Top Players Covered in the Veterinary Vaccines Market Research Report are Elanco (Greenfield, U.S.), HIPRA (Girona, Spain), Boehringer Ingelheim International GmbH (Ingelheim am Rhein, Germany), Virbac (Carros, France), MSD Animal Health (New Jersey, U.S.), Zoetis (Parsippany, U.S), Ceva (Libourne, France), NEOGEN CORPORATION (Michigan, U.S.), Hester Biosciences Limited (Ahmedabad, India) and Other Market Players
Pune, India, Sept. 22, 2021 (GLOBE NEWSWIRE) -- The global veterinary vaccines market size was USD 10.24 billion in 2020. The market is set to grow from USD 10.73 billion in 2021 and reach USD 16.13 billion in 2028 at a CAGR of 6.0% in the 2021-2028 period. This information is provided by Fortune Business Insights™ in its report titled, “Veterinary Vaccines Market, 2021-2028.” As per our researchers, the substantial growth of the market is mainly owing to increased adoption of pet animals worldwide, greater spending on pet maintenance, and escalating implementation of proficient vaccines are the chief contributors for the affirmative growth curve of the market across the forecast years. Therefore, to take precautionary measures for pets and keep them away from fleas and ticks, key players introduced several easy-to-feed medications on popular demand from their customers as it becomes difficult to feed the pets medicines.
For instance, in February 2020, Zoetis was granted approval by the U.S. FDA for Simparica, which is a once-a-month chewable flea and tick drug for dogs for treating heartworm infections. This is expected to fuel the veterinary vaccines market growth during the mentioned timeframe.
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August 2020: MSD Animal Health made an announcement regarding the acquisition of IdentiGEN, a frontrunner in DNA-related animal tracing keys for Livestock and Aquaculture.
COVID-19 Impact: Reduction of Medical Tourism amid Pandemic to Obstruct Growth
The COVID-19 outbreak affected every industry when it first arrived in 2019 and has an uncertain impact on this market in 2020. The market witnessed a decent growth of 2.1% in 2020, which is low in comparison to the pre-pandemic years. The pharmaceutical industry observed a substantial deterioration in incomes as well as patient appointments amidst the pandemic.
For example, in 2020, according to the survey conducted by the American Veterinary Medical Association with veterinary practices in the U.S. perceived a noteworthy reduction in client calls 2020. Similarly, about 92% of the veterinary practitioners stated that they, too, unfortunately, saw low medical tourism for pets in April 2020 compared to the years before.
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We have employed a distinctive research method that comprises statistics triangulation built on the famous bottom-up and top-down methodologies. Our researchers have lead systematic primary research to authenticate the estimated size of the market for veterinary vaccines. The data applied to represent the shares for multiple segments at the nationwide, local, and universal stages are excavated from all-inclusive discussions with various investors. Our analysts have also resulted from material from paid databases, industry journals, SEC filings, and many other means.
North America to Ace Market Backed by Rapid Adoption of Veterinary Vaccines
North America held the maximum veterinary vaccines market share and produced revenue of USD 4.43 billion in 2020. It is projected to arise as a dominant region in the global market in the foreseeable future. The quick adoption of effective veterinary vaccines combined with the utilization of advanced technology-infused vaccine injecting apparatus across the region is likely to steer market growth of this region.
Whereas Europe gained substantial revenue along with a stable growth rate. Europe is predicted to hold the second most leading position in terms of income, which is credited to the surging adoption of pet animals, escalating occurrence of zoonotic diseases, expanding veterinary clinics, and upgraded healthcare structure in European nations.
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Augmented Consciousness and Innovation of Novel Vaccines to Boost Market Growth
The increased awareness regarding veterinary healthcare and the corresponding increase in animal ownerships are one of the major driving factors in the market. Animal owners and pet lovers of the present period are superiorly alert regarding the jab of their pets or animals and the innovative launches in veterinary vaccines to secure their health. These owners have also been assisted in the procedure by the government as well as private organizations such as Bayer’s global movement towards animal health which is also related to the justification of zoonotic diseases.
Based on product, the market is divided into inactivated, live attenuated, recombinant, and others. The inactivated and live attenuated vaccines segments are assessed to hold dominant shares of the market, in spite of their status as orthodox vaccines and the related restrictions. It held a substantial share of 33.9% in 2020.
By animal type, market is classified into companion and livestock. On the basis of route of administration, the global market is bifurcated into oral and parenteral. On the basis of distribution channels, the market is segregated into veterinary hospitals, veterinary clinics, pharmacies & drug stores, and others. In terms of region, the market is finally categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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List of Key Players Covered in this Market Report
Elanco (Greenfield, U.S.)
HIPRA (Girona, Spain)
Boehringer Ingelheim International GmbH (Ingelheim am Rhein, Germany)
Virbac (Carros, France)
MSD Animal Health (New Jersey, U.S.)
Zoetis (Parsippany, U.S)
Ceva (Libourne, France)
NEOGEN CORPORATION (Michigan, U.S.)
Hester Biosciences Limited (Ahmedabad, India)
Table of Contents:
Definitions and Assumptions
Prevalence of Major Animal Diseases by Countries
Livestock and Companion Animal Ownership Patterns
Recent Industry Developments such as Mergers & Acquisitions
Overview of Regulatory Scenario – Veterinary Vaccines
Technological Advancements in Veterinary Vaccines
Overview of Novel Vaccine Delivery Modes
Key Strategies Adopted by Market Leaders
Impact of COVID-19 on the Veterinary Vaccines Market
Global Veterinary Vaccines Market Analysis, Insights and Forecast, 2017-2028
Key Findings / Summary
Market Analysis, Insights and Forecast – By Product
Market Analysis, Insights and Forecast – By Animal
Market Analysis, Insights and Forecast – By Route of Administration
Market Analysis, Insights and Forecast – By Distribution Channel
Pharmacies & Drug Stores
Market Analysis, Insights and Forecast – By Region
Middle East & Africa
North America Veterinary Vaccines Market Analysis, Insights and Forecast, 2017-2028
Key Findings / Summary
Market Analysis – By Product
Market Analysis – By Animal
Market Analysis – By Route of Administration
Market Analysis – By Distribution Channel
Pharmacies & Drug Stores
Market Analysis – By Country
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