The global veterinary vaccines market accounted for a value of USD 6.6 billion in 2019 and is projected to register growth at a CAGR of 6.5% during forecast period.
COVID-19 has impacted the veterinary vaccines market. The manufacturing unit has to halt and supply chain is disrupted due to travel restriction. The dedicated firms are focusing on producing vaccine for corona virus and the number of visits in pet hospitals is decreasing and the appointments are getting canceled due to corona of virus. The demand for veterinary vaccines is decreasing from hospitals. The market is likely to recover post COVID-19.
For more details, visit: Global Veterinary Vaccines Market By Vaccine Type (Porcine, Poultry, Others), By Technology (DNA Vaccines, Subunit Vaccines, Others.), By Animal type (Poultry, Aqua, Others), By Region, Forecast & Opportunities to 2026
The companion animal population is increasing and the incidence of zoonotic diseases is increasing rapidly around the world. The animal associations are adopting various initiatives with support of government to maintain animal health. This demand for animal-derived food products is increasing in the market and this increases the demand for veterinary vaccines and drives growth in this segment during forecast period.
On the basis of vaccine type, the veterinary vaccines market is segmented into porcine vaccines, poultry vaccines, livestock vaccines, companion animal vaccines, aquaculture vaccines and others. The companion animal vaccines segment is estimated to be the fastest growing segment during forecast period. Vaccination is considered one of the most safest and cost-effective means of diseases prevention for animals. The advancement in vaccines technology and diagnostic services is increasing and the concerns for vaccine safety among people are also increasing. This increases growth in companion animal vaccines segment during forecast period.
On the basis of technology, the veterinary vaccines market is segmented into DNA vaccines, subunit vaccines, inactivated vaccines, attenuated live vaccines and recombinant vaccines. The attenuated live vaccines segment accounted for the largest market share in 2019. The DNA vaccines segment is estimated to dominate the market during forecast period. The DNA vaccines are very effective and capable of providing responses similar to live attenuated vaccines. This most stable vaccine and the demand for such vaccines is growing in the market. This drives growth in DNA vaccines segment during forecast period.
On the basis of animal type, the veterinary vaccines market is segmented into poultry, aqua, ruminants, companion and feline. The ruminants segment accounted for largest market share by revenue in 2018. However, the companion animals segment is estimated to be the fastest growing market during forecast period. The population of pet is increasing in the world. The adoption of vaccination is important to prevent life-threatening diseases such as parvovirus and canine distemper etc. This increases demand for vaccines in companion animals segment and drives growth in companion animal segment during forecast period.
Asia-Pacific region is estimated to register growth at highest CAGR during forecast period. The pet population is increasing in this region. The government is also adopting initiatives for providing better vaccines to the pet. This increases demand and adoption for veterinary vaccines in this region. The companies are largely investing in R&D segment to develop technologically advanced vaccines at low cost. This drives growth in Asia-Pacific region during forecast period.
The key market players in veterinary vaccines industry are Zoetis, Merck Animal Health, Boehringer Ingelheim, Elanco, Ceva, Virbac, vetoquinol, Phibro Animal Health, Hester Biosciences, Hipra, Biogenesis Bago, Tianjin Ringpu, China Animal Husbandry, Jinyu Bio-Technology, Torigen, Aptimmune Biologics and Indian Immunologicals Ltd.
- What are the expected industry trends over the next three to five years?
- Which of the veterinary vaccines technology is likely to lead by 2025?
- Which of the type segments is expected to have the maximum potential to during the forecast period?
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- What are different organic and inorganic strategies implemented by companies to gain increased market share?