Veterinary Vaccines Market to Grow with a CAGR of 7.28% through 2028
Increase in the awareness of animal welfare and
increase in the pet ownership is expected to drive the Global Veterinary
Vaccines Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Veterinary
Vaccines Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Veterinary Vaccines Market
stood at USD 8.44 billion in 2022 and is anticipated to grow with a CAGR of 7.28%
in the forecast period, 2024-2028. The awareness among individuals regarding Veterinary
Vaccines has led to favorable market conditions for the global Veterinary
Vaccines market. Several factors contribute to the growth of various Veterinary
Vaccines products.
The growing incidence of infectious diseases in
animals. These diseases can have a significant impact on livestock and
companion animals, leading to economic losses for farmers and pet owners. To
combat these diseases and prevent outbreaks, vaccines are developed and
administered to animals. Diseases such as foot-and-mouth disease, avian
influenza, rabies, and various livestock diseases drive the demand for vaccines
to safeguard animal populations.
The
global veterinary vaccine market is significantly influenced by the increasing
incidence of infectious diseases among animals. These diseases can affect
various species, including livestock (cattle, poultry, swine) and companion
animals (dogs, cats). Examples of such diseases include foot-and-mouth disease,
avian influenza, bovine respiratory disease, and canine parvovirus.
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Government agencies worldwide are increasingly
focusing on animal health and food safety regulations. To prevent the spread of
diseases and ensure the safety of animal-derived products, governments often
mandate the use of vaccines in certain livestock sectors. For example,
vaccination against diseases like bovine brucellosis and porcine
circovirus-associated disease is required in many countries. These regulations
create a stable demand for veterinary vaccines, driving market growth, which
will further fuel market growth.
On August 29, 2023, Merck & Co. Inc. announced
that the European Commission has approved Keytruda® (pembrolizumab) as
first-line treatment for patients with unresectable locally advanced or
metastatic triple-negative breast cancer (TNBC). Keytruda is a checkpoint
inhibitor that works by blocking the PD-1 protein, which helps cancer cells
evade the immune system.
Animal diseases can have severe economic consequences.
Outbreaks can lead to reduced livestock productivity, increased mortality
rates, and trade restrictions. For farmers and livestock producers, this
translates into substantial financial losses. To mitigate these impacts,
vaccines are developed and administered to prevent the occurrence and spread of
these diseases, and growing awareness of the health benefits of Veterinary
Vaccines are expected to positively impact the global Veterinary Vaccines
market.
In today's fast-paced world, disease outbreaks can
spread rapidly, veterinary vaccines provide a proactive means of preventing and
controlling infectious diseases in animals. Rapid vaccination of livestock and
companion animals helps limit the spread of diseases, reducing economic losses
and minimizing disruptions in the production and supply of animal-derived
products. The global demand for animal-derived products like meat, milk, and
eggs is increasing at a fast pace due to population growth and changing dietary
preferences. Veterinary vaccines are essential for ensuring the safety of these
food products by preventing diseases in animals, reducing the need for
antibiotics and other treatments, and minimizing the risk of pathogens entering
the food supply chain. In a world striving for sustainable agriculture,
veterinary vaccines play a key role in improving the efficiency and
environmental sustainability of animal farming. By preventing diseases,
vaccines reduce the need for extensive antibiotic use and promote responsible
animal husbandry practices, aligning with global sustainability goals.
The growing awareness among consumers regarding health
and wellness has shifted the focus towards the ideology of "prevention is
better than cure." As a result, more individuals are relying on
nutraceuticals, functional foods, and dietary and Veterinary Vaccines to lead a
healthy and disease-free life.
In recent times, veterinary vaccines have continued to
play a pivotal role in safeguarding the health and well-being of animals, both
in the livestock industry and among companion animals (pets). These vaccines
are instrumental in preventing and controlling a wide range of infectious
diseases, improving animal welfare, ensuring food safety, and mitigating public
health risks. Veterinary vaccines are essential in preventing infectious
diseases in livestock, including cattle, swine, poultry, sheep, and goats.
