The veterinary vaccine market is expected to grow at a CAGR of around 6.0% from 2018 to 2025. The market for veterinary vaccine experiences significant growth due to the increase in demand for new vaccines implemented in the pharmaceutical industry. The economic advancement coupled with technological developments has resulted in high demand for pharmaceutical products, which constitute a large part of the veterinary vaccine market.
On the basis of technology, the market is classified into live attenuated, inactivated, toxoid, recombinant, and others. The attenuated vaccines are considered the largest segment due as they are effective, and offer long-term prevention technology.
On the basis of region, North America is estimated to be the largest market, which is attributed to the developed countries, for instance, the USA and Canada with the highadoption rate of inactivated technologies. In addition, the emergence of new technologies such as live attenuated, toxoid, recombinant, and others also drive the growth of the North American veterinary vaccine market. The Asia-Pacific region is expected to witness a high growth due to the rapid implementation of these vaccines for better health of animals.
North America dominated the market with the largest share in 2017 and is anticipated to continue with its dominance by 2025. The rise in the commercialization of animal products and awareness about animal health are the factors that influence this region. Asia-Pacific is the fastest growing region in the veterinary vaccine market, due to the countries such as China and India, which are the major players in the industry. China has a robust manufacturing sector that has permitted for better veterinary vaccines development.
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The veterinary vaccine market is segmented into type, technology, disease, and region. On the basis of type vaccines are segmented into livestock, porcine, poultry, companion animal vaccines, aquaculture, and others. On the basis of technology, it is segmented into inactivated, live attenuated toxoid, recombinant, and others. Diseases are segmented into poultry, porcine, livestock, companion animals, and others. Geographically, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW).
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Merck & Co., Zoetis, Bayer, Boehringer, and Virbac are the top key manufacturers in the veterinary vaccines market. Leading manufacturers of veterinary vaccine focus on the emerging countries that are estimated to show potential for industrial development in the near future.