Veterinary Vaccines Market in terms of revenue was estimated to be worth $8.1 billion in 2022 and is poised to reach $10.8 billion by 2027, growing at a CAGR of 5.9% from 2022 to 2027 according to a new report by MarketsandMarkets™. 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.
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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 factor 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.
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Veterinary Vaccines Market Dynamics:
Drivers:
1. Growth in companion animal population
2. Rising incidence of zoonotic diseases
3. Initiatives by various government agencies and animal associations
4. Rising demand for animal-derived food products
5. Growing demand for pet insurance and rising animal health expenditure
Restraints:
1. High storage cost of vaccines
2. Rising pet care costs
Opportunities:
1. Technological advancements
2. Untapped emerging markets
Challenges:
1. Inadequate surveillance and reporting systems
2. Lack of animal healthcare awareness in emerging countries
Key Market Players:
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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Recent Developments:
- In September 2022, Zoetis acquired Jurox, a privately held animal health company that develops, manufactures, and markets a wide range of veterinary medicines for treating livestock and companion animals.
- In June 2022, Boehringer Ingelheim and CarthroniX partnered to pursue small molecule therapeutics in canine oncology.
- In July 2021, Elanco acquired KindredBio, a biopharmaceutical company focused on developing novel pet therapeutics.
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