Elevated Disease Prevalence: A Key Driver Transforming the Veterinary Vaccines Market 2024

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How has the Veterinary Vaccines Market Performed in Recent Years?

The veterinary vaccines market has demonstrated solid growth in recent years, rising from $12.47 billion in 2023 to an anticipated $13.44 billion in 2024, representing a compound annual growth rate CAGR of 7.8%. This growth during the historic period can largely be attributed to emerging markets growth, increased pet spending, higher prevalence of diseases, increased outbreak of poultry diseases, and rising incidence of zoonotic diseases.

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What is the Anticipated Growth of the Veterinary Vaccines Market?

Going forward, the veterinary vaccines market size is poised for robust growth. The market is projected to grow to $17.85 billion by 2028, with a compound annual growth rate CAGR of 7.4%. This growth in the forecast period can be attributed to economic growth, increasing penetration of pet insurance, rise in pet ownership, increase in government initiatives, and growing awareness about animal health. Major trends include investing in the development of nanoparticles, increasing the production of subunit and virus-like particle-based vaccines, increasing investment on toxoid and mRNA vaccines, and strategic collaborations and partnerships.

What is Driving the Growth of the Veterinary Vaccines Market?

A key driving force for the veterinary vaccines market is an increase in the number of animals suffering from a range of diseases, which is creating demand for vaccines to prevent and treat such diseases. According to a report by the Animal and Plant Health Agency, a total of 3289 new TB herd incidents were detected in England. Bovine tuberculosis, a chronic disease that generally affects cattle but can impact all mammals, results in general illness, coughing, and potentially death. However, treatments with specific antibiotics that eliminate the TB bacteria exist. The rising prevalence of diseases in animals is expected to drive the veterinary vaccines market during the forecast period.

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Who are the Key Players in the Veterinary Vaccines Market?

The veterinary vaccines market hosts several prominent players including Zoetis Inc., Boehringer Ingelheim GmbH, Merck & Co. Inc., Elanco Animal Health Incorporated, Ceva Santé Animale., Virbac Group, HIPRA, Biogenesis Bago, Kyoritsu Seiyaku Corporation, and Phibro Animal Health Corporation, among others.

What are the Major Trends in the Veterinary Vaccines Market?
Companies in the veterinary vaccines market are increasingly forming strategic partnerships and collaborations to venture into new geographies and undertake shared research and development projects. For instance, in February 2022, Merck Animal Health partnered with Iowa State University to collaborate on innovative solutions in animal health. Similarly, MSD Animal Health and Vinovo forged a strategic alliance aiming to combine MSD's unique broad vaccine product line and Vinovo's efficient vaccine delivery system to the vaccination process.

How is the Veterinary Vaccines Market Segmented?
The veterinary vaccines market is segmented as follows:
1 By Application: Livestock Vaccines, Companion Animal Vaccines
2 By Vaccine Type: Live Attenuated Vaccines, Inactivated Vaccines, Toxoid Vaccines, Recombinant Vaccines, Other Vaccine Types
3 By Disease Type: Anaplasmosis, Canine Parvovirus, Foot And Mouth Disease, Newcastle Disease, Distemper Disease, Influenza, Porcine Reproductive And Respiratory Syndrome PRRS

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Which Regions Dominate the Veterinary Vaccines Market?

North America was the largest region in the veterinary vaccines market in 2023, followed by the Asia-Pacific region. The report covers additional regions including Western Europe, Eastern Europe, South America, Middle East, and Africa.

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