Abstract
Summary
The global veterinary vaccines market is projected to reach USD 10.8 billion by 2027 from USD 8.1 billion in 2022, at a CAGR of 5.9% during the forecast period. In emerging countries such as India and China, the pet insurance industry is in the nascent stage. The increasing disposable incomes and rising pet expenditure are expected to increase the adoption of pet insurance policies and support the veterinary health industry.
Bovine vaccines segment accounted for a larger share of the livestock vaccines market
In 2021, the bovine vaccines segment accounted for a larger share of the livestock vaccines market. This segment is also estimated to grow at a higher CAGR during the forecast period. Growth in this segment can primarily be attributed to the increasing demand for meat and milk and increased awareness about the prevention of diseases in livestock.
The recombinant vaccines will grow at highest CAGR during the forecast period
Based on technology, the recombinant vaccines will grow at highest CAGR during the forecast period. The major advantages offered by recombinant vaccines include the lack of need for adjuvants and the stability offered by these vaccines that allows them to remain viable at ambient temperatures. Also, these vaccines are free from pathogen contamination, exhibit no post-vaccination reactions, and offer higher safety
North America accounted for the second largest share of the global veterinary vaccines market
In 2021, North America accounted for a share of the global veterinary vaccines market. The increasing animal population and growing animal disease prevalence, rising awareness of veterinary vaccines, and the increasing demand for animal products are the major factors that are expected to drive the growth of the veterinary vaccines market in North America. In addition to the increasing healthcare expenditure, there has been a surge in the pet health insurance industry.
The break-up of the profile of primary participants in the veterinary vaccines market:
• By Company Type: Tier 1 – 60%, Tier 2 – 30%, and Tier 3 – 10%
• By Designation: C Level – 30%, Director Level – 50%, Others-20%
• By Region: North America – 45%, Europe – 15%, Asia Pacific – 25%, Middle East – 5%, and Latin America –10%
The prominent players in the veterinary vaccines market include Zoetis, Inc. (US), Merck & Co, Inc. (US), Boehringer Ingelheim International GmbH (Germany), Elanco Animal Health (US), Virbac (France).
Research Coverage:
The report analyzes the veterinary vaccines market and aims at estimating the market size and future growth potential of this market based on various segments such as type, disease, technology, route of administration, distribution channel and region. The report also includes a product portfolio matrix of various veterinary vaccines available in the market. The report also provides a competitive analysis of the key players in this market, along with their company profiles, product offerings, and key market strategies.
Reasons to Buy the Report
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall veterinary vaccines market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
This report provides insights into the following pointers:
• Analysis of key drivers (growth in the companion animal population, rising incidence of zoonotic diseases, initiatives by various government agencies and animal associations, rising demand for animal-derived food products, growing demand for pet insurance, and rising animal health expenditure), restraints (the high storage cost of vaccines and rising pet care costs), opportunities (technological advancements and untapped emerging markets), and challenges (inadequate surveillance and reporting systems and lack of animal healthcare awareness emerging countries) influencing the growth of the veterinary vaccines market
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the veterinary vaccines market
• Market Development: Comprehensive information on the lucrative emerging markets by type, disease, technology, route of administration, distribution channel and region.
• Market Diversification: Exhaustive information about new products or product enhancements, growing geographies, recent developments, and investments in the global veterinary veterinary market.
• Competitive Assessment: In-depth assessment of market shares, growth strategies, product offerings, competitive leadership mapping, and capabilities of leading players like Zoetis, Inc. (US), Merck & Co, Inc. (US), Boehringer Ingelheim International GmbH (Germany), Elanco Animal Health (US), Virbac (France) in the global veterinary vaccines market.
