Veterinary Vaccines Market worth $13.33 billion by 2029
The report "Veterinary Vaccines Market by Type (Porcine, Poultry, Livestock, Companion Animals), Technology (Live Attenuated, Inactivated, Toxoid), Route of Administration (Intramuscular, Subcutaneous, Oral), End user (Hospitals, Clinics) - Global Forecast to 2029", is projected to reach USD 13.33 billion by 2029, from USD 9.39 billion in 2024, at a CAGR of 6.1%.” during the forecast period.
Browse 451 market data Tables and 67 Figures spread through 406 Pages and in-depth TOC on "Veterinary Vaccines Market by Type (Porcine, Poultry, Livestock, Companion Animals), Technology (Live Attenuated, Inactivated, Toxoid), Route of Administration (Intramuscular, Subcutaneous, Oral), End user (Hospitals, Clinics) - Global Forecast to 2029"
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Globally, the growing awareness of animal health, increasing pet population and pet ownership, initiatives by various government to improve animal health and growing adoption of pet insurance policies propelling the adoption of veterinary vaccines . 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.
Moreover, the increasing focus for new and advanced product development and growing adoption veterinary vaccines in emerging economies are expected to support the veterinary vaccines market growth during the forecast period.
High cost asscociated with vaccines is likely to hamper the growth of veterinary vaccines market
The companion animal vaccines segment is expected to register the highest growth rate in the global veterinary vaccines market in 2023.
Based on type, the companion animal vaccines market is growing significantly, driven by increasing pet ownership, heightened awareness of preventive healthcare, and the development of more effective and safer vaccines. As pets are increasingly viewed as family members, the demand for vaccinations to protect them from infectious diseases is rising. The growing recognition of zoonotic disease risks, government regulations, and the rise of pet insurance are further boosting vaccine demand. Additionally, emerging markets, particularly in Asia Pacific, are contributing to this growth as disposable incomes rise and more pet owners seek veterinary care.
The veterinary hospitals segment is anticipated to grow at a significant rate in the veterinary vaccines market in 2023.
Based on application, the veterinary hospitals segment is growing quickly as more pet owners seek professional care for their pets. With pets being treated like family, owners turn to veterinary hospitals for vaccinations and overall health care. These hospitals offer advanced vaccines and follow-up care, making them a go-to choice for ensuring pets stay healthy. Partnerships with pharmaceutical companies and the growing focus on preventive care are also helping drive this growth. As a result, veterinary hospitals are becoming an increasingly important part of the pet healthcare landscape.
“The Asia pacific market, by region, to register highest growth rate in the forecast period.”
The veterinary vaccines market is segmented into North America, Europe, Asia Pacific, and the Latin America, Middle East & Africa based on region. The Asia Pacific region is experiencing rapid growth in the veterinary vaccines market, driven by rising pet ownership, increasing awareness of pet health, and growing disposable incomes. As more people in countries like China, India, and Southeast Asia adopt pets, there is a rising demand for veterinary care, including vaccinations. The expansion of veterinary hospitals, along with government initiatives to improve animal health and prevent zoonotic diseases, is further boosting vaccine adoption. This combination of factors makes Asia Pacific one of the fastest-growing regions in the veterinary vaccines market.
As of 2023, veterinary vaccines market was dominated by Zoetis(US), Merck & Co, Inc. (US), Boehringer Ingelheim International GmbH (Germany), Elanco (US), Virbac (France), Ceva (France), Phibro Animal Health Corporation (US), Hester Biosciences Limited (India), Neogen Corporation (US), HIPRA (Spain), Biogénesis Bagó (Argentina), among others.
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