Animal Vaccines Market Share 2022 Growth Challenges, Opportunities and Future Trends 2032
Fact.MR states the global sales of animal vaccines are expected to surpass US$ 29 Bn by registering a positive CAGR of 9.2% in the forecast period 2022-2032. Food and clothing industry largely depends on animals for milk, meat and wool. Thus, animal safety has become important. Moreover, increase in canine disorders are a major concern in animals. To avoid the same, the demand for animal vaccines has increased.
Historically, from 2015 to 2021, the global sales of animal vaccines expanded at a CAGR of 8.6%, closing at a value of US$ 11 Bn. The COVID-19 pandemic further reinforced the need to increase production of animal vaccines, amid the fear of contracting the virus from animals. Thus, governments of various countries focused on vaccinating animals. This, in turn, is increasing the sales of animal vaccines.
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Furthermore, increasing investment in research and development by key players is positively influencing the demand for animal vaccines. In addition, rapidly growing livestock population is fueling the growth of animal vaccines. Thus, the aforementioned factors are expected to boost the sales of animal vaccines.
Prominent manufacturers of animal vaccines are capitalizing on increasing government support across countries to promote animal health. This support is translating into the introduction of robust vaccine formulations against a wide variety of pathogen. Moreover, players are emphasizing on mergers, acquisitions and collaborations to secure firm footing in this highly competitive environment. Some notable developments are as follows:
- In August 2020, Merck & Co., Inc. completed the acquisition of IdentiGEN. The company is focusing on studying DNA of animals for livestock. Through this acquisition, Merck intends to provide complete transparency to food processors, producers and retailers, regarding animal traceability solutions to ensure that good quality food is available to consumers
- In January 2022, Zoetis Inc. announced that the U.S Food and Drug Administration has approved SolensiaTM (frunevetmab injection) to control the pain of osteoarthritis in cats, helping improve their mobility, comfort and overall well-being. The injection works by directly targeting the Nerve Growth Factor (NGF), a key OA pain driver
Report Attributes Details Market Size Value in 2021 US$ 12 Bn Project Market Forecast Value in 2032 US$ 29 Bn Global Growth Rate (2022-2032) 9.2% Market Share of North America 33% Key Companies Profiled
- Merck & Co. Inc.
- Zoetis Inc.
- Boehringer Ingelheim International GmbH
- Biogenesis Bago
- Indian Immunologicals Ltd.
- Elanco Animal Health Incorporated
- CEVA Animal Health (Pty) Ltd.
- Phibro Animal Health Corporation
- NEOGEN Corporation
Key Segments Covered in the Animal Vaccines Industry Report
- Attenuated Live Animal Vaccines
- Recombinant Animal Vaccines
- DNA Animal Vaccines
- Inactivated Animal Vaccines
- Subunit Animal Vaccines
By Animal Type
- Livestock Animal Vaccines
- Companion Animal Vaccines
- Livestock Animal Vaccines
By Route of Administration
- Subcutaneous Administration of Animal Vaccines
- Intranasal Administration of Animal Vaccines
- Intramuscular Administration of Animal Vaccines
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Key Takeaways from the Market Study
- By product, attenuated live vaccines expected to hold more than 30% market share for animal vaccines.
- Livestock expected to hold more than 65% market share for animal vaccines
- North America expected to hold more than 23% market share for animal vaccines.
- Asia Pacific expected to possess more than 20% market share for animal vaccines.
- Global animal vaccines market demand to be valued US$ 12 Bn by the end of 2022
“Frequent episodes of outbreaks of zoonotic diseases and their transmission to humans has highlighted the importance of maintaining animal health. This has widened expansion prospects for animal vaccines, prompting animal health specialists to conduct various clinical trials of multiple vaccine formulations,” states a Fact.MR analyst.
More Valuable Insights
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The study indulges essential insights on the market on the basis of product (attenuated live vaccines, recombinant vaccines, DNA vaccines, inactivated vaccines and subunit vaccines), animal type (livestock and companion), route of administration (subcutaneous, intranasal and intramuscular) and animal type (livestock and companion) across five major regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
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