The research authors at Transparency Market Research have placed the evaluation of the global veterinary vaccines market at US$ 6,100 million in the year of 2017. They predict that the global veterinary vaccines market will grow at an exemplary CAGR of 6.5% over the forecast period of 2018 to 2026 and go on to hit the mark of US$ 12,000 million by the end of the forecast period in 2026. Rising spending on companion pet animals along with increasing prevalence of various animal diseases is expected to propel the growth of global veterinary vaccines market in coming years.
Increasing prevalence of animal diseases such as rift valley fever and rotavirus, rising utilization of different types of animal vaccines, and increasing awareness regarding the availability of different types of vaccination programs in motivating the growth of the global veterinary vaccines market in coming years. Rising prevalence of avian influenza and foot and mouth disease, considered as two of the foremost trans barrier animal diseases have also fueled the requirement for enhanced products in the global veterinary vaccines market.
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DNA Vaccines Segment to Witness High Growth in Veterinary Vaccines Market in Near Future
Segments in the global veterinary vaccines market by technology include inactivated vaccines, live attenuated vaccines, conjugate vaccines, toxoid vaccines, and DNA Vaccines, among others. Live attenuated vaccines segment led the global veterinary vaccines market in recent years, however, this segment is projected to lose momentum owing to loss of opportunities for the new industry players in this particular segment. DNA vaccines segment may witness significant growth opportunities in the global veterinary vaccines market in coming years owing to their various advantages such as no need for adjuvants as well as no post vaccination reactions.
Segments in the global veterinary vaccines market by type of animal include companion animal vaccines and livestock animal vaccines. Livestock animal vaccines segments led the global veterinary vaccines market in 2017 but is anticipated to lose market share over the forecast period owing to decreasing number of farm animals in certain regions in the world. On the other hand, increasing number of companion animals along with rising expenditure on pet healthcare are expected to boost the segment in global veterinary vaccines market over the forecast period.
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North America Region Leads the Veterinary Vaccines Market
Key geographical regions covered in the professional intelligence report on the global veterinary vaccines market include North America (Canada and United States), Asia Pacific (including China, Japan, New Zealand, India, Australia, and rest of the Asia Pacific), Europe (including the United Kingdom, France, Spain, Italy, Germany, and rest of the Europe), Middle East and Africa (including South Africa, Gulf Cooperation Council countries, Israel, and rest of the Middle East and Africa), and Latin America (including Brazil, Mexico, and rest of the Latin America). Geographically, North America region held the largest share in the global veterinary vaccines market in 2017. This position in anticipated to remain in the forecast period, owing to rising ownership of companion animals and advanced vaccination programs in the region.
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Players in the Veterinary Vaccines Market Expanding their Product Portfolios
Major corporate players covered in the market analysis on global veterinary vaccines market include Merck Animal Health, Eli Lilly and Company, Ceva Santé Animale, Biovac, ImmuCell Corporation, Boehringer Ingelheim GmbH, Zoetis, Inc., Bayer Animal health AG, Virbac, and Neogen Corporation. Manufacturers and players in the global veterinary vaccines market are adopting various inorganic as well as organic growth strategies to enhance their current product offerings and expand their product portfolios in order to gain a larger market share by expanding their consumer base as well as geographical reach. For example, Prondil S.A, an Uruguayan company was acquired by Merck Animal health in December of 2017 to design and produce more advanced livestock animal vaccines.
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