Table of Contents
1 INTRODUCTION 25
1.1 STUDY OBJECTIVES 25
1.2 MARKET DEFINITION 26
1.2.1 INCLUSIONS AND EXCLUSIONS 26
1.3 MARKET SCOPE 27
1.3.1 MARKETS COVERED 27
1.3.2 YEARS CONSIDERED 28
1.4 CURRENCY CONSIDERED 28
1.5 LIMITATIONS 28
1.6 STAKEHOLDERS 29
1.7 SUMMARY OF CHANGES 29
1.8 RECESSION IMPACT 30
2 RESEARCH METHODOLOGY 31
2.1 RESEARCH DATA 31
2.1.1 SECONDARY DATA 32
- 2.1.1.1 Key data from secondary sources 33
2.1.2 PRIMARY DATA 33
- 2.1.2.1 Key data from primary sources 34
- 2.1.2.2 Key industry insights 35
2.2 MARKET SIZE ESTIMATION 37
2.3 MARKET BREAKDOWN AND DATA TRIANGULATION 42
2.4 MARKET SHARE ANALYSIS 43
2.5 STUDY ASSUMPTIONS 43
2.6 RISK ASSESSMENT 43
2.7 LIMITATIONS 44
2.7.1 METHODOLOGY-RELATED LIMITATIONS 44
2.7.2 SCOPE-RELATED LIMITATIONS 44
2.8 VETERINARY VACCINES MARKET: RECESSION IMPACT 44
3 EXECUTIVE SUMMARY 45
4 PREMIUM INSIGHTS 49
4.1 VETERINARY VACCINES MARKET OVERVIEW 49
4.2 ASIA PACIFIC: VETERINARY VACCINES MARKET, BY TECHNOLOGY (2021) 50
4.3 VETERINARY VACCINES MARKET: GEOGRAPHIC GROWTH OPPORTUNITIES 51
4.4 VETERINARY VACCINES MARKET, BY REGION 52
4.5 VETERINARY VACCINES MARKET: DEVELOPED VS. EMERGING ECONOMIES 52
5 MARKET OVERVIEW 53
5.1 INTRODUCTION 53
5.2 MARKET DYNAMICS 53
5.2.1 DRIVERS 54
- 5.2.1.1 Growth in companion animal population 54
- 5.2.1.2 Rising incidence of zoonotic diseases 55
- 5.2.1.3 Initiatives by various government agencies and animal associations 56
- 5.2.1.4 Rising demand for animal-derived food products 57
- 5.2.1.5 Growing demand for pet insurance and rising animal health expenditure 58
5.2.2 RESTRAINTS 61
- 5.2.2.1 High storage cost of vaccines 61
- 5.2.2.2 Rising pet care costs 61
5.2.3 OPPORTUNITIES 62
- 5.2.3.1 Technological advancements 62
- 5.2.3.2 Untapped emerging markets 62
5.2.4 CHALLENGES 63
- 5.2.4.1 Inadequate surveillance and reporting systems 63
- 5.2.4.2 Lack of animal healthcare awareness in emerging countries 63
5.3 INDUSTRY TRENDS 64
5.3.1 GROWING SCALE OF VETERINARY BUSINESSES 64
5.4 REGULATORY ANALYSIS 64
5.4.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 64
5.4.2 US 67
5.4.3 EUROPE 67
5.4.4 REST OF THE WORLD 68
5.5 VALUE CHAIN ANALYSIS 69
5.6 SUPPLY CHAIN ANALYSIS 70
5.7 ECOSYSTEM ANALYSIS 72
5.8 PORTER’S FIVE FORCES ANALYSIS 73
5.8.1 THREAT OF NEW ENTRANTS 73
5.8.2 THREAT OF SUBSTITUTES 73
5.8.3 BARGAINING POWER OF SUPPLIERS 74
5.8.4 BARGAINING POWER OF BUYERS 74
5.8.5 INTENSITY OF COMPETITIVE RIVALRY 74
5.9 PATENT ANALYSIS 74
5.9.1 PATENT PUBLICATION TRENDS FOR VETERINARY VACCINES 74
5.9.2 JURISDICTION AND TOP APPLICANT ANALYSIS 75
5.10 TECHNOLOGY ANALYSIS 77
5.11 INDICATIVE PRICING MODEL ANALYSIS 77
5.11.1 AVERAGE SELLING PRICE TRENDS 78
5.12 KEY CONFERENCES AND EVENTS (2023-2025) 78
5.13 KEY STAKEHOLDERS AND BUYING CRITERIA 79
5.13.1 KEY STAKEHOLDERS IN BUYING PROCESS 79
5.13.2 BUYING CRITERIA 80
6 VETERINARY VACCINES MARKET, BY TYPE 81
6.1 INTRODUCTION 82
6.2 LIVESTOCK VACCINES 82
6.2.1 BOVINE VACCINES 84
- 6.2.1.1 Bovine vaccines segment to dominate market 84
6.2.2 SMALL RUMINANT VACCINES 85
- 6.2.2.1 Small ruminant vaccines segment to register lower growth in livestock vaccines market 85
6.3 PORCINE VACCINES 86
6.3.1 SECOND-LARGEST MARKET DURING FORECAST PERIOD 86
6.4 POULTRY VACCINES 87
