Redding, California — Meticulous Research®, a leading provider of market intelligence, has released its latest publication forecasting robust growth for the veterinary vaccines market. According to their analysis, the market is projected to exhibit a Compound Annual Growth Rate (CAGR) of 6.1% from 2023, reaching a value of $11.13 billion by 2030.
The growth trajectory of the veterinary vaccines market is underpinned by several factors including the burgeoning livestock population, a surge in pet adoption rates, escalating prevalence of animal diseases, and an increasing demand for animal-derived food products worldwide. Nonetheless, challenges such as the high cost associated with manufacturing and storage of vaccines pose constraints to market expansion.
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However, amidst these challenges lie promising opportunities. The heightened awareness concerning animal health coupled with a rise in expenditure on animal health and pet insurance are anticipated to foster growth opportunities for stakeholders within the market. Conversely, low awareness regarding animal health in developing nations remains a significant hurdle to market growth.
Key Players
The veterinary vaccines market boasts a competitive landscape with key players such as Zoetis Inc. (U.S.), Virbac (France), Ceva Santé Animale (France), and others leading the industry.
Veterinary Vaccines Market: Future Outlook
The global veterinary vaccines market is segmented based on vaccine type, animal type, route of administration, distribution channels, and geography. The report provides a detailed analysis of industry competitors and evaluates the market at regional and country levels.
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Vaccine Type Segment: The market is segmented into live attenuated vaccines, inactive vaccines, recombinant vaccines, and others. Live attenuated vaccines are poised to dominate the market, attributed to their high efficacy in stimulating immune response.
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Animal Type Segment: Segmentation includes livestock and companion animals. The livestock segment is expected to witness significant growth driven by increasing demand for animal-derived products and governmental initiatives to prevent animal diseases.
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Route of Administration Segment: Parenteral, oral, and intranasal routes are examined. Parenteral administration is projected to lead the market owing to high vaccine absorption rates and animals' preference.
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Distribution Channel Segment: Veterinary hospitals & clinics, pharmacies, and mobile veterinary units constitute the distribution channels. Veterinary hospitals & clinics are anticipated to hold the largest market share due to their accessibility and preference among pet owners and farmers.
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Geographic Review
The report analyzes major geographies including North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America is expected to dominate the market, driven by well-established agriculture, high awareness levels regarding animal health, and a substantial pet population base.
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