Veterinary Vaccines Market Size, Share & COVID-19 Impact Analysis, By Product (Inactivated, Live Attenuated, Recombinant, and Others), By Animal (Companion, and Livestock), By Route of Administration (Oral, Parenteral, and Others), By Distribution Channel (Veterinary Hospitals, Veterinary Clinics, Pharmacies & Drug Stores, and Others), and Regional Forecast, 2023-2030

The veterinary vaccines market size was valued at USD 9.88 billion in 2022 and is projected to grow USD 10.38 billion in 2023 to USD 15.92 billion by 2030, exhibiting a CAGR of 6.3% during 2023-2030. North America dominated the global market with a share of 45.24% in 2022.

Animals and humans are irrevocably interlinked and connected owing to several critical factors. Life without animals is unsustainable, but at the same instance, due to many internal and external factors such as disease-causing agents, animals are exposed to several disease-causing risks. One of the most critical tools for preventing diseases amongst animals is the administration of veterinary vaccines. These products are designed to elicit protective immune responses in animals and prepare their immune system to fight future infections from various disease-causing agents. They often play a crucial role in animal health protection by controlling and preventing serious epizootic diseases.

There is an increased awareness concerning animal healthcare and the possible repercussions or negative impact of its neglect. In the current global animal vaccines market scenario, there are a number of positive factors providing significant impetus to the growth of animal immunization. Significant growth of the market is majorly due to the high adoption of pet animals across the globe, rising adoption of efficient immunizations, and higher spending on pet care. According to Forbes Media LLC. Statistics published in 2023 Americans spent USD 136.8 billion on their pets in 2022, depicting an increase of 10.68% from 2021, which was USD 123.6 billion.

COVID-19 IMPACT 

Decline in the Number of Patient Visits during the Pandemic Hindered the Market Growth Temporarily

The COVID-19 outbreak had an ambiguous impact on the veterinary vaccines market growth in 2020. The major factor for the slow growth was the reduced number of patient visits during the peak time of the pandemic. For instance, in 2020, a survey conducted by the American Veterinary Medical Association stated that around 92% of veterinary professionals witnessed a decline in client visits as of April 2020.

However, after June 2020, the market witnessed a growth in many client visits, mitigating the losses up to a certain extent. For instance, a similar survey conducted by the American Veterinary Medical Association found that veterinary practices saw a considerable increase in client visits in June 2020. Around 59% of the veterinary practices witnessed an increase in client visits in June 2020 compared to June 2019. In addition, around 55% of the practices saw a 10%-50% increase in client visits.

Furthermore, the impact of the COVID-19 pandemic on animal health companies was less pronounced as compared to human health companies.

• For instance, Boehringer Ingelheim’s animal health segment grew by 2% in 2020 and 21% in 2021. The growth of the animal health segment continued in 2022 as well, with year-on-year growth of 19%.


• The revenues generated by Zoetis from the sales of veterinary vaccines declined by only 2% in 2020, which increased by 13.3% in 2021 and continued the growth by 2.7% in 2022.

Moreover, the market players are actively investing in R&D to introduce novel vaccines and get regulatory approvals across the globe. Hence, the aforementioned factors have supported the steady growth of this market.

LATEST TRENDS 

Technological Advancements in Animal Immunization Development is a Vital Trend

The field of veterinary vaccination has witnessed several technological advancements over the past few years. The introduction of several immunization products based on recombinant DNA technology is one of the major advancements so far. Furthermore, this novel technology has enabled the advantage of improved stability and ease of administration.

Moreover, new immunization technology that falls between live and killed approaches is nucleic acid. Its vaccines are based on DNA cloning into a delivery plasmid or the direct injection of messenger RNA. Various key players are involved in the continuous advancement of product development tools to develop innovative and efficient veterinary vaccines.

VETERINARY VACCINES MARKET GROWTH FACTORS

Increased Awareness and Innovation in New Inoculation Products to Propel the Market Growth

One of the crucial drivers for the rapidly growing animal vaccines market size is the increased awareness regarding veterinary healthcare and the corresponding increase in animal ownership. Animal owners of the modern era are far more aware of their animal’s immunization and the new launches in veterinary vaccines to safeguard their health. They have also been aided in the process by governmental and non-governmental agencies, such as Bayer’s global campaign towards animal health, which is also concerned with the mitigation of zoonotic diseases.

Rising Demand for Advanced and Effective Immunization Products to Drive the Market Growth

Technological developments and the subsequent introduction of animal products have also played a significant role in the development of animal immunization. Since its introduction to the public, animal immunization has been the subject of extensive research and development. The development of animal immunizations based on conventionally weakened and eliminated pathogens has made a significant contribution to the protection of animal and public health.

