A vast surge in the prevalence of zoonotic diseases, increased expenditures on the health and wellness of companion animals by pet lovers, and efforts by government and non-government organizations to educate masses about animal diseases and their effective treatment have collectively fueled the global veterinary vaccines market in the past few years. In the next few years, rising investments by key vendors on R&D activities are expected to lead to the development of highly effective varieties of vaccines such as subunit vaccines, DNA vaccines, and recombinant vaccines. This will have a huge impact on the overall growth prospects of the global veterinary vaccines market.
Transparency Market Research states that the global veterinary vaccines market, which held an opportunity worth US$6.27 bn in 2015, will exhibit a healthy 6.9% CAGR from 2016 through 2024, and rise to a valuation of US$11.40 bn by 2024.
Live Attenuated Vaccines Emerge as Leading Contributor to Market’s Revenues
Of the key varieties of veterinary vaccines available in the global market, the segment of live attenuated vaccines presently dominates. The segment held a share of more than 44% in the global market in 2015. Expected to expand at a healthy 6.8% CAGR over the period between 2016 and 2024, the segment is expected to retain its dominance in the global market in the next few years as well. Factors such as easy transport, durability, affordability, safety, and ease of administration work in favor of these vaccine types.
As the production of live attenuated vaccines incurs comparatively low costs than inactivated vaccines and can be produced in bulk, their market is expected to flourish especially in developing regions. Over the period between 2016 and 2024, however, the market for technologically advanced product varieties such as DNA vaccines, subunit vaccines, and recombinant vaccines is expected to expand at the fastest CAGR of 9.2%. Factors such as high level of safety and no use of adjuvants will help these vaccines gain increased attention from pet and farm animal owners.
North America Leads but Emerging Economies to Present Promising Growth Opportunities
North America is presently the key regional market for veterinary vaccines, accounting for nearly 37% of the overall revenues of the global veterinary vaccines market in 2015. The vast rise in pet ownership in the region, especially in the U.S., which has the world’s largest number of pets, is central to the massive demand for veterinary vaccines in the region. The market for veterinary vaccines in North America is also driven owing to the strict regulations put in place by the federal government mandating vaccination against certain viruses such as parvovirus, rabies, and adenovirus. Continuous research and progress in the field of veterinary immunology and immunopathology have also kept the region at the forefront of the global veterinary vaccines market.
Though the North America veterinary vaccines market will continue to be in a commanding position over the forecasting horizon in terms of revenue contribution, emerging markets such as Latin America, Asia Pacific, and Middle East and Africa are expected to provide the most promising returns. The vast rise in the number of companion and farm animals across these regions, rising awareness about vaccination among the population, and the rise in prevalence of zoonotic disease will drive the markets for veterinary vaccines in these regions. The market in Asia Pacific will exhibit a strong CAGR of 8.4% over the period between 2016 and 2024.
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Some of the key vendors in the global veterinary vaccines market are Ceva Santé Animale, Bayer AG, Bimeda, Inc., Merck Animal Health, Sanofi (Merial Animal Health), Boehringer Ingelheim GmbH, Eli Lilly and Company (Elanco Animal Health), Virbac, and Zoetis, Inc.
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