per capita salary levels. These could be the primary factors for the rising interest for pets globally.
The viable harmonization of product development, enrollment and approval rules could diminish time-to-market for veterinary vaccines, which could profit every key partner in the veterinary immunization chain – governments, drug manufacturers, wholesalers, distributors and pet animal lovers.
According to the report, the global veterinary vaccines market could be classified according to type of animal, and the type of technology used. A study of market segmentation is presented herein to aid in the analysis of market growth opportunities in a meticulous manner.
The authors of the report have provided the reader with a comprehensive study of the global veterinary vaccine market in terms of a number of aspects such as market opportunities, trends, restraining factors, key drivers, and competitive landscape. Readers are anticipated to acquire an intensive insight of the market which can help plan their business strategies.
Global Veterinary Vaccine Market: Trends and Opportunities
Development of the international veterinary vaccine market is principally determined by enhancing food security alongside rising adoption and humanization of pets. Surging foodborne and zoonotic infections, improving general wellbeing through controlling infectious sicknesses, for example, avian flu and rising acculturation of pets and appropriation are a few variables expected to drive the general development of the veterinary immunizations market. Organizations are receiving different procedures to maintain in the market and make a particular incentive for various consumer groups so as to offer lower cost treatment for animals. This is thus anticipated to drive the advance of the veterinary vaccine market in developing regions.
Likewise, the veterinary vaccine market is predicted to undergo growth due to the expanding animal bites which might be lethal for humans if the creature is not inoculated against infections. As indicated by U.S.’s King County, out of the aggregate animal bites in the continental U.S., roughly 66% are canine bites. As per the American Society of Plastic Surgeons, in 2012 over 27,000 individuals experienced reconstructive surgery because of dog bites. The Journal of American Medical Association (JAMA) announced that canine assault casualties suffer losses of around one-two billion consistently on account of treatment, in the U.S. The best way to reduce these medical as well as monetary losses would be veterinary immunization.
Global Veterinary Vaccine Market: Geographical Analysis
Experienced analysts predict the veterinary vaccine market to witness lucrative prospects in regions such as Europe, Asia Pacific, North America, the Middle East and Africa, Latin America, and the Rest of the World. The report predicts North America to lead the market geographically, holding about one-third of the market revenue. These markets foresee immense growth owing to popularity of pet adoption and the stringent regulations for pet care.
Emerging regions of Latin America, Asia Pacific and the Middle East & Africa are also predicted to experience rapid growth in the veterinary vaccine market due prevalence of zoonotic ailments and rising awareness toward pet care.
Global Pet Wearable Market: Key Companies
The study profiles various companies operating in the global veterinary vaccine market. Companies such as Virbac and Zoetis Inc., Merck Animal Health, Bayer AG, Sanofi and Bimeda Inc are amongst the mentioned key market players. The report also catalogues other significant players in the veterinary vaccine industry, which could provide participants a chance to study effective strategies.
The global veterinary vaccine market is segmented into the following categories:
Global Veterinary Vaccines Market, by Animal Type
- Companion Animals
- Livestock Animals
Global Veterinary Vaccines Market, by Technology Type
- Inactivated Vaccines
- Live Attenuated Vaccines
- Conjugate Vaccines
- Toxoid Vaccines
- Other Vaccines
Global Veterinary Vaccines Market, by Geography
- North America
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
This report gives access to decisive data, such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
Key highlights of this report include:
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis
- Offers a clear understanding of the competitive landscape and key product segments