According to Fact.MR, global sales of animal vaccines are expected to exceed US$ 29 billion by 2022-2032, with a positive CAGR of 9.2%. Animals provide milk, meat, and wool to the food and clothing industries. As a result, animal safety has become critical. Furthermore, the rise in canine disorders is a major concern in animals. The demand for animal vaccines has increased in order to avoid the same.
Historically, from 2015 to 2021, global sales of animal vaccines increased at an 8.6 % CAGR, totaling US$ 11 billion. Because of the fear of contracting the virus from animals, the COVID-19 pandemic reinforced the need to increase production of animal vaccines. As a result, governments around the world focused on vaccinating animals.
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Furthermore, increasing investment in research and development by key players is positively influencing the demand for animal vaccines. In addition, rapidly growing livestock population is fueling the growth of animal vaccines. Thus, the aforementioned factors are expected to boost the sales of animal vaccines.
Key Takeaways from the Market Study
- By product, attenuated live vaccines expected to hold more than 30% market share for animal vaccines.
- Livestock expected to hold more than 65% market share for animal vaccines
- North America expected to hold more than 23% market share for animal vaccines.
- Asia Pacific expected to possess more than 20% market share for animal vaccines.
- Global animal vaccines market demand to be valued US$ 12 Bn by the end of 2022
“Frequent episodes of outbreaks of zoonotic diseases and their transmission to humans has highlighted the importance of maintaining animal health. This has widened expansion prospects for animal vaccines, prompting animal health specialists to conduct various clinical trials of multiple vaccine formulations,” states a Fact.MR analyst.
How do Animal Vaccines Growth Prospects appear in North America?
The increasing presence of well-established pharmaceutical are striving for wide commercialization of their vaccines and propelling their geographical reach in countries like U.S. and Canada is expected to bolster the market growth. Moreover, high prevalence of livestock and zoonotic diseases leading to large-scale animal deaths is a major concern in the region.
In addition, the rising incidence of canine disorders along with a surge in the increasing adoption of vaccination is driving the demand for animal vaccines. Also, the rising pet population in the U.S. is a major factor contributing to the expansion of the regional market.Thus, North America is expected to hold more than 23% market share for animal vaccines.
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Key Segments Covered in the Animal Vaccines Industry Report
o Attenuated Live Animal Vaccines
o Recombinant Animal Vaccines
o DNA Animal Vaccines
o Inactivated Animal Vaccines
o Subunit Animal Vaccines
By Animal Type
o Livestock Animal Vaccines
o Companion Animal Vaccines
By Route of Administration
o Subcutaneous Administration of Animal Vaccines
o Intranasal Administration of Animal Vaccines
o Intramuscular Administration of Animal Vaccines
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Prominent manufacturers of animal vaccines are capitalizing on increasing government support across countries to promote animal health. This support is translating into the introduction of robust vaccine formulations against a wide variety of pathogen. Moreover, players are emphasizing on mergers, acquisitions and collaborations to secure firm footing in this highly competitive environment. Some notable developments are as follows:
· In August 2020, Merck & Co., Inc. completed the acquisition of IdentiGEN. The company is focusing on studying DNA of animals for livestock. Through this acquisition, Merck intends to provide complete transparency to food processors, producers and retailers, regarding animal traceability solutions to ensure that good quality food is available to consumers
· In January 2022, Zoetis Inc. announced that the U.S Food and Drug Administration has approved SolensiaTM (frunevetmab injection) to control the pain of osteoarthritis in cats, helping improve their mobility, comfort and overall well-being. The injection works by directly targeting the Nerve Growth Factor (NGF), a key OA pain driver
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