According to our new research study on “Veterinary Vaccines Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Vaccine Type and Technology,” the market is projected to reach US$ 15,536.38 million in 2028 from US$ 9,984.65 million in 2021; it is estimated to register a CAGR of 6.5% from 2021 to 2028.
The report highlights trends existing in the market, and drivers and hindrances pertaining to the market growth. The companion animal category is predicted to increase at the highest rate because of the high frequency with which these animals come into contact with people and the fact that illnesses such as rabies can harm humans as well. Additionally, a boost in the adoption of these companion animals and increased knowledge of the need for dog and cat vaccinations contribute to the market’s growth. Cats and dogs receive companion animal immunizations. Vaccines for livestock are frequently administered to farm animals. In 2020, the livestock vaccination market held the largest market share. The reason for this is that these animals are routinely vaccinated more frequently than companion animals. Besides, the segment’s quick rise has been attributed to the rapid expansion of companion animal vaccinations, advancements in diagnostic services and vaccine technology, and worries over vaccine safety. Additionally, the industry is benefited by improving immunization regimens in response to changing disease patterns and the pet population. Thus, the benefits of veterinary vaccines are expected to drive the segment during the forecast period.
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The global veterinary vaccines market, based on vaccine type, is segmented into livestock vaccines, companion animal vaccines, and others. The livestock vaccines segment is likely to hold the largest market share in 2021. However, the companion animal segment is anticipated to register the highest CAGR of 7.0% during the forecast period.
The global veterinary vaccines market, based on technology, is segmented into live attenuated vaccines, inactivated vaccines, toxoid vaccines, recombinant vaccines, conjugate vaccines, and others. In 2021, the live attenuated vaccines segment is likely to hold the largest market share. However, the inactivated vaccines segment is expected to grow at the highest CAGR from 2021 to 2028.
Boehringer Ingelheim International GmbH; Zoetis Inc.; Merck & Co., Inc.; Virbac; BIOVAC; NEOGEN Corporation; Elanco; HIPRA; Ceva; and Hester Biosciences Limited are a few leading companies operating in the veterinary vaccines market. The companies adopt inorganic and organic growth strategies to expand their footprints and product portfolio worldwide to meet the rising demands for veterinary vaccines. In July 2021, Boehringer Ingelheim launched FreVAX smartphone app (2.0 version) for the management of FreVAX intramuscular needle-free device.
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