Global Veterinary Vaccines Market, by Technology (Inactivated Vaccines, Toxoid Vaccines, Live Attenuated Vaccines, and Subunit and DNA Vaccines), by Animal Type (Companion (Equine, Canine, and Feline) and Livestock (Bovine, Ovine, Porcine, Poultry, and Others)), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 8,482.6 Million in 2022 and is expected to exhibit a CAGR of 6.2 % during the forecast period (2022-2030), as highlighted in a new report published by Coherent Market Insights.
The increasing adoption of organic strategies such as new product launches by the key players in market is expected to drive the market growth over the forecast period. For instance, on September 6, 2022, Boehringer Ingelheim International, a company involved in manufacturing vaccines for animal health, announced launch of Fencovis, the first vaccine to prevent calf diarrhea caused by E. coli F5 and bovine rotavirus and reduce severity of calf diarrhea caused by bovine coronavirus. The vaccine also provides passive immunity to calves through maternal colostrum.
Global Veterinary Vaccines Market– Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic and lockdowns in various countries across the globe have impacted the financial status of businesses across all sectors, including the private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry, mainly due to strict lockdown in several regions. Private healthcare is one such sector that has been impacted significantly by the COVID-19 pandemic.
The COVID-19 pandemic is expected to slightly disrupt the delivery of veterinary services and animal disease reporting, and hence, it is expected to affect the global veterinary vaccine market. According to a survey published by the Food and Agriculture Organization of the United Nations, in 2021, two surveys were conducted globally by the Emergency Management Centre for Animal Health (EMC-AH) team with the aim of the first survey to assess the impact of COVID-19 on the delivery of state (and private) veterinary services. The objective of the second survey was to understand how the COVID-19 pandemic may have affected the routine activities of animal disease reporting and surveillance for early detection in the countries using EMA-i (Event Mobile Application).
Participants of both surveys reported that movement restriction due to COVID-19 was implemented in their respective countries, which resulted in a negative impact on the activities of the veterinary services. In the first survey, 93 percent reported that their veterinary services had been negatively impacted by COVID-19 and 70 percent reported it was more difficult for field agents to conduct surveillance activities and field investigations. This result was similar to the second survey, where 74 percent of participants confirmed that movement restriction due to COVID-19 had affected their work on disease reporting and 69 percent declared that they had been granted special authorization of free movement to perform their duties.
Global Veterinary Vaccines Market: Key Developments
In 2017, Elanco, a subsidiary of Eli Lilly and Company, acquired Boehringer Ingelheim Vetmedica, Inc.’s feline, canine, and rabies vaccines portfolio. This acquisition helped Elanco to expand its companion animal portfolio by adding vaccines for bordetella, Lyme disease, feline leukemia, rabies, and parvovirus.
Browse 26 Market Data Tables and 25 Figures spread through 220 Pages and in-depth TOC on “Global Veterinary Vaccines Market”- Forecast to 2030, Global Veterinary Vaccines Market, by Technology (Inactivated Vaccines, Toxoid Vaccines, Live Attenuated Vaccines, and Subunit and DNA Vaccines), by Animal Type (Companion (Equine, Canine, and Feline) and Livestock (Bovine, Ovine, Porcine, Poultry, and Others)), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
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Moreover, key players in the veterinary vaccines market are increasingly looking for strategic partnerships and collaborations to enter into new geographies and to share the research & development projects for vaccines production. For instance, in 2020, the Pirbright Institute, a U.K. based animal disease research institute, partnered with ECO Animal Health, a U.K. based pharmaceutical company, and the Vaccine Group (TVG), a company focused on producing animal based vaccines to develop porcine respiratory and reproductive syndrome virus (PRRSV) vaccines.
Key Takeaways of the Global Veterinary Vaccines Market:
- Global veterinary vaccine market is expected to exhibit a CAGR of 6.2 % during the forecast period, owing to the increase in the strategies like acquisition by key market players. For instance, on May 16, 2022, Ceva, a multinational animal health company, announced that they had acquired Artemis Technologies, a Canada-based vaccine company, to expand their oral rabies vaccine portfolio.
- Among technology, inactivated vaccines segment is expected to account for a major revenue share, as inactivated vaccines contain killed pathogens, which cannot replicate and cause any disease.
- On the basis of region, North America is estimated to account for the largest market share in the global veterinary vaccines market over the forecast period. This is due to established veterinary organizational structures and the desire of individuals to protect animal health.
- Major players operating in the global veterinary vaccines market include Aratana Therapeutics, Inc., Regeneus Ltd., Morphogenesis, Inc., Karyopharm Therapeutics, Inc., Zoetis, Inc., Eli Lilly and Company, Merck & Co., Inc., and Boehringer Ingelheim GmbH.