Market Overview
A Veterinary Vaccine is a substance designed to protect animal welfare by immunizing domestic, livestock, or wild animals.
According to the MarkNtel Advisors' research report, "Europe Veterinary Vaccines Market Analysis, 2021," the market is likely to grow at a CAGR of around 5.5% during 2021-26 due to the increasing awareness about animal health, snowballing incidences of zoonotic & livestock diseases, and burgeoning investment by companies in veterinary healthcare.
Besides, the launch of innovative vaccines by market players, escalating demand for poultry vaccine due to the surging meat consumption, and bolstering number of households owning at least one pet are factors likely to promulgate the growth of the European Veterinary Vaccine market in the forecast period.
Impact of COVID-19
The outburst of COVID-19 has significantly impacted the veterinary vaccine market. The stringent measures by the government, such as social distancing and lockdown impositions, resulted in a considerable decline in the number of consultations on account of the cancellation of routine and non-urgent appointments for veterinary practice such as vaccines and parasite control. However, the easing lockdown restrictions by the government are likely to propel the market growth at a robust rate in the forecast period.
Market Segmentation
Companion Animal Vaccine Exhibit an Astronomical Growth
Based on Animal Vaccine Type, Companion Animal Vaccine can exhibit an astronomical growth in the Global Veterinary Vaccine market during the forecast period. Canine & Feline vaccines acquired the majority market share due to surging investments in R&D of companion animal vaccines, growing demand for vaccines to tackle life-threatening diseases like canine distemper & parvovirus.
Moreover, the rising percentage of European households having at least one cat or dog is also likely to drive the growth of the Veterinary Vaccine market in Europe in the forecast period, reveals MarkNtel Advisors in their research report, "Europe Veterinary Vaccines Market Analysis, 2021."
Live Attenuated Vaccines Acquired Considerable Market Share
Based on Technology, Live Attenuated vaccines acquired a considerable market share in the Global Veterinary market in 2019. The demand for live attenuated vaccines is high among the commercial poultry industry to protect against several poultry respiratory viral diseases, such as Infectious Bronchitis Virus (IBV) and Newcastle Disease Virus (NDV). The burgeoning demand for livestock products due to rapid urbanization and growing population strongly drives the segment growth.
Country Landscape
The UK Accounted for the Largest Market Share
The UK accounted for the largest market share in the previous year and is likely to attain the highest CAGR in the forecast period too. The increasing partnership among the companies for developing innovative vaccines such as porcine respiratory and reproductive syndrome virus (PRRSV) vaccines, burgeoning awareness among people regarding animal health, and rising companion animal adoption and ownership is the primary factor driving the demand for the veterinary vaccine market.
Furthermore, stringent regulation by the government for vaccination of animals along with snowballing investments by companies in poultry vaccines due to bolstering consumption of poultry products are factors further aiding growth in the market.
Market Driver
Upsurge in the Number of Household Owing One Pet Animal is Accelerating Market Growth
The rising constraints on agricultural development & food security due to the increasing burden of various infectious diseases in livestock & other animals is the prime factor fueling the demand for veterinary vaccines. Furthermore, the surging number of households owning one pet animal, a boost in the adoption of companion animals, and the introduction of various innovative vaccines by market players are likely to promulgate the market growth.
Competitive Landscape
According to MarkNtel Advisors, the major leading players in the European Veterinary Vaccines market are Merck & Co. Inc., Virbac SA, Elanco Animal Health, Ceva Sante Animale, Phibro Animal Health Corp., HIPRA, Zoetis Inc., Boehringer Ingelheim International GmbH, Neogen Corporation, others.
Key Questions Answered in the Market Research Report:
Market Outlook, Segmentation and Statistics
Frequently Asked Questions
A. The historical data has been provided since 2016, while the base year is 2020, and the data forecast is up to 2026.
A. The measuring units of market size/industry size or the market value are USD Million.
A. The Europe Veterinary Vaccines Market is forecast to grow at a CAGR of 5.5% during 2021-26.
A. Merck & Co. Inc., Virbac SA, Elanco Animal Health, Ceva Sante Animale, Phibro Animal Health Corp., HIPRA, Zoetis Inc., Boehringer Ingelheim International GmbH, Neogen Corporation are few of the leading players in the Europe Veterinary Vaccines Market
A. Companion animal vaccine is likely to attain the highest CAGR during the forecast period and maintain its significant market share.
A. UK continues to grow at the highest CAGR, presenting immense opportunities to market players of the Europe Veterinary Vaccines Market.
