The global veterinary/animal vaccines market size is projected to hit USD 16.01 billion by the end of 2026 attributed to the increasing awareness about animal diseases and the increasing importance of animal health and welfare. Animals are exposed to various internal and external factors that act as disease-causing agents, thereby leading to communicable or fatal animal diseases. Therefor animal vaccination is a significant factor that allows humans and animals to share the same environment, especially for pet owners.
As per a recent report by Fortune Business Insights titled, “Veterinary/Animal Vaccines Market Size, Share & Industry Analysis, By Product (Inactivated, Live Attenuated, Recombinant, Others), By Animal (Companion, Livestock), By Route of Administration (Oral, Parenteral, Others), By Distribution Channel (Veterinary Hospitals, Veterinary Clinics, Pharmacies & Drug Stores, Others) and Regional Forecast, 2019-2026,” the market value was USD 9.75 billion in 2018 and is expected to exhibit a CAGR of 6.4% between 2019 to 2026, set as the forecast duration.
Rise in Number of Zootonic Diseases Worldwide to Propel Demand
The increasing number of farm animals and pet owners worldwide and the importance given to the health and well-being of their pets are major factors boosting the veterinary vaccines market growth. Additionally, the increasing number of animal cultivation practices for benefits such as milk, meat, eggs, wool, and others is also adding impetus to the market. Besides this, the rise in the number of zoonotic diseases and the increasing number of veterinary health care centers is expected to aid in the expansion of the market in the coming years.
North America Emerged Dominant Attributed to Rapid Adoption of Efficient Animal Vaccines
Regionally, North America earned a revenue of USD 2.97 billion in 2018 and emerged dominant. This is attributable to the adoption of technologically advanced delivery devices, coupled with the rapid adoption of efficient animal vaccines. Additionally, the rise in the adoption of companion animals and dedicated following of stringent vaccine regulations by companion animal owners are also boosting the regional market.
On the other side, the market in Asia Pacific is likely to gain significant impetus especially from countries such as Japan, India, China, and others. This is owing to the rise in disposable incomes of people and increasing awareness about pet healthcare in the region. Besides this, the implementation of regular vaccination at specific intervals and other such stringent animal safety laws imposed by governments in the regions will further help the market rise significantly in the coming years.