Report : Asia Pacific Veterinary Vaccines Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Vaccine Type (Livestock Vaccines [Bovine Vaccines and Small Ruminant Vaccines], Companion Animal Vaccines [Feline Vaccines, Canine Vaccines, and Others], and Others) and Technology (Live Attenuated Vaccines, Inactivated Vaccines, Toxoid Vaccines, Recombinant Vaccines, Conjugate Vaccines, and Others)
Companion Animal Vaccines Segment is Expected to be Fastest Growing During Forecast Period for APAC Region
According to a new market research study on “APAC Veterinary Vaccines Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Vaccine Type and Technology” is expected to reach US$ 3,677.55 million by 2028 from US$ 2,257.78 million in 2021. The market is estimated to grow at a CAGR of 7.2% from 2021 to 2028. The report provides trends prevailing in the APAC veterinary vaccines market along with the drivers and restraints pertaining to the market growth. Market growth in untapped economies and burgeoning awareness of diagnosis and treatment of variety of infectious diseases are the major factor driving the growth of the APAC veterinary vaccines market. However, stiff government rules related to usage of veterinary vaccines hinders the growth of APAC veterinary vaccines market.
In case of COVID-19, APAC is highly affected specially India. The impact of pandemic is far-reaching. Asian economies were among the earliest epicenters of the pandemic, but also considered to be more effective in controlling the spread of the virus. Powerful economies such as Japan, and South Korea felt the disruption that the pandemic has caused. Covid-19 have emerged as a challenge in the market of veterinary vaccines, it reduced the intensity of various veterinary activities across the globe. However, companies were focused on making animal health vaccines, drugs, and equipment more accessible to consumers by fortifying their supply chains and promoting these products as essential goods, which can be an interlude for the veterinary vaccines market overall. A revolutionized change occurred in the veterinary vaccines market due to the impact of the virus. The complete lockdown in various countries forbidden the transportation of raw materials and forbade service providers’ business. Due to which the operations of various companies failed; however, few companies managed to be afloat. For Instance: Even during the pandemic Virbac ensured the best possible continuity of commitments to veterinarians, farmers, and animal owners who, every day on the front line, continued their essential work to care for and raise those animals. Therefore, manufacturing of these vaccines became difficult to an extent, which directly impacted the APAC veterinary vaccines market.
The APAC veterinary vaccines market is segmented based on vaccine type, technology, and country. Based on vaccine type, the market is segmented into livestock vaccines, companion animal vaccines, and others. The livestock vaccines segment dominated the market in 2020 and companion animal vaccines segment is expected to be fastest growing during forecast period. The livestock vaccines segment is further bifurcated into bovine vaccines and small ruminant vaccines. Similarly, the companion animal vaccines segment is divided into feline vaccines, canine vaccines, and others. Based on technology, the market is segmented into live attenuated vaccines, inactivated vaccines, toxoid vaccines, recombinant vaccines, conjugate vaccines, and others. The live attenuated vaccines segment dominated the market in 2020 and toxoid vaccines segment is expected to be fastest growing during forecast period. Based on country, the market has been segmented into China, India, Japan, South Korea, Australia, and rest of APAC.
BIOVAC; Boehringer Ingelheim International GmbH; Ceva; Elanco; Hester Biosciences Limited; HIPRA; Merck & Co., Inc.; NEOGEN Corporation; Virbac; and Zoetis Inc. are among the leading companies in the APAC veterinary vaccines market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, Hester Biosciences entered into an agreement with the Indian Council of Agri Research and the Indian Veterinary Research Institute for classical swine fever and sheep pox vaccine.
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