The Global Sales Of Animal Vaccines Is Forecast To Garner A Market Value Of US$ 12 Bn In 2022
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.
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.
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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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|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||
An increase in the outbreak of disease amongst cattle along with canine disorders is boosting the sales of animal vaccines. Moreover, investment in research and development by government of different countries is positively influencing the demand for animal vaccines.
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