The global veterinary vaccines market size was USD 10.24 billion in 2020. The market is set to grow from USD 10.73 billion in 2021 and reach USD 16.13 billion in 2028 at a CAGR of 6.0% in the 2021-2028 period. This information is provided by Fortune Business Insights™ in its report titled, “Veterinary Vaccines Market, 2021-2028.” As per our researchers, the substantial growth of the market is mainly owing to increased adoption of pet animals worldwide, greater spending on pet maintenance, and escalating implementation of proficient vaccines are the chief contributors for the affirmative growth curve of the market across the forecast years. Therefore, to take precautionary measures for pets and keep them away from fleas and ticks, key players introduced several easy-to-feed medications on popular demand from their customers as it becomes difficult to feed the pets medicines.
For instance, in February 2020, Zoetis was granted approval by the U.S. FDA for Simparica, which is a once-a-month chewable flea and tick drug for dogs for treating heartworm infections. This is expected to fuel the veterinary vaccines market growth during the mentioned timeframe.
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COVID-19 Impact: Reduction of Medical Tourism amid Pandemic to Obstruct Growth
The COVID-19 outbreak affected every industry when it first arrived in 2019 and has an uncertain impact on this market in 2020. The market witnessed a decent growth of 2.1% in 2020, which is low in comparison to the pre-pandemic years. The pharmaceutical industry observed a substantial deterioration in incomes as well as patient appointments amidst the pandemic. For example, in 2020, according to the survey conducted by the American Veterinary Medical Association with veterinary practices in the U.S. perceived a noteworthy reduction in client calls 2020. Similarly, about 92% of the veterinary practitioners stated that they, too, unfortunately, saw low medical tourism for pets in April 2020 compared to the years before.
Report Coverage
We have employed a distinctive research method that comprises statistics triangulation built on the famous bottom-up and top-down methodologies. Our researchers have lead systematic primary research to authenticate the estimated size of the market for veterinary vaccines. The data applied to represent the shares for multiple segments at the nationwide, local, and universal stages are excavated from all-inclusive discussions with various investors. Our analysts have also resulted from material from paid databases, industry journals, SEC filings, and many other means.
Segmentation
Based on product, the market is divided into inactivated, live attenuated, recombinant, and others. The inactivated and live attenuated vaccines segments are assessed to hold dominant shares of the market, in spite of their status as orthodox vaccines and the related restrictions. It held a substantial share of 33.9% in 2020.
By animal type, market is classified into companion and livestock. On the basis of route of administration, the global market is bifurcated into oral and parenteral. On the basis of distribution channels, the market is segregated into veterinary hospitals, veterinary clinics, pharmacies & drug stores, and others. In terms of region, the market is finally categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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