Rise in demand for pet insurance, surge in prevalence of animal diseases, and increase in ownership of companion animals drive the growth of the global animal vaccines market. North America accounted for the highest market share in 2020, and is expected to maintain its dominant share in terms of revenue by 2028. Veterinary organizations across the world recommended restricting animal patient care to severely ill animals and emergencies.
Portland, OR, June 14, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global Animal Vaccines Market generated $9.09 billion in 2020, and is estimated to reach $13.78 billion by 2028, manifesting a CAGR of 5.3% from 2021 to 2028. The report offers an extensive analysis of changing market trends, major segments, top investment pockets, value chain, and competitive landscape.
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Rise in demand for pet insurance, surge in prevalence of animal diseases, and increase in ownership of companion animals drive the growth of the global animal vaccines market. However, competitive prices of meat and milk along with adverse impact of veterinary vaccines on human and animal health hinder the market growth. On the other hand, surge in animal health expenditure and advancements in vaccine products present new opportunities in the coming years.
Veterinary organizations across the world recommended restricting animal patient care to severely ill animals and emergencies. In addition, lockdown in various countries led to postponement of annual checkups, various exams, and vaccination procedures.
Many key players ensured that the proper supply of animal vaccines is maintained as many governmental institutions worldwide have been taking stringent measures to prevent the spread of zoonotic viruses.
The report offers detailed segmentation of the global animal vaccines market based on type, animal type, and region.
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Based on type, the attenuated vaccines segment contributed to the largest market share, accounting for more than one-third of the total share in 2020, and is expected to continue its lead position during the forecast period. However, the DNA vaccines segment is projected to portray the highest CAGR of 8.2% from 2021 to 2028.
Based on animal type, the livestock animal segment held the largest share in 2020, accounting for nearly two-thirds of the global animal vaccines market, and is estimated to maintain its leadership status throughout the forecast period. However, the companion animal segment is expected to witness the highest CAGR of 5.6% from 2021 to 2028.
Based on region, North America accounted for the highest market share in 2020, contributing to more than one-third of the total share, and is expected to maintain its dominant share in terms of revenue by 2028. However, Asia-Pacific is projected to register the largest CAGR of 5.9% during the forecast period.
Leading players of the global animal vaccines market analyzed in the research include Merck & Co., Inc., Ceva Santé Animale, Zoetis Inc., Romvac, Sanofi S.A., Biovac, Vaxxinova, Boehringer Ingelheim GmbH, Merial, and Anicon Labor GmbH.
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