11-Feb-2021 | Zion Market Research
The Veterinary Vaccine Market is set for a rapid growth over the forecast period. In terms of revenue, The Global Veterinary Vaccines Market is expected to reach USD 11.97 Billion by 2026 growing at a CAGR of 7.1% during 2020 to 2026.
Veterinary vaccines are used mainly for livestock, as they suffer from various diseases, such as bluetongue virus, foot-and-mouth disease (FMD), and rabies. The major goals of veterinary vaccines are to improve the health and welfare of companion animals, increase production of livestock in a cost-effective manner, and prevent animal-to-human transmission from both domestic animals and wildlife.
Veterinary vaccine market is expected to grow rapidly due to driving factors such as increase in the companion animal population, rising incidence of zoonotic diseases, initiatives by various government agencies and animal associations to maintain animal health and the rising demand for animal-derived food products.
The outbreak of COVID-19 resulted in market players facing various challenges owing to the supply chain disruptions due to the stringent lockdown measures during the initial stages of the pandemic. However, the market will grow in the near future mainly due to companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. Technological advancement and growing awareness of animal health will also contribute towards the growth of the veterinary vaccine market.
The veterinary vaccine market is divided on the basis of product, technology types, and region. Based on the product, the veterinary market is bifurcated into livestock vaccine, companion vaccine, and others. On the basis of technology types, the veterinary vaccine is divided into attenuated vaccines, recombinant vaccines, inactivated vaccines, toxoid vaccines, and others.
The Asia Pacific is expected to grow at a rapid pace in the veterinary vaccines market due to factors such as the rising pet adoption, expansion of key vaccine players, increasing product availability, and investments in manufacturing facilities in various Asia Pacific countries, especially in India, China, and Thailand. Driving factors such as anticipated rise in the livestock population, the government initiatives, high R&D expenditure are expected to boost the market growth in the region.
Europe is one of the most lucrative markets for veterinary vaccines due to rising production of veterinary products, improved animal husbandry practices, higher pet population are propelling the growth of the market in the region.
The global veterinary vaccine market is led by players like:
The companies are forming various strategies to remain competitive in the market. Some of the strategies include product launches, agreements, and partnerships.
Browse the full “Veterinary Vaccine Market By Product (Livestock Vaccines, Companion Vaccines, And Others) By Technology Types (Attenuated Vaccines, Recombinant Vaccines, Inactivated Vaccines, Toxoid Vaccines, And Others): Global Industry Perspective, Comprehensive Analysis And Forecast, 2019 – 2026.” Report at https://www.zionmarketresearch.com/report/veterinary-vaccine-market
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