Veterinary Vaccines Market Growth Backed by the Increased Adoption Rate of Pets in the World
Veterinary vaccines are an essential part of animal healthcare that helps keeping them away from various infections and diseases and boosts their immune system. The global market for veterinary vaccines has transformed completely as compared to what it was in the past few years. Efforts by the governments and non-government organizations to maintain the well-being of animals and pets has led to an increase in animal healthcare expenditures, thereby giving a major boost to the global veterinary vaccines market. Also, increased adoption rate of pets and growing livestock population has boosted the demand for vaccines in order to keep them healthy and free from diseases.
How is the veterinary vaccines market progressing globally?
The global veterinary vaccines market is projected to reach USD 11.3 billion by 2025 from USD 8.0 billion in 2020, at a CAGR of 7.2% between 2020 and 2025.
Based on product, the segment of companion animal vaccines is the fastest-growing segment, owing to the rising awareness about vaccination, increasing incidences of zoonotic diseases in humans, and the growing adoption rate of pets across the globe. On the basis of technology, live attenuated vaccines dominate the market with the largest share, mainly due to the rising prevalence of diseases among porcine and poultry animals and long-term immunity offered by these vaccines. However, the DNA vaccines segment is expected to witness the highest growth over the forecast period. This growth can be primarily attributed to the developments and innovations in technology and rising awareness among people regarding animal vaccination.
Among regions, the market is currently dominated by Europe, followed by North America. However, the market in Asia is expected to showcase the highest growth during the forecast period. Innovations in technology such as DNA vaccines, rising awareness about animal health in upcoming economies, and increased opportunities for investing in emerging and immature markets are the major factors stimulating the growth of this market in Asia.
What are the factors driving and inhibiting the market growth?
Veterinary vaccines is increasingly becoming the most lucrative market in the animal healthcare sector. The growth of the worldwide veterinary vaccines market is majorly influenced by the increasing livestock population, rising prevalence of livestock diseases and zoonotic diseases, increasing initiatives by various governments, animal associations, and market players, and the introduction of new types of vaccines. In addition, innovations in technology, growing awareness on animal health in emerging economies, and increasing opportunities for investments in emerging and immature markets are expected to further boost the growth of this market over the coming years. However, increasing costs for the storage of vaccines and rising prices of meat that is in turn promoting the adoption of vegetarian diets are the major factors that may hamper the growth of global animal vaccines market. Also, shortage of surveillance and reporting systems pose as a major challenge in front of the market players.
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Key market players and strategies adopted for sustenance
Zoetis (US), Merck Animal Health (US), Elanco (US), Boehringer Ingelheim (Germany), Ceva (France), Phibro Animal Health (US), and Virbac (France) are the major players involved in the global market for veterinary vaccines. These companies adopted various strategies such as new product launches, agreements, partnerships, & collaborations, mergers & acquisitions, and expansions in order to gain a stronger hold on the market as well as increase their global presence.
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