The veterinary vaccines market is projected to double by 2030, driven by rising demand for animal health solutions despite COVID-19 challenges.
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.
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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
VETERINARY VACCINES MARKET TAXONOMY
The global veterinary vaccines is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.
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Product
Disease
Distribution Channel
Species
Region
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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.
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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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The article discusses the growth of the veterinary vaccines market and its challenges due to the COVID-19 pandemic.
The market is projected to double by 2030 with a CAGR of nearly 7%.
Increasing demand for animal protein and government initiatives for zoonotic disease prevention are key drivers.
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