The global veterinary/animal vaccines market size is projected to hit USD 16.01 billion by the end of 2026attributed to the increasing awareness about animal diseases and the increasing importance of animal health and welfare. Animals are exposed to various internal and external factors that act as disease-causing agents, thereby leading to communicable or fatal animal diseases. Therefor animal vaccination is a significant factor that allows humans and animals to share the same environment, especially for pet owners. As per a recent report by Fortune Business Insights titled, “Veterinary/Animal Vaccines Market Size, Share & Industry Analysis, By Product (Inactivated, Live Attenuated, Recombinant, Others), By Animal (Companion, Livestock), By Route of Administration (Oral, Parenteral, Others), By Distribution Channel (Veterinary Hospitals, Veterinary Clinics, Pharmacies & Drug Stores, Others) and Regional Forecast, 2019-2026,”the market value was USD 9.75 billion in 2018 and is expected to exhibit a CAGR of 6.4% between 2019 to 2026, set as the forecast duration.
Objectives of the Report include:
- Comprehensive analysis of the market and its growth trajectories
- Table of segmentation in details with the list of the key segment and its forecasted figure
- Notable industry developments of the market and other insights
- List of players and their key strategies to generate the highest revenue and emerge dominant
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Drivers & Restraints-
Rise in Number of Zootonic Diseases Worldwide to Propel Demand
The increasing number of farm animals and pet owners worldwide and the importance given to the health and well-being of their pets are major factors boosting the veterinary vaccines market growth. Additionally, the increasing number of animal cultivation practices for benefits such as milk, meat, eggs, wool, and others is also adding impetus to the market. Besides this, the rise in the number of zoonotic diseases and the increasing number of veterinary health care centers is expected to aid in the expansion of the market in the coming years.
On the negative side, the adverse effects of vaccines on some animals such as fever, uveitis, anorexia, and high toxicity may pose a major hindrance to the market in the future. Nevertheless, awareness programs organized by various governments, and improving healthcare infrastructure for animal welfare is likely to create lucrative growth opportunities for the market in the coming years.
Regional Analysis-
North America Emerged Dominant Attributed to Rapid Adoption of Efficient Animal Vaccines
Regionally, North America earned a revenue of USD 2.97 billion in 2018 and emerged dominant. This is attributable to the adoption of technologically advanced delivery devices, coupled with the rapid adoption of efficient animal vaccines.Additionally, the rise in the adoption of companion animals and dedicated following of stringent vaccine regulations by companion animal owners are also boosting the regional market.
On the other side, the market in Asia Pacific is likely to gain significant impetus especially from countries such as Japan, India, China, and others. This is owing to the rise in disposable incomes of people and increasing awareness about pet healthcare in the region. Besides this, the implementation of regular vaccination at specific intervals and other such stringent animal safety laws imposed by governments in the regions will further help the market rise significantly in the coming years.
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Competitive Landscape:
Players Focusing on Developing Vaccines for Better Revenue Generation
The veterinary vaccines market manufacturers are engaging in the launch of vaccines for various animal diseases and are investing massively on the same. Besides this, they are engaging in collaboration and joint ventures to gain more revenue in the competition.
Significant Industry Developments of the Market include:
December 2017 – The H3N2/H3N8 Vaccine called Vanguard CIV was launched by Zoetis adding to its canine influenza portfolio.
January 2019 – The first vaccine for animal swine called Ingelvac PRRS MLV was produced in China by Boehringer Ingelheim was launched in the Chinese market.
Fortune Business Insights™ lists out the names of market manufacturers. They are as follows:
- Ceva
- NEOGEN CORPORATION
- Boehringer Ingelheim International GmbH
- ImmuCell Corporation
- Eli Lilly and Company
- Merial
- Intervet Inc. (Merck Animal Health)
- Biovac
- Virbac
- Zoetis
- Other players
