Press release
Animal Vaccine Market Size, Share, Industry, Forecast and outlook (2023-2030)
The Animal Vaccine Market is witnessing significant growth attributed to increased regulatory approvals, rising prevalence of infectious diseases among animals, and heightened R&D activities. Here is a comprehensive overview of the market dynamics, trends, segmentation, geographical penetration, competitive landscape, and the impact of COVID-19:Market Summary:
The global animal vaccine market reached USD 12,089.2 million in 2022 and is projected to reach USD 22,404.3 million by 2030, displaying a CAGR of 8.2% during 2023-2030.
Market trends indicate increased regulatory approvals for vaccines, owing to the rising prevalence of infectious diseases among animals and escalating research and development activities.
Market Dynamics and Trends:
Increasing Innovation in Animal Vaccine Production: Growing development in companion or aquaculture vaccine production globally is driving market growth. Plant-based vaccines for farm-raised fish are cost-effective and efficient, enhancing their protection against diseases.
Rising Government Initiatives and Novel Product Launches: Increased advancements and regulatory approvals due to the growing prevalence of infectious diseases are creating market opportunities. Recent product launches demonstrate the market's potential, such as an inactivated (COVID-19) SARS-CoV-2 Delta vaccine for animals.
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Market Segment Analysis:
Companion Animal Segment's Dominance: With the rapidly growing adoption of companion animals worldwide, this segment holds approximately 37.5% of the animal vaccine market share. Vaccination is crucial for preventing pets from various diseases, and core immunizations are recommended for all cats and dogs.
Geographical Penetration:
North America's Significance: North America contributed approximately 39.8% to the market share in 2022 due to the presence of major players, increased healthcare infrastructure investment, rising healthcare expenditure, and advanced biopharmaceutical establishments.
Competitive Landscape:
Key players in the animal vaccine market include Merck & Co. Inc., Boehringer Ingelheim International GmbH, Zoetis Services LLC, among others.
Key Developments: Major companies are engaging in significant acquisitions, product launches, and agreements, such as Merck Animal Health acquiring Vence, Ceva Santé Animale purchasing Artemis Technologies, and Zoetis Inc.'s FDA approval for Solensia for cats with osteoarthritis.
COVID-19 Impact on Animal Vaccine Market:
The Russia-Ukraine conflict is anticipated to moderately impact the market due to the absence of key players in the region. Import and export disruptions of raw materials may have a minor influence on market growth.
The Animal Vaccine Market is experiencing substantial growth due to increased government initiatives, rising adoption of companion animals, technological advancements in vaccine production, and continuous innovation by key market players. This growth is seen across various segments, particularly in companion animal vaccines and their widespread adoption. Moreover, companies are actively expanding their product portfolios through strategic partnerships and launches to cater to evolving market demands.
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