6.4.1 INCREASED PRODUCTION AND REARING OF POULTRY TO DRIVE MARKET GROWTH 87
6.5 COMPANION ANIMAL VACCINES 87
6.5.1 CANINE VACCINES 89
- 6.5.1.1 Canine vaccines segment to dominate companion animal vaccines market during forecast period 89
6.5.2 FELINE VACCINES 90
- 6.5.2.1 Rising prevalence of zoonotic diseases to drive demand for feline vaccines 90
6.6 AQUACULTURE VACCINES 91
6.6.1 VACCINATION PLAYS CRUCIAL ROLE IN COMMERCIAL FISH FARMING 91
6.7 OTHER ANIMAL VACCINES 92
7 VETERINARY VACCINES MARKET, BY DISEASE 93
7.1 INTRODUCTION 94
7.2 PORCINE DISEASES 94
7.2.1 PORCINE CIRCOVIRUS II TO ACCOUNT FOR LARGEST SHARE OF PORCINE VACCINES MARKET 94
7.3 POULTRY DISEASES 96
7.3.1 INFECTIOUS BRONCHITIS SEGMENT TO ACCOUNT FOR LARGEST SHARE OF POULTRY VACCINES MARKET 96
7.4 LIVESTOCK DISEASES 97
7.4.1 BOVINE DISEASES 98
- 7.4.1.1 Foot-and-mouth disease segment to account for largest share of bovine vaccines market 98
7.4.2 SMALL RUMINANT DISEASES 100
- 7.4.2.1 Clostridial disease segment to account for largest share of small ruminant vaccines market 100
7.5 COMPANION ANIMAL DISEASES 101
7.5.1 CANINE DISEASES 102
- 7.5.1.1 Canine rabies segment to account for largest share of canine vaccines market 102
7.5.2 FELINE DISEASES 104
- 7.5.2.1 Feline viral rhinotracheitis segment to grow at highest CAGR during forecast period 104
7.6 AQUACULTURE DISEASES 106
7.6.1 VACCINES IN AQUACULTURE MAJORLY DEVELOPED FOR SALMONIDS, CATFISH, AND SHRIMP 106
8 VETERINARY VACCINES MARKET, BY TECHNOLOGY 107
8.1 INTRODUCTION 108
8.2 LIVE ATTENUATED VACCINES 108
8.2.1 LIVE ATTENUATED VACCINES SEGMENT TO ACCOUNT FOR LARGEST MARKET SHARE DURING FORECAST PERIOD 108
8.3 INACTIVATED VACCINES 110
8.3.1 RISING NEED TO DEVELOP ARTIFICIAL IMMUNITY AGAINST DISEASES FROM NON-LIVING PATHOGENS TO DRIVE GROWTH 110
8.4 TOXOID VACCINES 111
8.4.1 TOXOID VACCINES USED WHEN BACTERIAL TOXINS CAUSE ILLNESS 111
8.5 RECOMBINANT VACCINES 112
8.5.1 ADVANTAGES ASSOCIATED WITH RECOMBINANT VACCINES TO DRIVE DEMAND 112
8.6 OTHER VACCINES 113
9 VETERINARY VACCINES MARKET, BY ROUTE OF ADMINISTRATION 114
9.1 INTRODUCTION 115
9.2 INJECTABLE VACCINES 117
9.2.1 INJECTABLE VACCINES SEGMENT TO DOMINATE MARKET DURING FORECAST PERIOD 117
9.3 ORAL VACCINES 118
9.3.1 ORAL VACCINES MAKE IMMUNIZATION EASIER 118
9.4 INTRANASAL/SPRAY VACCINES 120
9.4.1 LOW COST OF INTRANASAL/SPRAY VACCINES TO SUPPORT MARKET GROWTH 120
10 VETERINARY VACCINES MARKET, BY DISTRIBUTION CHANNEL 121
10.1 INTRODUCTION 122
10.2 VETERINARY HOSPITALS 122
10.2.1 VETERINARY HOSPITALS FORM LARGEST AND FASTEST-GROWING END-USER SEGMENT IN VETERINARY VACCINES MARKET 122
10.3 VETERINARY CLINICS 124
10.3.1 INCREASING NUMBER OF PRIVATE CLINICAL PRACTICES TO SUPPORT MARKET GROWTH 124
10.4 RETAIL PHARMACIES 125
10.4.1 EASY ACCESSIBILITY TO PHARMACEUTICALS TO SUPPORT MARKET GROWTH 125
11 VETERINARY VACCINES MARKET, BY REGION 127
11.1 INTRODUCTION 128
11.2 ASIA PACIFIC 128
11.2.1 ASIA PACIFIC: RECESSION IMPACT 129
11.2.2 CHINA 133
- 11.2.2.1 China to dominate Asia Pacific veterinary vaccines market 133
11.2.3 JAPAN 137
- 11.2.3.1 Increasing expenditure on pet healthcare to drive market growth 137
11.2.4 INDIA 141
- 11.2.4.1 Dearth of veterinarians to restrain market growth 141
11.2.5 AUSTRALIA 145
- 11.2.5.1 Increase in pet ownership to support market growth 145
