What Will The Veterinary Vaccines Market Look Like In 2023?
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The Business Research Company’s veterinary vaccines market report forecasts the veterinary vaccines market size to grow to $14.2 Billion by 2027, with a CAGR (compound annual growth rate) of more than 5%.
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Veterinary Vaccines Market Size Forecast
The global veterinary vaccines market is expected to grow from $10.89 billion in 2022 to $11.57 billion in 2023 at a compound annual growth rate (CAGR) of 6.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global veterinary vaccines market size is expected to grow to $14.2 billion in 2027 at a CAGR of 5.3%.
North America held the largest veterinary vaccines market share.
Key Veterinary Vaccines Market Driver – Increase In The Number Of Animals Suffering From A Range Of Diseases
According to the estimates from a report by the Animal and Plant Health Agency, a total of 3289 new TB herd incidents were detected in England Bovine tuberculosis is a chronic disease that usually affects animals such as cattle, but it can affect all mammals, causing a general state of illness, coughing and eventually leading to death. However, the disease can be treated with specific antibiotics that kill the TB bacteria. This rising prevalence of diseases in animals is expected to drive the veterinary vaccines market during the forecast period.
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Key Veterinary Vaccines Market Trend – Increasingly Looking For Strategic Partnerships And Collaborations
Companies in the veterinary vaccines market are increasingly looking for strategic partnerships and collaborations to enter into new geographies and to share research and development projects. For example, in 2020, the Pirbright Institute, a UK-based animal disease research institute, partnered with ECO Animal Health, a UK-based pharmaceutical company, and the Vaccine Group (TVG) to develop porcine respiratory and reproductive syndrome virus (PRRSV) vaccines. The vaccine group is a biotechnology company that develops animal vaccines and is based in Plymouth, UK. Similarly, MSD Animal Health, a division of Merck & Co with headquarters in the US, made a strategic partnership with Vinovo. This partnership will help MSD Animal Health to combine its unique broad vaccine product line and Vinovo’s vaccine delivery system to the vaccination process, thus improving bird welfare, and reducing vaccine reactions. Also, Wageningen bio veterinary research made a strategic alliance with Ceva with headquarters in Switzerland, to improve their Research on the global threat of emerging and reemerging diseases for animals.
Veterinary Vaccines Market Segment
1) By Application: Livestock Vaccines, Companion Animal Vaccines
2) By Vaccine Type: Live Attenuated Vaccines, Inactivated Vaccines, Toxoid Vaccines, Recombinant Vaccines, Other Vaccine Types
3) By Disease Type: Anaplasmosis, Canine Parvovirus, Foot And Mouth Disease, Newcastle Disease, Distemper Disease, Influenza, Porcine Reproductive And Respiratory Syndrome (PRRS)
Veterinary Vaccines Market Major Players and Strategies
Major players in the veterinary vaccines market are Boehringer Ingelheim GmbH, Merck Animal Health, Zoetis Inc., Eli Lilly and Company, Bayer AG (Bayer Animal Health), CevaSantéAnimale, Virbac, Biovac, Zoetis Animal Healthcare, and Hester Biosciences Ltd.
The Veterinary Vaccines Global Market Report 2023 covers regional data on veterinary vaccines market size, veterinary vaccines market trends and drivers, opportunities, strategies, and veterinary vaccines market competitor analysis. The countries covered in the veterinary vaccines market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Veterinary vaccine refers to a biological preparation that stimulates the immune response of an animal against disease in order to reduce animal suffering and the transmission of microorganisms in the animal population and enhance the immunity power of animals by improving animal health, which also prevents the transmission of diseases from animals to humans.
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