However, the shortcomings of traditional animal immunization, including the intricate immunogenicity of some bacterial pathogens, are typically only partially replicated in inactivated vaccines. As a result, the emergence of recombinant vaccines has yielded numerous benefits, including non-exposure to the pathogen, which has been a major driver of the widespread adoption of animal immunization products. Another major driver of the adoption of animal vaccines is the avoidance of animal diseases that could potentially spread to humans and lead to an outbreak of a public health crisis.

RESTRAINING FACTORS

Lack of Immunization Adoption among Smallholder Farmers in Developing Countries May Hinder Growth

The number of smallholder farmers who own livestock in developing countries in Africa, Asia and Latin America is estimated to be between 600 and 900 million. However, the adoption of immunization among such smallholder farmers has been limited due to a variety of factors, including a lack of awareness of the benefits of immunization, a lack of accessibility due to the cost of inoculation products and a weak supply chain, as well as a significant number of livestock deaths caused by various diseases that put them under further economic strain. To address these issues, governments and agencies are adopting various strategies to increase the availability, accessibility and affordability of immunization to smallholder farmers.  D

SEGMENTATION

By Product Analysis 

Higher Use of Conventional Products lead to Live Attenuated Segment Dominance in 2022

On the basis of product, the global market is segmented into inactivated, live attenuated, recombinant, and others.

The live attenuated segment held dominant share of the global veterinary vaccines market share in 2022, despite their status as conventional products and the associated limitations it offers long-term protection from various diseases.

Inactivated vaccines held second largest share of the global market in 2022, owing to its property to stimulate natural immune response by introducing inactivated or killed form of microbial agent into the animals.

On the other hand, recombinant products are anticipated to grow at the highest CAGR during the forecast period due to their positive features, such as purity, safety, efficacy, and potency. 

Some of the other factors that have contributed to the high growth of the recombinant segment are cost-effective production and the ability of the manufacturers to produce it at an improved and higher quality. The other advantage over conventional immunization products is that the recombinant dose allows the immune system to focus its antibody production against the relevant antigens.

By Animal Analysis

Livestock Segment Dominated in 2022 Due to Growing Number of Concerned Animal Owners

On the basis of animal, the market is segmented into companion and livestock.

Livestock segment dominated the global market in 2022. The segment’s growth is attributed to the greater dependency of humans on livestock animals for various needs, such as meat and other animal-based products, which has increased attention on the regularization of livestock vaccines. This is further driven by government agencies banning the use of antibiotics on livestock animals meant for food. This leads producers of animal meat to depend on timely vaccination to prevent the usage of unnecessary veterinary drugs. This is expected to drive the livestock segment growth.

The companion segment is anticipated to grow at the fastest CAGR during the forecast period. This is primarily due to the increasing pet animal ownership across the world. The growing support for animal adoption by non-governmental agencies is further contributing to segment growth. Companion animal vaccination is also one of the most common veterinary procedures undertaken across the globe, especially due to increasing awareness and concerned animal owners.

By Route of Administration Analysis

Parenteral Segment to Lead in Terms of Revenue Generation due to Advancements in Technologies of Immunization Delivery Devices

On the basis of route of administration, the global market is segmented into parenteral, oral, and others.

The parenteral segment is expected to generate the highest revenue in the market during the forecast period. Parenteral animal immunization is one of the most common and traditional modes of vaccination. The segment is anticipated to expand at a considerable rate during the forecast period. Parenteral animal vaccination includes three major routes of administration, namely, subcutaneous, intramuscular, and intradermal. Due to technological advances in immunization delivery devices, this segment is further anticipated to witness growth during the forecast period.

Despite lesser revenue and a low CAGR during the forecast period, the oral segment is anticipated to see numerous R&D initiatives due to increasing trials with new modes of vaccination delivery. This is especially true for the mucosal vaccination, which is also an oral route of administration. However, the weak immune response in oral administration remains a limiting factor.

By Distribution Channel Analysis 

Veterinary Clinics Segment to Hold the Largest Share Owing to Conduction of Short-duration Procedures in Small Institutions

On the basis of distribution channel, the market for animal vaccines is segmented into veterinary hospitals, veterinary clinics, pharmacies & drug stores, and others.

The veterinary clinics segment is anticipated to have the dominant share during the forecast period because vaccinations are often a short-duration procedure that is often conducted at smaller institutions.

The veterinary hospitals segment is anticipated to hold the second most dominant share during the forecast period. In cases of complications, these institutions are able to provide more advanced care facilities.

The pharmacies & drug stores segment is also anticipated to experience growth opportunities for revenue increase due to the increasing usage of online pharmacy facilities, which are often supported by these institutions.

