The global veterinary vaccines market is estimated to record a CAGR of 5.88% during the forecast period of 2020-2028. The major factors that fuel the growth of the global market are an increase in the animal population in the developing countries, a surge in demand for animal-based foods, growing incidences of livestock diseases, and a rise in the adoption of a companion animal.
Vaccines stimulate the immune system with the help of non-pathogenic organisms or by their immunogenic components to develop naturally acquired immunity. Animal vaccines are important for the welfare of the animals and reduce the financial loss of their owners. Animal vaccines are eco-friendly products that help to reduce the use of antibiotics and the risk of drug-resistant microorganisms. The growth of the animal vaccines market is attributed to emerging diseases affecting livestock and companion animal. Crucial issues associated with livestock production systems are productivity losses, uncertain food security, loss of income, and negative impact on human health. The factors restraining the market growth are high costs of vaccinations, side effects associated with veterinary vaccines on human and animal health, and lack of skilled veterinarians and the farmworkers. The lack of veterinarians, together with a shortage of farmworkers skilled enough to administer vaccines, acts as a key restraint for the market growth.
The global market of veterinary vaccines is analyzed geographically on the basis of markets situated across the regions of North America, Europe, Asia Pacific, and the Rest of the World. As of 2019, the market region of North America holds the largest market share with respect to revenue, and the trend continues by the end of the projected period, which is attributed to constant advancement in vaccine technology. The region of Asia Pacific is expected to register the highest growth during the forecast period owing to the increase in pet adoption, a wide variety of product launches, expansion of prominent players in the region, and investments in vaccine manufacturing facilities.
Hester Biosciences Ltd, Anicon Labor GmbH, HIPRA, Elanco, Romvac Company S.A., etc. are some of the key players operating and establishing their presence worldwide.
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