The global veterinary/animal vaccines market size is projected to hit USD 16.01 billion by the end of 2026attributed to the increasing awareness about animal diseases and the increasing importance of animal health and welfare. Animals are exposed to various internal and external factors that act as disease-causing agents, thereby leading to communicable or fatal animal diseases. Therefore animal vaccination is a significant factor that allows humans and animals to share the same environment, especially for pet owners. As per a recent report by Fortune Business Insights titled, “Veterinary/Animal Vaccines Market Size, Share & Industry Analysis, By Product (Inactivated, Live Attenuated, Recombinant, Others), By Animal (Companion, Livestock), By Route of Administration (Oral, Parenteral, Others), By Distribution Channel (Veterinary Hospitals, Veterinary Clinics, Pharmacies & Drug Stores, Others) and Regional Forecast, 2019-2026,”the market value was USD 9.75 billion in 2018 and is expected to exhibit a CAGR of 6.4% between 2019 to 2026, set as the forecast duration.
The current pandemic of COVID-19 has propelled many industries to come to a halt. Most of the import-export businesses worldwide are facing huge losses both in terms of revenue generation as well as market position in the country. However, this too shall pass. Various government initiatives are expected to bode well for companies. We are offering an impact analysis of the covid-19 pandemic and its effect on various industries to help you prepare for the future.
Click here to get the short-term and long-term impact of COVID-19 on this Market.
Objectives of the Report include:
- Comprehensive analysis of the market and its growth trajectories
- Table of segmentation in details with the list of the key segment and its forecasted figure
- Notable industry developments of the market and other insights
- List of players and their key strategies to generate the highest revenue and emerge dominant
Drivers & Restraints-
Rise in Number of Zootonic Diseases Worldwide to Propel Demand
The increasing number of farm animals and pet owners worldwide and the importance given to the health and well-being of their pets are major factors boosting the veterinary vaccines market growth. Additionally, the increasing number of animal cultivation practices for benefits such as milk, meat, eggs, wool, and others is also adding impetus to the market. Besides this, the rise in the number of zoonotic diseases and the increasing number of veterinary health care centers is expected to aid in the expansion of the market in the coming years.
On the negative side, the adverse effects of vaccines on some animals such as fever, uveitis, anorexia, and high toxicity may pose a major hindrance to the market in the future. Nevertheless, awareness programs organized by various governments, and improving healthcare infrastructure for animal welfare is likely to create lucrative growth opportunities for the market in the coming years.
Inactivated and Live Attenuated Vaccines Segment to Emerge Dominant Owing to High Preference
Based on segmentation byproduct, the inactivated and live attenuated segment earned the highest animal vaccine market share in 2018. Among these, the inactivated segment earned a 33.9% share in 2018. Even though these two vaccines have associated limitations and are conventional vaccines, they collectively earned the highest share.
North America Emerged Dominant Attributed to Rapid Adoption of Efficient Animal Vaccines
Regionally, North America earned a revenue of USD 2.97 billion in 2018 and emerged dominant. This is attributable to the adoption of technologically advanced delivery devices, coupled with the rapid adoption of efficient animal vaccines. Additionally, the rise in the adoption of companion animals and dedicated following of stringent vaccine regulations by companion animal owners are also boosting the regional market.
On the other side, the market in Asia Pacific is likely to gain significant impetus especially from countries such as Japan, India, China, and others. This is owing to the rise in disposable incomes of people and increasing awareness about pet healthcare in the region. Besides this, the implementation of regular vaccination at specific intervals and other such stringent animal safety laws imposed by governments in the regions will further help the market rise significantly in the coming years.
Players Focusing on Developing Vaccines for Better Revenue Generation
The veterinary vaccines market manufacturers are engaging in the launch of vaccines for various animal diseases and are investing massively on the same. Besides this, they are engaging in collaboration and joint ventures to gain more revenue in the competition.
Significant Industry Developments of the Market include:
December 2017 – The H3N2/H3N8 Vaccine called Vanguard CIV was launched by Zoetis adding to its canine influenza portfolio.
January 2019 – The first vaccine for animal swine called Ingelvac PRRS MLV was produced in China by Boehringer Ingelheim was launched in the Chinese market.
Fortune Business Insights™ lists out the names of market manufacturers. They are as follows:
- NEOGEN CORPORATION
- Boehringer Ingelheim International GmbH
- ImmuCell Corporation
- Eli Lilly and Company
- Intervet Inc. (Merck Animal Health)
- Other players
Related Reports :
- Medical Tourism Market
- Population Health Management (PHM) Market
- Psoriasis Treatment Market
- Sharps Containers Market
- Veterinary Animal Vaccines Market
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
At Fortune Business Insights™, we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand current competitive challenges.
Name- Raginee Sarkar
Raginee currently works as a content writer at Fortune Business Insights™. She comes with extensive experience in writing advertising and marketing content, blogging, film scripting, and news reporting. She strongly believes in quality content and thus prefers to write in a simple, elegant, yet impactful way.
LinkedIn Profile: https://www.linkedin.com/in/raginee-sarkar-5264aa145/
Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune – 411045, Maharashtra, India.
US :+1 424 253 0390
UK : +44 2071 939123
APAC : +91 744 740 1245