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  • Published In : Mar 2024
  • Code : CMI125
  • Pages :220
  • Formats :
      Excel and PDF
  • Industry : Pharmaceutical

Market Size and Trends

The veterinary vaccines market is estimated to be valued at USD 9.70 Bn in 2024 and is expected to reach USD 16.17 Bn by 2031, growing at a compound annual growth rate (CAGR) of 7.6% from 2024 to 2031.

Veterinary Vaccines Market Key Factors

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The market is expected to witness positive growth over the forecast period. Increasing pet adoption worldwide and rising awareness about animal health is expected to drive the demand for veterinary vaccines. Growing expenditure on animal health and increasing incidence of zoonotic diseases is further expected to support the market growth. Various initiatives taken by market players and government organizations to provide veterinary healthcare is also projected to boost the sales of vaccines. Wide availability of effective vaccines against various infectious diseases of livestock and companion animals along with increasing demand for vaccine from emerging economies will provide opportunities for expansion of the veterinary vaccines market globally over the coming years.

Increasing government initiatives for veterinary vaccine

Increase in government initiatives for developing veterinary vaccine such as tuberculosis vaccine are expected to propel the global veterinary vaccine market growth over the forecast period. For instance, on July 22, 2020, the Department for Environment, Food & Rural Affairs and Animal and Plant Health Agency, U.K, had given permission to scientists from the U.K. government research organization (The Animal and Plant Health) to conduct field trial for bovine tuberculosis (bTB) TB cattle vaccination. These field trials will be conducted over the next four years from 2021 till 2024 on behalf of Department for Environment, Food and Rural Affairs (DEFRA), the Welsh Government and the Scottish Government, following 20 years of ground-breaking research into bovine TB vaccines and diagnostic tests. 

/p>Expanding Veterinary Healthcare Infrastructure

Another driver for growth in the veterinary vaccines market is the broadening veterinary healthcare infrastructure in developing nations. In the past, animal health services were relatively underdeveloped in low and middle-income countries. However, recent years have witnessed substantial investments toward improving veterinary facilities, education, and resources. This expanded infrastructure enhances access to routine preventive care like vaccination programs nationally. It also boosts awareness about the importance of vaccinating livestock populations against zoonotic diseases transmissible to humans. Stronger veterinary systems help safeguard public health as well as agricultural development through optimized animal welfare.

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