Veterinary Vaccines Market Size, Share & COVID-19 Impact Analysis, 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) and Regional Forecasts, 2021-2028

The global veterinary vaccines market size was USD 10.24 billion in 2020 and is USD 10.73 billion in 2021 and is expected to reach USD 16.13 billion in 2028, exhibiting a CAGR of 6.0% in 2021-2028. Based on our analysis, the global market saw a growth of 2.1% in 2020 as compared to the average year-on-year growth during 2017-2019. The global impact of COVID-19 has been unprecedented and staggering, with veterinary vaccines witnessing a moderate negative demand shock across all regions amid the pandemic. The sudden rise in CAGR is attributable to the market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.

In this era, 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 several 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 infectious diseases from various disease-causing agents.

In the current global animal vaccines market scenario, there are a number of positive factors providing significant impetus to the growth of animal immunization. There is an increased awareness concerning animal healthcare and the possible repercussions or negative impact of its neglect. Veterinary vaccines often play a crucial role in animal health protection by controlling and preventing serious epizootic diseases. Significant growth of the market is majorly due to high adoption of pet animals across the globe, higher spending on pet care, and increasing adoption of efficient immunizations are the major contributors for supporting the veterinary vaccines market growth across the forecast years. For instance, according to Annual Industry-wide Spending Figures announced at the Global Pet Expo held in Orlando, Florida, Americans spent a total of USD 69.51 billion on their pets in 2017.

Postponement of Non-Essential Treatments amid COVID-19 Pandemic to Lead to Declining Revenue

The COVID-19 outbreak has had an ambiguous impact on this vaccines market in 2020. The market saw a moderate growth of 2.1% in 2020, which is less compared to the pre-pandemic years. The major factor for the decline is 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 the 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, thus mitigating the losses up to a certain extent. For instance, a similar survey conducted by the American Veterinary Medical Association found out that veterinary practices saw a considerable increase in client visits in June 2020. Around 59% of the veterinary practices said they saw an increase in client visits in June 2020 compared to June 2019. 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, as per Merck’s annual report, its animal health segment grew by 7%, whereas Boehringer Ingelheim’s animal health segment grew by 2% in 2020. The revenues generated by Zoetis from the sales of immunization products declined by only 2% in 2020. Hence, the aforementioned factors have supported moderate growth during the year 2020.

LATEST TRENDS

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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 such as DNA vaccines is one of the major advancements so far. Furthermore, novel technology has enabled the advantage of improved stability and ease of administration. For instance, new immunization technology that falls between live and killed approaches is the nucleic acid. These products are based on DNA cloning into a delivery plasmid or the direct injection of messenger RNA. Moreover, various key players are involved in the continuous advancement in products development tools to develop innovative and efficient veterinary vaccines.

DRIVING FACTORS

Increased Awareness and Innovation of New Inoculation Products to Propel Market

In terms of market dynamics, one of the crucial drivers for the rapidly rising animal vaccines market size is the increased awareness regarding veterinary healthcare, rise in animal husbandry initiatives and the corresponding increase in animal ownerships. Animal owners of the modern era are far more aware regarding 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 Market Growth

Other critical driving factors are the technological advancements and the subsequent animal products launch. Animal immunization have undergone major R&D innovations since the time they were initially introduced to the general public. Animal immunization based on conventionally attenuated and inactivated pathogens have made critical and substantial contributions to safeguard animal and human health. But the drawbacks of the traditional or conventional animal immunization, such as the complex immunogenicity of certain bacterial pathogens, are often only partially imitated in the inactivated vaccines. These factors have led to the development of recombinant vaccines, which have many advantages, such as non-exposure of vaccinating to the pathogen. Another key driving factor leading to the wide adoption of animal inoculation products is the prevention of animal disease that can be transmitted to humans and cause epidemics leading to a public health scare.

RESTRAINING FACTORS

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

It is estimated that there are between 600-900 million smallholder farmers that own livestock in the developing countries of Africa, Asia, and Latin America. The adoption of animal immunization among these smallholder farmers is limited due to various issues such as lack of awareness about their benefits, lack of accessibility as they cannot afford the cost of the inoculation products, and the lack of availability due to the weak supply chain. A considerable number of livestock animals owned by the smallholder farmers die due to various diseases putting them under additional economic pressure. Various strategies are being adopted by governments and agencies to improve the adoption of animal immunization among smallholder farmers by increasing accessibility, availability, and affordability. 

SEGMENTATION

By Product Analysis

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Recombinant Segment to Generate Highest Share During the Forecast Period

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

The inactivated and live attenuated segments are estimated to hold dominant market shares in the forecast period, despite their status as conventional products and the associated limitations. On the other hand, recombinant products are anticipated to grow at the highest CAGR 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 the 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 are that the recombinant dose allows the immune system to focus its antibodies production against the relevant antigens.

