Veterinary Vaccines Market Growth Opportunities, Industry Insights, and Key Company Profiles Report 2023: USD Analytics
Veterinary Vaccines Market Overview
According to the USD Analytics published latest research report, the global “Veterinary Vaccines Market” is expected to grow at a tremendous CAGR of 9.3% during the forecast period 2023-2030.
Veterinary vaccines are bio-prepared vaccinations provided to wild or domestic animals through parenteral or oral methods to elicit protective immune responses without generating illness. Some specific drugs include live attenuated, inactivated, and recombinant vaccinations. Veterinary vaccinations help to improve immunological efficiency, reduce animal suffering, and reduce the risk of contracting and spreading many infectious zoonotic diseases. Furthermore, since these injections are dependable, cost-effective, and provide long-term prophylaxis, they boost cattle output worldwide. Veterinary vaccinations may be found widely in hospitals, clinics, pharmacies, and pharmacy stores.
Market Drivers:
Among the key reasons driving the veterinary vaccine market are the increasing need for effective vaccination products and the frequency of numerous infectious epizootic illnesses. Apart from that, the global domestication of companion and livestock animals, the increased attention on pet health, and the increasing number of investments in the pharmaceutical industry to develop new injectable production techniques are all contributing to market expansion.
Furthermore, the development of vaccines containing deoxyribonucleic acid (DNA) and ribonucleic acid (RNA) with increased effectiveness, product stability, and route administration strategy is accelerating the worldwide market. Aside from that, developing intramuscular needle-free injections and the growing consumer knowledge of their good features, such as increased safety and reduced discomfort, is a key growth-inducing driver. Moreover, the increasing need for vaccinations to prevent the spread of disease-carrying microorganisms through livestock-based goods such as meat, leather, milk, eggs, and wool is driving market expansion. Furthermore, the rising healthcare infrastructure and substantial R&D initiatives to improve immunization efficiency will likely boost the veterinary vaccine market in the upcoming years.
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Market Restraints:
Effective storage is a critical problem for veterinary vaccine makers across the supply chain. Vaccines are typically kept at low temperatures by deep freezing, and this low temperature should be maintained throughout storage and transit until the vaccine is delivered to animals. A little mistake in vaccine storage may cost thousands of dollars in vaccine waste and revaccination programs.
Vaccine cold storage costs account for around 80% of their entire cost. Vaccine makers and distributors frequently employ vaccine storage equipment and monitoring systems such as refrigerators, thermometers, and cold chain monitors to ensure effective storage. A typical single vaccine storage refrigerator costs between USD 2,000 to $50,000, depending on the size and amount of vaccinations kept. Vaccine storage equipment must be carefully chosen, routinely maintained (including professionally serviced), and constantly monitored to maintain the necessary temperature. As a result, vaccine makers incur enormous expenditures due to this procedure.
Market Opportunities:
Veterinary vaccination technology has advanced dramatically in the last decade. This is mainly due to new illnesses’ ongoing appearance or the re-emergence of already modified diseases. Conventional live and inactivated vaccinations are potentially subject to mutation hazards and have a limited shelf life. Similarly, the difficulty of strain/region specificity renders traditional vaccinations useless. To address these constraints, the industry is seeing the introduction of increasingly superior recombinant and DNA vaccines.
New vaccinations are projected to provide significant development prospects for animal vaccine makers. Compared to other vaccine types, these vaccines cause a wider variety of immune responses, are simple to create, store, and transport, can be swiftly designed to tackle new illnesses, and are durable. DNA vaccines may elicit robust cellular and humoral immune responses and are more stable across a more extensive temperature range, lowering the expense of maintaining the necessary temperature. Following the success of preclinical studies for H1N1 influenza, companies like VGX Animal Health are shifting their attention to producing DNA vaccines.
Recent Industry Developments:
- In September 2022: Zoetis bought Jurox, a privately owned animal health firm that develops, produces, and distributes a comprehensive variety of veterinary pharmaceuticals for treating livestock and companion animals, in September 2022.
- In June 2022: Boehringer Ingelheim and CarthroniX announced a collaboration in June 2022 to develop small molecule therapies in canine cancer.
- In July 2022: Elanco purchased KindredBio, a biopharmaceutical firm focused on creating innovative pet medicines, in July 2021.
Segmentation Analysis:
As per the research an analysis, the global veterinary vaccines market is segmented by product into inactivated, live attenuated, recombinant, and others; by animal into companion, and livestock; by route of administration into oral, parenteral, and others; by distribution channel into veterinary hospitals, veterinary clinics, pharmacies & drug stores, and others.
Despite their position as traditional products and the related constraints, the inactivated and live attenuated sectors are expected to keep dominating market shares over the projection period. Recombinant products, on the other hand, are expected to expand at the fastest CAGR owing to benefits such as purity, safety, effectiveness, and potency.
Other aspects that have contributed to the recombinant segment’s rapid rise include cost-effective manufacturing and manufacturers’ capacity to create it at a better grade. The recombinant dosage also helps the immune system target its antibody production towards the appropriate antigens, which benefits traditional vaccination products.
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Geographical Analysis:
The global veterinary vaccines market is segmented into North America, Europe, South America, Asia Pacific, and Middle East & Africa.
North America Veterinary Vaccines Market
In 2022, North America had the highest market share for veterinary vaccinations, valued at USD 4.43 billion. It is expected to become a leading region in the worldwide market shortly. The rapid acceptance of efficient veterinary vaccines and innovative technology-infused vaccine-injecting gear across the area are expected to drive market expansion in this region.
Europe Veterinary Vaccines Market
Europe acquired significant income while maintaining a steady growth rate. Europe is expected to rank second in revenue, owing to increased pet ownership, increased frequency of zoonotic illnesses, expanded veterinary facilities, and improved healthcare infrastructure in European countries.
Competitive Landscape:
The key players contributing to the global veterinary vaccines market growth include elanco, HIPRA, boehringer ingelheim international GmbH, virbac, MSD animal health, zoetis, ceva, NEOGEN CORPORATION, hester biosciences limited, biogénesis bagó.
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