Seattle, Oct. 10, 2022 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global veterinary vaccines market 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).
Key Trends and Analysis of the Global Veterinary Vaccines Market:
Increase in the prevalence livestock disease along with increase in government initiatives such free veterinary care is expected to drive growth of the global veterinary vaccine market. For instance, on April 04, 2022, Federation of Veterinarians of Europe, a non-profit organization of veterinary care, announced free veterinary care for pets of Ukrainian refugees.
Moreover, key market players are focusing on strategies like facility expansion to increase their capacity for vaccine production. For instance, on November 23, 2021, Ceva, a multinational animal health company, announced launch of its cryogenic storage facility at Ceva Phylaxia subsidiary to meet rapidly growing demand for its vaccines.
In addition, on April 19, 2022, Ceva, a multinational animal health company, announced that it had formed ‘Ceva Bussan Animal Health K.K.’, a joint venture together with Mitsui & Co., Ltd., a global trading and Investment Company, to accelerate the expansion of the veterinary laboratory in Japan.
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Key Market Takeaways:
Global veterinary vaccines market is expected to exhibit a CAGR of 6.2 % during the forecast period, owing to the increase in the government initiatives to support vaccine production to eradicate bovine tuberculosis. For instance, in May 2021, the Department for Environment, Food & Rural Affairs, U.K. announced that the work on producing a vaccine for cattle and vaccinating badgers is beginning as part of a new strategy to eradicate bovine tuberculosis (bTB) in England by 2038. Farmers in East Sussex will be able to deploy vaccinations throughout a 250-square-kilometer region as part of a five-year badger vaccination scheme that has been awarded US$ 2.95 million.
Among animal type, Cattle segment in the global veterinary vaccine market is estimated to account for the largest market over the forecast period. The increasing number of clinical trials of vaccines conducted on cattle is expected to drive the segment growth over the forecast period. For instance, in July 2021, the Animal and Plant Health Agency (APHA) announced that field trials for a cattle vaccine and a new skin test for bovine tuberculosis (bTB) had begun in England. The goal of this study was to see how accurate and safe the Bacille Calmette-Guérin (BCG) vaccination and diagnostic test for cattle are at distinguishing infected from vaccinated animals (Diva).
On the basis of regions, North America is estimated to account for the largest market share in the global veterinary vaccines market over the forecast period.
Competitive Landscape:
Key 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.
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Market Segmentation:
- Global Veterinary Vaccine Market, By Technology:
- Inactivated Vaccines
- Toxoid Vaccine
- Live Attenuated Vaccines
- Subunit and DNA Vaccines
- Global Veterinary vaccine Market, By Animal Type:
- Companion
- Equine
- Canine
- Feline
- Livestock
- Bovine
- Ovine
- Porcine
- Poultry
- Others
- Companion
- Global Veterinary vaccine Market, By Region:
- North America
- By Country
- U.S.
- Canada
- By Country
- Latin America
- By Country
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country
- Europe
- By Country
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country
- Asia Pacific
- By Country
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country
- Middle East
- By Country
- GCC
- Israel
- Rest of Middle East
- By Country
- Africa
- By Region/Country
- South Africa
- Central Africa
- North Africa
- By Region/Country
- North America
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