Reasons for a strong veterinary vaccine market
The veterinary vaccine market is currently experiencing robust growth and is projected to continue its upward trend. This strength can be attributed to several key factors:
1. Increasing demand for animal-derived food products
- Rising global population and disposable incomes drive the demand for meat, milk, and eggs.
- Vaccinating livestock safeguards animal health, increases productivity, and ensures food security.
- Healthy animals yield higher quantities of animal products, boosting farmer incomes and the economy.
2. Growing awareness of animal health and welfare
There is increasing awareness among livestock producers and pet owners regarding the benefits of preventive healthcare, including vaccination, for maintaining animal health and preventing the spread of zoonotic diseases.
3. Rising pet ownership and expenditure
Increased pet ownership, particularly in developing regions, has led to higher demand for veterinary care and preventive measures like vaccinations, as pet owners are increasingly willing to spend on their pets' health.
4. Government initiatives and support
Governments worldwide are promoting animal health through vaccination programs and disease control initiatives, providing funding and simplifying regulatory processes, such as India's National Animal Disease Control Programme (NADCP).
5. Technological advancements in vaccine development
Advancements in vaccine technologies, including recombinant and DNA-based vaccines, offer improved safety, efficacy, and ease of administration, with new developments allowing for vaccines targeting multiple strains and better delivery systems.
6. Expanding veterinary healthcare infrastructure
The expansion of veterinary infrastructure, especially in developing countries, has improved access to veterinary services and vaccination programs, while increased manufacturing facilities ensure an adequate supply of vaccines.
Leading Key Players in the veterinary Vaccine Market:
- Boehringer Ingelheim Animal Health
- Zoetis
- Elanco Animal Health
- Merck Animal Health
- IDEXX Laboratories
- Ceva Santé Animale
- MSD Animal Health
- Virbac
- Vetoquinol
- Heska Corporation
- Zomedica Pharmaceuticals Corp.
- HIPRA
- Biogenesis Bago
- Zoetis India Ltd.
- Biogénesis Bagó
The global Veterinary Vaccine market size generated approximately $8.52 Billion in revenue in 2023 and is projected to reach $15.15 Billion by 2033, reflecting a forecasted compound annual growth rate (CAGR) of 6%.
In conclusion, the strong veterinary vaccine market is driven by the growing demand for animal products, increased awareness of animal and public health, rising pet ownership and expenditure, supportive government initiatives, technological advancements in vaccine development, and the expansion of veterinary healthcare infrastructure.