These vaccines help reduce the economic impact of diseases by preventing
illness, mortality, and decreased productivity. However, the Regulatory Hurdles
and Approval Processes may hinder market growth. Moreover, challenges related
to Market Fragmentation and Competitive Challenges may pose obstacles to the Veterinary
Vaccine market in the near future.
The Global Veterinary Vaccines Market is segmented
into Vaccine type, technology, regional distribution, and company.
Based on its formulation, the livestock vaccine
segment in the global veterinary vaccine market can be attributed to several
factors related to the types of vaccines used in the livestock industry.
Livestock vaccines are specifically designed to address the health and disease
prevention needs of various farm animals, including cattle, swine, poultry,
sheep, and goats.
The Livestock vaccines encompass a wide range of
vaccine types tailored to different livestock species and specific diseases.
This diversity includes vaccines for diseases like foot-and-mouth disease,
bovine respiratory disease, avian influenza, porcine circovirus-associated
disease, and many others. The livestock industry places a strong emphasis on
preventive healthcare to maintain herd health and productivity. Vaccination is
a cornerstone of this approach. Livestock vaccines are formulated to protect
animals from diseases that can cause substantial economic losses through
reduced production, increased mortality, and trade restrictions. The global
livestock population is immense, with billions of animals raised for meat,
milk, and other products. For example, there are over 1.5 billion cattle and
nearly 25 billion chickens globally. Such large populations create a
significant demand for vaccines to protect these animals from infectious
diseases. Livestock farming is a vital component of the global agriculture
industry, contributing to food security and economic stability in many
countries.
Based on region, North America segment is expected to
grow during the forecast period. North America, including the United
States and Mexico, has has a significant population of pets, including dogs,
cats, and horses, leading to a substantial demand for companion animal
vaccines. North America boasts a well-developed livestock industry, with
high-quality beef and dairy production. This has led to a substantial need for
livestock vaccines to maintain herd health and productivity. The region is home
to leading veterinary research institutions and vaccine manufacturers, driving
innovation and the development of new vaccine technologies.
The Asia-Pacific market is poised to be the
fastest-growing market, offering lucrative growth opportunities for Veterinary
Vaccines players during the forecast period. Factors As APAC countries undergo
rapid urbanization and economic development, there is an increasing demand for
animal protein, leading to a growing livestock industry. Countries like China
and India have rapidly expanding pet populations, with pet owners showing
greater awareness of and willingness to invest in pet healthcare, including vaccinations.
Some APAC countries face ongoing challenges with endemic diseases in livestock
and poultry. Governments and farmers are increasingly turning to vaccines as a
means of disease control to ensure food security. The region is witnessing
increased investment in veterinary healthcare infrastructure, including
vaccination programs and research and development of new vaccines. Some APAC
governments are implementing policies to boost the production of animal-derived
products, which includes promoting vaccination to improve livestock health.
Major companies operating in
Global Veterinary Vaccines Market are:
- Zoetis Inc.
- Merck & Co. Inc.
- Virbac SA
- Hester Biosciences Limited
- Elanco Animal Health
- Boehringer Ingelheim International
GmbH
- Ceva Sante Animale
- Phibro Animal Health Corporation
- HIPRA
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“The increase in the prevalence of animal diseases and
increasing Prevalence of Infectious Diseases are key drivers of the veterinary
vaccine market. In recent years, The concept of One Health emphasizes the
interconnectedness of human, animal, and environmental health. Preventing
animal diseases is not only essential for the well-being of animals but also
for public health, making the market more competitive. Moreover, the growing
consumer emphasis on preventative healthcare products has enhanced production
and marketing efforts. To meet the demands of the market, manufacturers are
increasingly incorporating cutting-edge technologies with high production
efficiency. Rising consumer acceptance and continuous product innovation will
further ensure the growth of the vitamins and supplements market in the coming
years.,” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“Veterinary Vaccines Market –
Global Industry Size, Share, Trends, Opportunity & Forecast, 2018-2028
Segmented By Vaccine Type (Livestock
Vaccine, Companion Animal Vaccine), By Technology (Live Attenuated Vaccines,
Inactivated Vaccines, Toxoid Vaccines, Recombinant Vaccines, Other), By Region, Competition”, has evaluated
the future growth potential of Global Veterinary Vaccines Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Veterinary Vaccines Market.
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