Veterinary Biologics Market Projected to Reach US$ 18.2 Bn by 2029
According to a recent market study by Future Market Insights (FMI), the global market for veterinary biologics market is predicted to be worth US$ 11.4 billion in 2022 and US$ 18.2 billion by 2029. The growth is majorly driven by increasing prevalence of preventative farm animal healthcare to ensure better pet health management, and reduce the risk of diseases including, rabies. Rise in pet ownership across the world are further reflecting growth avenues to market players.
“Given the swelling pressure to feed the ever-growing population sustainably, livestock yield, although flourishing, is confronting the hurdles of infectious and parasitic diseases. Advancements in biotechnology and further innovations are assuring better diagnostics and genomics to develop next-gen veterinary biologics to avoid livestock disorders,” underlines FMI report.
Key Findings of FMI’s Report on Veterinary Biologics Market
- Vaccines continues to stay atop in the prophylactic treatment for better herd immunity.
- Monoclonal antibodies (mAb) would be highly preferred for dermal disease treatment in companion animals.
- Livestock is likely to be a key revenue generator in veterinary biologics market.
- Owing to direct customer contact for bulk orders, veterinary clinics would significantly contribute market value.
- Europe continues to offer most lucrative opportunities; East Asia expected to gather pace.
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Veterinary Biologics Market – Key Driving Factors
- Increasing pet ownership, globally, to boost revenue generation.
- Rising preference for prophylactic animal healthcare to offer conducive ground.
- Fast regulatory uptake regarding the usage of veterinary biologics.
Veterinary Biologics Market – Key Restraints
- Loopholes in epidemiological knowledge are an existing challenge for market players.
- Regional disparities in disease patterns to hinder veterinary biologics production.
- Inaccuracies in analyzing antigen/immunogenic structures to hamper market progress.
- Commodity-cycle-based characteristic of veterinary biologics to deter margin growth.
Competition Landscape of Veterinary Biologics Market
Players in the veterinary biologics market are entering into mergers & acquisitions with small- and medium-scale enterprises (SME) in a bid to optimize their offerings with diverse product portfolio. Key players in the veterinary biologics market include Zoetis Inc., Boehringer Ingelheim, Ceva, Elanco Animal Health, Merck Animal Health, Phibro Animal Health Corporation, Virbac, Hester Biosciences Limited, Colorado Serum Company, Addison Biological Laboratory Inc., American Animal Health Inc., HIPRA, and Bimeda Inc. (Texas Vet Lab Inc.).
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Veterinary Biologics Market By Category
By Product
- Vaccines
- Attenuated Live Vaccines
- Conjugate Vaccines
- Inactivated Vaccines
- Subunit Vaccines
- Toxoid Vaccines
- DNA Vaccines
- Recombinant Vaccines
- Bacterial Extracts
- Monoclonal Antibody
- Immunomodulatory
- Cytokines
- Others
- Allergenic Extracts
By Animal
- Companion Animals
- Canine
- Avian
- Feline
- Livestock
- Aquatic
- Bovine
- Porcine
- Ovine/Caprine
- Poultry
- Equine
By Distribution Channel
- Veterinary Clinics
- Veterinary Hospitals
- Veterinary Research Institutes
- Retail Pharmacies
By Region
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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