Veterinary Vaccines Market to Hit US$13.33 Billion by 2029 with 6.1% CAGR | MarketsandMarkets™
DELRAY BEACH, Fla., Jan. 22, 2025 /PRNewswire/ -- The global Veterinary Vaccines Market, valued at US$8.93 billion in 2023, is forecasted to grow at a robust CAGR of 6.1%, reaching US$9.39 billion in 2024 and an impressive US$13.33 billion by 2029. The veterinary vaccines market is experiencing significant growth in this market, which can primarily be attributed to the growth in the companion animal population, growing pet ownership, rising incidence of zoonotic diseases and initiatives by government agencies to improve animal health. On the other hand, the high cost associated with vaccines are expected to restrain the growth of this market to a certain extent. Navigating these drivers and restraints will be crucial for the future development and adoption of veterinary vaccines solutions.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1233
Browse in-depth TOC on "Veterinary Vaccines Market"
451 - Tables
67 - Figures
406 - Pages
Based on type, the veterinary vaccines market is segmented into porcine vaccines, poultry vaccines, livestock vaccines, aquaculture vaccines, companion animal vaccines, and other animal vaccines. In 2023, the livestock vaccines segment accounted for the largest share. Livestock animals are owned to produce food, such as meat and dairy products. As global demand for animal derived food increases and livestock farming intensifies to meet the nutritional needs of an expanding population, there is a greater emphasis on maintaining animal health, preventing disease outbreaks, and improving overall productivity.
Based on disease, the veterinary vaccines market is segmented into porcine, poultry, livestock, aquaculture, and companion animal diseases. In 2021, the livestock vaccines segment accounted for the largest share. Growth in this segment can be attributed to the increasing demand for meat & milk, growth in the dairy industry, and increasing awareness about the prevention of diseases in livestock. As the need to prevent, control, and eradicate livestock diseases is critical for the health of animals, food security, and the global economy. Livestock diseases, if not effectively managed, can lead to large-scale mortality, lower productivity, trade restrictions, and even human health risks (in cases of zoonotic diseases). This has resulted in a growing demand for effective veterinary vaccines to combat various diseases in livestock.
Based on technology, the veterinary vaccines market is segmented into live attenuated vaccines, inactivated vaccines, toxoid vaccines, recombinant vaccines, and other vaccines (subunit vaccines, RNA particle technology, immune complex vaccine). In 2023, the live attenuated vaccines segment accounted for the largest share of the veterinary vaccines market. The ease of administration and long-term immunity offered by these vaccines are driving the growth of the live attenuated vaccines market. Due to its high efficacy, cost-effectiveness, and ability to provide long-term immunity against a range of serious livestock diseases. As the demand for healthier, disease-free livestock grows, particularly in regions with intensive animal farming and increasing trade, the role of live attenuated vaccines will continue to expand, helping to ensure the health of animals.
Based on region, the global veterinary vaccines market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2023, the Asia Pacific was the fastest regional market for veterinary vaccines. Due to several factors, including a rapidly expanding livestock industry, increasing animal disease outbreaks, growing demand for animal-based products, and rising awareness about animal health, the market is significantly growing in this region. Also, governments in the Asia-Pacific region are increasingly implementing measures to improve animal health and prevent disease outbreaks, recognizing the impact of livestock diseases on public health, food security, and the economy.
Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=1233
Some of the prominent players operating in the market include The prominent players in the veterinary vaccines market include Zoetis(US), Merck & Co, Inc. (US), Boehringer Ingelheim International GmbH (Germany), Elanco (US), Virbac (France), Ceva (France), Phibro Animal Health Corporation (US), Hester Biosciences Limited (India), Neogen Corporation (US), HIPRA (Spain), Biogénesis Bagó (Argentina), Tianjin Ringpu Biotechnology Co., Ltd. (China), China Animal Husbandry Industry Co., LTD. (China), Jinyu Bio-technology Co., Ltd. (China), and Vaxxinova International B.V. (Netherlands).
Zoetis (US):
Zoetis develops and manufactures animal health medicines and vaccines, along with diagnostic products, genetic tests, biodevices, and a range of services designed to meet the needs of veterinarians, livestock farmers, and companion animal owners. Zoetis discovers, develops, manufactures, and commercializes a wide portfolio of vaccines and medicines for livestock and companion animals. The company's major product categories include Anti-infectives, Vaccines, Parasiticides, Dermatology, Medicated Feed Additives, Other Pharmaceuticals, Animal Health Diagnostics, Other Non-pharmaceuticals, and Contract Manufacturing & Human Health. Zoetis operates in North America, Europe, the Middle East & Africa, Latin America, and the Asia Pacific. The company has robust R&D operations focused on vaccines, devices, data, digital, and other technological innovations. Zoetis incurred R&D expenses of USD 614 million in 2023.
Merck & Co., Inc. (US):
Merck & Co., Inc. is a global healthcare company that delivers innovative solutions for animal healthcare. The company operates through two segments: Pharmaceutical and Animal Health. The Animal Health segment discovers, develops, manufactures, and markets a wide range of veterinary pharmaceutical & vaccine products for various animal species. The company operates in over 50 countries across North America, Europe, the Middle East, Africa, the Asia Pacific, and Latin America. Merck focuses on inorganic growth strategies such as acquisitions, agreements, and expansions for its growth in the veterinary vaccines market.
Boehringer Ingelheim International GmbH (US)
Boehringer Ingelheim International GmbH is engaged in the research, development, production, and sales of various pharmaceutical products. The company operates through four basic segments—Human Pharma, Animal Health, Biopharmaceutical Contract Manufacturing, and Discontinued Operations. The company's Animal Health business includes a wide range of biological, pharmaceutical, and natural care products for food-producing and companion animals. The company has 151 subsidiaries worldwide. In 2023, the company achieved the milestone for vaccines of four billion doses sold. Also, Boehringer's strategic partnerships and global reach also enhance its ability to meet evolving market demands, positioning it as a leader in the competitive veterinary vaccines sector.
For more information, Inquire Now!
Related Reports:
Get access to the latest updates on Veterinary Vaccines Companies and Veterinary Vaccines Market Size
About MarketsandMarkets™:
MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Rohan Salgarkar
MarketsandMarkets™ INC.
1615 South Congress Ave.
Suite 103, Delray Beach, FL 33445
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Visit Our Website: https://www.marketsandmarkets.com/
Logo: https://mma.prnewswire.com/media/1868219/MarketsandMarkets_Logo.jpg
Share this article