Press release
Global Veterinary Vaccines Market 2023 | Futuristic Technology- Zoetis, Inc, Merck & Co, Inc, Boehringer Ingelheim International GmbH, Elanco Animal Health, Virbac
The veterinary vaccines market is expected to grow at a CAGR of 5.9% from 2022 to 2027. The growth of the market is driven by the increasing demand for companion animals, the growing awareness about the importance of vaccination, and the increasing number of outbreaks of animal diseases.The global veterinary vaccines market is projected to reach USD 10.8 billion by 2027 from USD 8.1 billion in 2022, at a CAGR of 5.9% during the forecast period.
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The global veterinary vaccines market is segmented by type, animal type, and region. By type, the market is segmented into live attenuated vaccines, inactivated vaccines, subunit vaccines, toxoid vaccines, conjugate vaccines, and recombinant vaccines. Live attenuated vaccines are the most commonly used type of veterinary vaccines, as they provide long-lasting immunity. Inactivated vaccines are also widely used, as they are safe and effective. Subunit vaccines are a newer type of vaccine that is becoming increasingly popular, as they are more specific and can be used to target specific diseases. Toxoid vaccines are used to protect against toxins produced by bacteria. Conjugate vaccines are a combination of a toxoid vaccine and a subunit vaccine. Recombinant vaccines are made using genetic engineering techniques.
By animal type, the market is segmented into companion animals, livestock, and aquaculture animals. Companion animals are the largest market for veterinary vaccines, as the demand for these animals is increasing in developed and developing countries. Livestock are the second-largest market for veterinary vaccines, as the demand for meat and milk is increasing. Aquaculture animals are the smallest market for veterinary vaccines, but the market is growing rapidly, as the demand for seafood is increasing.
By region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is the largest market for veterinary vaccines, followed by Europe and Asia Pacific. The growth of the market in North America is driven by the high demand for companion animals and the increasing awareness about the importance of vaccination. The growth of the market in Europe is driven by the increasing demand for livestock and aquaculture animals. The growth of the market in Asia Pacific is driven by the growing population and the increasing demand for companion animals.
The key 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). These companies are investing in research and development to develop new vaccines and improve the efficacy of existing vaccines. They are also expanding their product portfolio to meet the growing demand for veterinary vaccines.
The veterinary vaccines market is a promising market with a lot of growth potential. The market is expected to continue to grow in the coming years, driven by the increasing demand for companion animals, the growing awareness about the importance of vaccination, and the increasing number of outbreaks of animal diseases.
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