The Global Veterinary Vaccines Market to Grow at 6.68% CAGR by 2028
Triton Market Research presents the Global Veterinary Vaccines Market report segmented by Animal Type (Companion Animals [Canine, Feline, Equine], Livestock Animals [Cattle, Pigs, Poultry, Sheep, Other Livestock Animals], Aquaculture), by Disease Type (Aquaculture Disease, Poultry Disease, Canine Disease, Bovine Disease, Porcine Disease, Other Disease Types), by Product Type (Inactivated Vaccines, Toxoid Vaccines, Subunit Vaccines, Attenuated Vaccines, DNA Vaccines, Conjugate Vaccines, Recombinant Vaccines), by Regional Outlook (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa).
It also discusses the Market Summary, Industry Outlook, Key Insights, Porter’s Five Forces Analysis, Market Attractiveness Index, Value Chain Analysis, Key Buying Criteria, Regulatory Framework, Vendor Scorecard, Key Market Strategies, Drivers, Challenges, Opportunities, Competitive Landscape, Research Methodology & Scope, Global Market Size, Forecasts & Analysis (2022-2028).
Triton Market Research has put forth that the Global Veterinary Vaccines Market would evolve at a CAGR of 7.46% over the estimated period 2022 to 2028.
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The demand for companion animals is rising, especially among the urban population. Animals such as cats and dogs are in high demand, as some people are genuinely fond of them and treat their pets as family members. These animals are highly prone to developing diseases, which makes it important to administer them vaccines. The increasing adoption of companion animals is thus expected to offer lucrative growth opportunities for the adoption of veterinary vaccines.
However, the shortage of skilled veterinarians and animal health professionals, who can diagnose diseases and provide effective solutions like vaccines is hindering the growth of the studied market.
The Asia-Pacific region is expected to showcase the fastest growth in the global market over the considered period. In May 2021, the Association of Southeast Asian Nations (ASEAN) and the World Organization for Animal Health (OIE) signed a new MoU in a bid to strengthen their bond and further support the prevention, control, and eradication of animal diseases in the region. Their regional animal disease control programs include classical swine fever, African swine fever, and peste des petits ruminants (PPR). Initiatives such as this are fostering the growth of the market in the APAC.
Boehringer Ingelheim International GmbH, Vaxxinova GmbH, Elanco Animal Health Inc, Zoetis Inc, Virbac SA, Hester Biosciences Ltd, Indian Immunologicals Limited, Ceva Sante Animale, Brilliant Bio Pharma, Merck Animal Health, Hipra, and Phibro Animal Health are some of the dominant companies in this market.
The market is largely dominated by the established players. Thus, aspiring players need to focus on innovation, R&D, expanding business operations, etc., to gain a competitive edge, which is capital-intensive. Though there are startups operating in this market, the only way to grow is by creating niche products beneficial to the market. Industry rivalry among the leading names is high as the market has a wide scope globally, which is also a lucrative opportunity for companies to monetize on.
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