Veterinary Vaccines Market Major Driver: Rise In Prevalence of Animal Diseases Is Expected To Drive Growth As Per The Business Research Company's Veterinary Vaccines Global Market Report 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, March 30, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s research on the veterinary vaccines market identifies the rise in prevalence of diseases in animals to propel growth in the veterinary vaccines market. As the number of animals suffering from a variety of diseases rises, so does the demand for vaccines to prevent and treat such diseases, propelling the veterinary vaccines market. According to Animal and Plant Health Agency estimates, a total of 3289 new TB herd incidents were detected in England. Bovine tuberculosis is a chronic disease that typically affects cattle, but it can affect all mammals, causing general illness, coughing, and eventually death. However, the disease can be treated with antibiotics that kill the tuberculosis bacteria. During the forecast period, the rising prevalence of diseases in animals is expected to drive the veterinary vaccines market.
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The global veterinary vaccines market size will grow from $10.8 billion in 2022 to $11.5 billion in 2023 at a compound annual growth rate (CAGR) of more than 6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global veterinary vaccines market size is expected to grow to $14.2 billion in 2027 at a CAGR of more than 5%.
Major players in the veterinary vaccines market are Boehringer Ingelheim GmbH, Merck Animal Health, Zoetis Inc., Eli Lilly and Company, Bayer AG (Bayer Animal Health), CevaSantéAnimale, Virbac.
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Companies in the veterinary vaccines market are increasingly seeking strategic alliances and collaborations in order to expand into new geographies and share R&D projects. In 2020, for example, the Pirbright Institute, a UK-based animal disease research institute, will collaborate with ECO Animal Health, a UK-based pharmaceutical company, and the Vaccine Group (TVG) to develop porcine respiratory and reproductive syndrome virus (PRRSV) vaccines. The vaccine group, based in Plymouth, UK, is a biotechnology company that creates animal vaccines. Similarly, MSD Animal Health, a division of Merck & Co based in the United States, formed a strategic alliance with Vinovo. This collaboration will enable MSD Animal Health to incorporate its distinct broad vaccine product line and Vinovo's vaccine delivery system into the vaccination process, thereby improving bird welfare and reducing vaccine reactions. In addition, Wageningen Bio Veterinary Research formed a strategic alliance with Ceva, headquartered in Switzerland, to advance research on the global threat of emerging and reemerging diseases in animals.
North America was the largest region in the veterinary vaccines market in 2022. Asia-Pacific was the second-largest region in the global veterinary vaccines market. The regions covered in the global veterinary vaccines report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The global veterinary vaccines market is segmented by application into livestock vaccines, companion animal vaccines; by vaccine type into live attenuated vaccines, inactivated vaccines, toxoid vaccines, recombinant vaccines, other vaccine types; by disease type into anaplasmosis, canine parvovirus, foot and mouth disease, newcastle disease, distemper disease, influenza, porcine reproductive and respiratory syndrome (PRRS).
Veterinary Vaccines Global Market Report 2023 by The Business Research Company provides insights on the veterinary vaccines market size, veterinary vaccines market segments, veterinary vaccines market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 3,000+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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