Veterinary/Animal Vaccines Market to Grow at 5.9% CAGR to 2022 Led by Europe – ReportsnReports

Veterinary/Animal Vaccines Market Size will reach $8.66 billion by 2022 from $6.50 billion in 2017 at a CAGR of 5.9% between (2017-2022) driven by the growth in livestock population and repeated breakouts of livestock diseases; increasing adoption of companion animals; rising incidence of zoonotic diseases; initiatives by various government agencies, animal associations, and leading players; and the introduction of new types of vaccines in the market.
The key players in the veterinary vaccines market are Zoetis (US), Merck Animal Health (US), Elanco (US), Boehringer Ingelheim (Germany), Ceva (France), Phibro Animal Health (US), and Virbac (France). Other notable players operating in this market include Vetoquinol (France), Hester (India), Hipra (Spain), IDT Biologika (Germany), China Animal Husbandry (China), Biogenesis Bago (Argentina), Tianjin Ringpu (China), and Jinyu Bio-technology (China).
Geographically, Europe is the largest market for veterinary vaccines market, followed by North America but the APAC region is expected to witness the highest growth in the forecast period. This growth is primarily attributed to rising pet adoption, expansion of key vaccine players in the region, and the wide range of product launches and investments in veterinary vaccines manufacturing facilities in the region, especially in India, China, and Thailand. Asia Pacific to provide significant growth opportunities during the forecast period.
The live attenuated vaccines segment is expected to account for the largest share of the veterinary vaccines market in 2017. By technology, the market is classified into live attenuated vaccines, inactivated vaccines, toxoid vaccines, recombinant vaccines and other vaccines. In terms of value, the live attenuated vaccines segment is expected to account for the largest share of the market in 2017.The ease of administration and long-term immunity offered by the live attenuated vaccine technologies are driving the demand for this segment in the veterinary vaccines industry.
On the basis of type, the veterinary vaccines market is segmented into porcine vaccines, poultry vaccines, livestock vaccines, companion animal vaccines, aquaculture vaccines, and other vaccines. The companion animal vaccines segment is divided into canine vaccines and feline vaccines and in terms of value, the companion animal vaccines segment is expected grow at the highest CAGR during the forecast period. Increasing awareness about companion animal vaccination, rising prevalence of zoonotic diseases in humans, and the growing number of pets and increasing pet ownership are fuelling the demand for these vaccines.