By Animal Analysis

Companion Animal Segment to Exhibit Significant CAGR in the Near Future

On the basis of animal type, the market can be segmented into companion and livestock. In terms of animals, the companion animal vaccines market segment is anticipated to grow at a faster CAGR. This is primarily due to the increasing pet animal ownership across the world. Other factors contributing to the growth of companion animal segment are the popular trend of animal adoption, a cause that is actively supported by a number of non-governmental agencies. 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.

Due to the great dependency of humans on livestock animals for various needs such as meat and other animal-based products, increased attention is focused on regularization of livestock vaccines. This is further driven by governments 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’s segmental growth.

By Route of Administration Analysis

Parenteral Segment Lead in Terms of Revenue Generation in the Forthcoming Years

On the basis of route of administration, the global market can be segmented into parenteral, oral, and others. Parenteral segment is expected to generate the highest revenue in this market during the forecast period. Parenteral animal immunization is one of the most common and traditional modes of vaccinations, and it is anticipated to expand during the forecast period. Parenteral animal vaccination includes the three major routes of subcutaneous, intramuscular, and intradermal. Due to technological advances in immunization delivery devices, this segment is further anticipated to undergo growth in the forecast period. Hence, the vaccines market is expected to witness significant growth by 2028.

Despite lesser revenues in the forecast period and a lower CAGR, the oral segment is anticipated to see numerous R&D initiatives in the forecast period 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, but the weak immune response of the oral segment remains a limiting factor.

By Distribution Channel Analysis

Veterinary Clinics Segment to Hold the Highest Share among Distribution Channels

On the basis of distribution channels, the market for animal vaccines can be segmented into veterinary hospitals, veterinary clinics, pharmacies & drug stores, and others. The veterinary clinic segment accounted for the largest share because vaccinations are often a short-duration procedure that is often conducted at smaller institutions.

The veterinary hospital segment is anticipated to be the second most dominant share because, 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 purchases of veterinary vaccines online, which are often supported by these institutions.

REGIONAL INSIGHTS

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The veterinary vaccines market by region can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America generated USD 4.43 billion in 2020 in terms of revenue and is expected to emerge as a leading region in the global market during the forecast period. The growing adoption of enhanced animal immunization along with the implementation of technologically advanced products across North America will significantly support regional growth. Moreover, the growing pet ownership in key countries such as the United States, along with mandatory immunization guidelines for these animals, is anticipated to support the growth in North America across the analysis period.

Europe, on the other hand, held significant revenue across the forecast years with a stable growth rate. Europe is anticipated to hold the second most leading position in terms of revenue, which is attributable to the growing adoption of pet animals, increasing prevalence of zoonotic diseases, an increasing number of veterinary clinics, and improved healthcare infrastructure in European countries.

Asia Pacific is expected to witness the highest growth in market value. Due to the increasing disposable incomes 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 regions are expected to witness stable growth rates across the forecast period due to increasing pet adoption across the areas.  

KEY INDUSTRY KEY PLAYERS

Eli Lilly and Company, Elanco, Inc., and Intervet Inc. to Strengthen their Positions by Establishing a Strong Global Presence

In terms of competitive landscape, this market is conquered by a few of the companies due to their strong product portfolio, key strategic decisions. These include 4-5 veterinary vaccines manufacturers 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 PROFILED:

• Elanco (Greenfield, U.S.)


• HIPRA (Girona, Spain)


• Boehringer Ingelheim International GmbH (Ingelheim am Rhein, Germany)


• Virbac (Carros, France)


• MSD Animal Health (New Jersey, U.S.)


• Zoetis (Parsippany, U.S)


• Ceva (Libourne, France)


• NEOGEN CORPORATION (Michigan, U.S.)


• Hester Biosciences Limited (Ahmedabad, India)


• Biogénesis Bagó (Buenos Aires, Argentina)


• Other Prominent Players

KEY INDUSTRY DEVELOPMENTS:

• November 2020- HIPRA Indonesia announced the virtual launch of GUMBOHATCH's new generation Infectious Bursal Disease immune complex immunization product for broiler chickens.


• September 2020- Hester Biosciences Limited announced the Brucella vaccine's development, which will ensure lifelong immunity in calf-hood. Additionally, the company signed an agreement with the Indian Veterinary Research Institute (IVRI) and the Indian Council of Agriculture Research (ICAR) to acquire the indigenously developed technology for developing the Brucella Abortus S19 Delta Per dose.


• February 2020- Zoetis received the U.S. FDA approval for Simparica, a once-monthly chewable flea and tick medication for dogs for the treatment of heartworm disease.


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

REPORT COVERAGE

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The global veterinary vaccines 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, animal ownership statistics, impact of COVID-19, 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