Veterinary Vaccines Market worth $10.8 billion | Zoetis, Inc. (US), Merck & Co, Inc. (US), Boehringer Ingelheim International GmbH (Germany), Elanco Animal Health (US), Virbac (France)

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.

Download an Illustrative overview: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1233&utm_source=OPenpr&utm_campaign=Paid&utm_content=Referral

The future of the veterinary vaccines industry looks promising. The industry is expected to grow at a steady rate over the next few years, driven by rising demand for pet health products and increasing awareness of pet health among pet owners. The rising demand for vaccines, particularly in developing countries, is expected to further drive growth in the industry. Additionally, advancements in technology and the development of new vaccine formulations and delivery methods are anticipated to play a significant role in the growth of the industry. Furthermore, increasing investments in the development of animal health products, such as vaccines, by both the public and private sector are expected to contribute to the growth of the industry.

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.

Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=1233&utm_source=OPenpr&utm_campaign=Paid&utm_content=Referral

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).

Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=1233&utm_source=OPenpr&utm_campaign=Paid&utm_content=Referral

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.

Contact:

Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/animal-veterinary-vaccines-market.asp
Visit Our Website: https://www.marketsandmarkets.com/
Content Source: https://www.marketsandmarkets.com/PressReleases/animal-veterinary-vaccines.asp

About MarketsandMarkets™:

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

This release was published on openPR.