According to the report, published by Zion Market Research, the global veterinary vaccines market accounted for around USD 12.10 billion in 2015 and is expected to reach approximately USD 20.60 billion by 2021, growing at a CAGR of around 9.3% between 2016 and 2021.
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Vaccination is one of the most used applications of modern biotechnology to prevent chronic bacterial, viral and protozoal diseases. Veterinary vaccines are eco-friendly and used to increase animal welfare by preventing a death of animals, loss of dairy products and monetary loss of owners. Recently highly effective third generation vaccine against rabies virus has been developed with the help of recombinant technology. With the use of vaccine, we can avoid the problem of antibiotic and drug resistance by a microorganism.
Major factors responsible for the growth of veterinary vaccines market include increasing pet ownership, increasing awareness for food security and increasing investment by various government agencies. Increased veterinary research institutions and colleges are also adding value to veterinary vaccines market. However, rising maintenance cost of vaccine storage and prevalence of chronic disease of animals with continuous economic slowdown are hindering the growth of the market. Increasing demand for milk, eggs, meat & animal protein and investment by a government would represent the massive opportunity in future.
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On the basis of product type, the market of veterinary vaccines is bifurcated into livestock vaccines and companion vaccines. Livestock vaccines account larger market share of more than 62% and companion vaccines accounts for around 38% share of global veterinary vaccine market. Livestock vaccines segment is classified into poultry, porcine and aquaculture vaccine type. The porcine vaccine is largest sub-segment with more than 30% share of global livestock market and it is expected to remain dominant during the forecast period. Companion vaccine is segmented into equine, canine and feline. Among these three segments, canine segments are the fastest growing segment with approximately 6% growth rate.
On the basis of technology type, the veterinary vaccines market is classified into attenuated vaccines, DNA Vaccines, inactivated vaccines, toxoid vaccines and recombinant vaccines. With noticeable share, DNA and attenuated vaccine segments were accounted highest growth for veterinary vaccine market in 2015.
The veterinary vaccine market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. As a result of increasing demand for livestock veterinary vaccines, North America and Europe has the strong hold on veterinary vaccine market with more than 68% share. In North America, the U.S. and Canada are two major markets, while the U.S. market is expected to remain dominant with nearly 38% share in forecast period due to increasing pet ownership and growing demand for dairy products. Asia-Pacific is expected to show noticeable growth in forecast period as a result of strong demand from China and India.
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Key operating players for the veterinary vaccines market are Heska Corporation, Zoetis Inc., Ceva Santé Animale Inc., Merck Animal Health, Sanofi (Merial Animal Health), Boehringer Ingelheim GmbH, Eli Lilly and Company (Elanco Animal Health), Virbac, Bayer AG, and Bimeda.
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