The global veterinary vaccines market size was USD 10.24 billion in 2020. The market is set to grow from USD 10.73 billion in 2021 and reach USD 16.13 billion in 2028 at a CAGR of 6.0% in the 2021-2028 period. This information is provided by Fortune Business Insights™ in its report titled, “Veterinary Vaccines Market, 2021-2028.” As per our researchers, the substantial growth of the market is mainly owing to increased adoption of pet animals worldwide, greater spending on pet maintenance, and escalating implementation of proficient vaccines are the chief contributors for the affirmative growth curve of the market across the forecast years. Therefore, to take precautionary measures for pets and keep them away from fleas and ticks, key players introduced several easy-to-feed medications on popular demand from their customers as it becomes difficult to feed the pets medicines.
For instance, in February 2020, Zoetis was granted approval by the U.S. FDA for Simparica, which is a once-a-month chewable flea and tick drug for dogs for treating heartworm infections. This is expected to fuel the veterinary vaccines market growth during the mentioned timeframe.
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Veterinary Clinics Set to Observe Increased Visits Post COVID-19 and Reinforce Growth
Though the effects of coronavirus disease may seem never-ending, post-June 2020, the veterinary vaccines market noted growth in numerous patient appointments, consequently recovering the losses to a certain magnitude. For example, according to an evaluation led by the American Veterinary Medical Association, the veterinary practitioners reported an extensive increase in patient visits in June 2020. Nearly 59% of the veterinary experts cited that a rise in animal care services in June 2020 was noted compared to the previous year.
Additionally, the impact of the COVID-19 pandemic on animal health corporations observed lowered businesses as compared to human health establishments. For example, according to the yearly report by Merck, its animal health section rose by 7%, while Boehringer Ingelheim’s animal health division grew by 2% in 2020. The proceeds produced by Zoetis from the deals of vaccines deteriorated by only 2% in 2020. Henceforth, the above-mentioned aspects have reinforced reasonable growth of the market during the year 2020.
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