REGIONAL INSIGHTS

North America veterinary vaccines market size was valued at USD 4.47 billion in 2022 and is expected to emerge as a leading region in the global market during the forecast period. The growing penetration of immunization among animal population, and introduction of novel technologically advanced products across North America will significantly support regional growth. Moreover, the growing pet ownership, along with mandatory immunization guidelines for animals, is anticipated to support the market growth in North America during the analysis period.

Europe is estimated to hold second position in terms of revenue due to an increase in pet adoption and an increase in zoonotic diseases, which has resulted in an increase in the number of veterinary practices and improved healthcare services in European countries.

The market in Asia Pacific is expected to witness the highest growth in market value. Due to the increasing disposable income across the region, there is a greater awareness with respect to preventive animal healthcare. Companion and livestock animal owners from India, China, Japan, and the rest of Asia Pacific are taking an interest in implementing regular and timely vaccination. This would drive the market growth across the region.

The Middle East & Africa and Latin America are expected to witness stable growth rates during the forecast period due to increasing pet adoption across these regions.  

KEY INDUSTRY KEY PLAYERS

Elanco, Inc., and Other Players to Strengthen their Positions by Establishing Strong Global Presence

In terms of the competitive landscape, the market is conquered by a few companies due to their strong product portfolio and key strategic decisions. These include 4-5 companies with continued R&D for new product approvals and extensive geographical presence. Focus on inorganic strategies such as Elanco’s acquisition of Bayer’s Animal Health division is further anticipated to consolidate the major revenue share.

LIST OF KEY COMPANIES IN VETERINARY VACCINES MARKET:

• Elanco (U.S.)


• HIPRA (Spain)


• Boehringer Ingelheim International GmbH (Germany)


• Virbac (France)


• MSD Animal Health (U.S.)


• Zoetis (U.S)


• Ceva (France)


• NEOGEN CORPORATION (U.S.)


• Hester Biosciences Limited (India)

KEY INDUSTRY DEVELOPMENTS:

• September 2022: Zoetis acquired Jurox, an animal health company that provides veterinary medicines for treating livestock and companion animals in Australia.


• April 2021: Boehringer Ingelheim International GmbH launched PREVEXXION RN and PREVEXXION RN+HVT+IBD, vaccines against Marek’s disease in the European Union countries and the U.K.


• February 2021: Virbac and Algenex SL entered an international commercial licensing agreement to develop and commercialize CrisBio. The agreement will improve Virbac’s footprint in the farm animals’ vaccine market.


• January 2021: Zoetis launched recombinant vector vaccine Poulvac Procerta HVT-IBD in the U.S. The vaccine provides protection against Marek's disease, infectious bursal disease (IBD), and Newcastle disease affecting poultry in one dose.


• February 2020- MSD Animal Health announced the launch of Nasalgen. Nasalgen is an intranasal inoculation product that protects beef and dairy cattle from common pneumonia-causing viral pathogens.

REPORT COVERAGE

The market research report provides a detailed analysis of the market. It focuses on key aspects such as leading companies, products, animals, route of administration, and distribution channel. Besides this, it offers insights into the market trends, the impact of COVID-19, and the prevalence of zoonotic diseases, among other key insights. In addition to the factors mentioned above, the report encompasses several factors that have contributed to the growth of the market over recent years.

Report Scope & Segmentation 

ATTRIBUTE	DETAILS
Study Period	2019-2030
Base Year	2022
Estimated Year	2023
Forecast Period	2023-2030
Historical Period	2019-2021
Growth Rate	CAGR of 6.3% from 2023 to 2030
Unit	Value (USD Billion)
Segmentation	Product, Animal, Route of Administration, Distribution Channel, and Region
By Product	Inactivated Live Attenuated Recombinant Others
By Animal	Companion Livestock
By Route of Administration	Oral Parenteral Others
By Distribution Channel	Veterinary Hospitals Veterinary Clinics Pharmacies & Drug Stores Others
By Region	North America (By Product, By Animal, By Route of Administration, By Distribution Channel, By Country/ Sub-Region) U.S. Canada Europe (By Product, By Animal, By Route of Administration, By Distribution Channel, By Country/ Sub-Region) U.K. Germany France Italy Spain Scandinavia Rest of Europe Asia Pacific (By Product, By Animal, By Route of Administration, By Distribution Channel, By Country/ Sub-Region) Japan China India Australia Southeast Asia Rest of Asia Pacific Latin America (By Product, By Animal, By Route of Administration, By Distribution Channel, By Country/ Sub-Region) Brazil Mexico Rest of Latin America Middle East & Africa (By Product, By Animal, By Route of Administration, By Distribution Channel, By Country/ Sub-Region) GCC South Africa Rest of the Middle East & Africa