11.2.6 SOUTH KOREA 148
- 11.2.6.1 Growing companion animal population to drive market growth 148
11.2.7 THAILAND 151
- 11.2.7.1 Growth of pork and poultry industry to drive market 151
11.2.8 REST OF ASIA PACIFIC 155
11.3 NORTH AMERICA 158
11.3.1 NORTH AMERICA: RECESSION IMPACT 159
11.3.2 US 163
- 11.3.2.1 US to dominate North American veterinary vaccines market 163
11.3.3 CANADA 169
- 11.3.3.1 Rising pet and livestock populations to support market growth 169
11.4 EUROPE 173
11.4.1 EUROPE: RECESSION IMPACT 173
11.4.2 GERMANY 177
- 11.4.2.1 Germany to dominate European veterinary vaccines market 177
11.4.3 UK 181
- 11.4.3.1 Growing pet adoption to drive demand for veterinary vaccines 181
11.4.4 FRANCE 185
- 11.4.4.1 Rising pet ownership to support market growth 185
11.4.5 ITALY 188
- 11.4.5.1 Increasing outbreaks of diseases to support market growth 188
11.4.6 SPAIN 192
- 11.4.6.1 Increase in number of veterinary practices to drive market growth 192
11.4.7 REST OF EUROPE 195
11.5 LATIN AMERICA 199
11.5.1 LATIN AMERICA: RECESSION IMPACT 199
11.5.2 BRAZIL 203
- 11.5.2.1 Well-established and rapidly growing livestock industry to promote growth 203
11.5.3 MEXICO 206
- 11.5.3.1 Mexico to continue to be second-largest pet care market in Latin America during forecast period 206
11.5.4 REST OF LATIN AMERICA 209
11.6 MIDDLE EAST & AFRICA 213
11.6.1 LOW PORK PRODUCTION AND CONSUMPTION IN MIDDLE EASTERN COUNTRIES DUE TO RELIGIOUS CUSTOMS TO LIMIT GROWTH 213
12 COMPETITIVE LANDSCAPE 217
12.1 OVERVIEW 217
12.2 STRATEGIES ADOPTED BY KEY PLAYERS (JANUARY 2019 TO MARCH 2023) 218
12.3 REVENUE SHARE ANALYSIS OF TOP 5 PLAYERS 219
12.4 MARKET SHARE ANALYSIS 219
12.5 COMPANY FOOTPRINT 221
12.6 COMPANY GEOGRAPHIC FOOTPRINT 226
12.7 COMPANY EVALUATION QUADRANT 227
12.7.1 STARS 227
12.7.2 EMERGING LEADERS 227
12.7.3 PERVASIVE PLAYERS 227
12.7.4 PARTICIPANTS 228
12.8 STARTUPS/SMES EVALUATION QUADRANT 229
12.8.1 PROGRESSIVE COMPANIES 229
12.8.2 DYNAMIC COMPANIES 229
12.8.3 STARTING BLOCKS 229
12.8.4 RESPONSIVE COMPANIES 229
12.9 COMPETITIVE BENCHMARKING 231
12.10 COMPETITIVE SITUATION AND TRENDS 231
12.10.1 PRODUCT LAUNCHES & APPROVALS 231
12.10.2 DEALS 232
12.10.3 OTHER DEVELOPMENTS 233
13 COMPANY PROFILES 234
13.1 KEY PLAYERS 234
13.1.1 ZOETIS, INC. 234
13.1.2 MERCK & CO., INC. 239
13.1.3 BOEHRINGER INGELHEIM INTERNATIONAL GMBH 245
13.1.4 ELANCO ANIMAL HEALTH 249
13.1.5 VIRBAC 253
13.1.6 CEVA SANTÉ ANIMALE 257
13.1.7 PHIBRO ANIMAL HEALTH CORPORATION 260
13.1.8 HESTER BIOSCIENCES LIMITED 262
13.1.9 NEOGEN CORPORATION 265
13.1.10 HIPRA 267
13.1.11 BIOGÉNESIS BAGÓ 270
13.1.12 TIANJIN RINGPU BIOTECHNOLOGY CO. LTD. 271
13.1.13 CHINA ANIMAL HUSBANDRY GROUP 273
13.1.14 JINYU BIO-TECHNOLOGY 274
13.1.15 VAXXINOVA INTERNATIONAL BV 277
13.2 OTHER COMPANIES 279
13.2.1 ENDOVAC ANIMAL HEALTH 279
13.2.2 BRILLIANT BIO PHARMA 279
13.2.3 APTIMMUNE 280
13.2.4 INDIAN IMMUNOLOGICALS LTD. 280
13.2.5 TORIGEN PHARMACEUTICALS, INC. 281
13.2.6 VEROVACCINES GMBH 281
13.2.7 INTAS PHARMACEUTICALS 282
13.2.8 OUROFINO ANIMAL HEALTH 282
13.2.9 BIOVAC 283
13.2.10 LABORATOIRE LCV 284
14 APPENDIX 285
14.1 DISCUSSION GUIDE 285
14.2 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 289
14.3 CUSTOMIZATION OPTIONS 291
14.4 RELATED REPORTS 291
14.5 AUTHOR DETAILS 292