The Global Veterinary Vaccines Market accounted for $5.3 billion in 2014 and is expected to grow at a CAGR of 6.2% to reach $8.6 billion by 2022. The factors driving the veterinary vaccines market include rising zoonotic diseases, growing incidence of animal diseases, increasing investments by government and welfare associations. However, factors such as increasing adoption of vegetarian food in prominent economies and increasing costs of storage and maintenance of vaccines are hindering the market growth. Growing awareness of animal health in emerging economies and technological innovations are likely to create opportunities for veterinary vaccines market in the coming years.
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The Global veterinary vaccines market is segmented on the basis of diseases, technologies and geography. On the basis of diseases, the veterinary vaccine market is segmented into companion animal diseases (respiratory, gastrointestinal and reproductive tracts), poultry diseases (bronchitis, avian influenza, newcastle disease and marek’s disease), porcine diseases (porcine reproductive disease, swine pneumonia and swine influenza) and equine diseases (rhinopneumonitis, influenza and encephalomyelitis). By technologies, the market is categorized into toxoid vaccines, DNA vaccines, recombinant vaccines, live attenuated vaccines (LAV) and inactivated vaccines. By geography, it is segmented into North America, Europe, Asia Pacific and Rest of the World. European region is known to be a leading veterinary vaccine market in terms of consumption, closely followed by the U.S. However, Asia is expected to register a higher growth rate during the forecast period owing to huge investment opportunities in this region.
Some of the key players in the veterinary vaccine market include Zoetis (U.S.), Merck Animal Health (U.S.), Merial Inc. (Sanofi) (France), Elanco Animal Health (U.S.)., Boehringer Ingelheim (Germany), Bayer Healthcare (Germany), Bioniche Animal Health (Canada), Heska Co. (U.S.), Ceva Animal Health, Inc. and Virbac.