Veterinary Vaccines Market worth $10.8 billion by 2027
The report "Veterinary Vaccines Market by Type (Porcine, Poultry, Livestock, Companion Animals), Technology (Live Attenuated, Inactivated, Toxoid), Route of Administration (Injection, Intranasal), Distribution Channel (Hospitals, Clinics) - Global Forecast to 2027", is projected to reach USD 10.8 billion by 2027 from USD 8.1 billion in 2022, at a CAGR of 5.9% during the forecast period. Growth in this market can primarily be attributed to the growing demand for pet insurance and rising animal health expenditure. Spending on pet healthcare—which includes the purchase of pet food, supplies/over-the-counter medications, veterinary care, pet insurance policies, and other services, has increased significantly in recent years. A large number of pet owners, especially in major markets across North America and Europe, are purchasing pet insurance because of the significant growth in pet care expenditure in recent years.
Browse 305 market data Tables and 56 Figures spread through 292 Pages and in-depth TOC on "Veterinary Vaccines Market by Type (Porcine, Poultry, Livestock, Companion Animals), Technology (Live Attenuated, Inactivated, Toxoid), Route of Administration (Injection, Intranasal), Distribution Channel (Hospitals, Clinics) - Global Forecast to 2027"
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Injectable vaccines accounted for the largest share of the veterinary vaccines market
Based on the route of administration, the veterinary vaccines market is segmented into injectable vaccines, oral vaccines, and intranasal/spray vaccines. In 2021, injectable vaccines accounted for the largest share of the veterinary vaccines market. This mode of administration allows the medication to be absorbed into the bloodstream quickly. It also results in a better immune response and a lower rate of injection-site reactions, this factors will support the market growth.
The veterinary hospitals segment accounted for the largest share of the veterinary vaccines market
Based on the distribution channel, the veterinary vaccines market is segmented into veterinary hospitals, veterinary clinics, and retail pharmacies. In 2021, the veterinary hospitals segment accounted for the largest share of the veterinary vaccines market. The large share of the veterinary hospitals segment is attributed to the growing awareness about animal health in developing countries.
Asia Pacific segment accounted for the largest share of the veterinary vaccines market
The global veterinary vaccines market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2021, Asia Pacific segment accounted for the largest share of the veterinary vaccines market. The growing trend of pet ownership in APAC countries has resulted in increased pet healthcare expenditures. This can also be attributed to the growing disposable income levels in APAC countries, due to which the willingness to spend on animal healthcare and well-being is rising.
The major players in the veterinary vaccines market include Zoetis, Inc. (US), Merck & Co, Inc. (US), Boehringer Ingelheim International GmbH (Germany), Elanco Animal Health (US), Virbac (France).
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