The global Veterinary Vaccines Market is estimated to be valued at US$ 9008.52 Mn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Veterinary vaccines are biological preparations that help animals to gain immunity from various infectious diseases. They help protect the health of pets and livestock. The veterinary vaccines market consists of vaccines that are used to inoculate dogs, cats, cattle, and poultry against dangerous diseases such as rabies, distemper, hepatitis, parvovirus, leptospirosis, anthrax, foot-and-mouth disease, and swine flu. Vaccines are administered to pets and livestock to prevent the spread of infectious diseases. They help avoid costly treatments and loss of life. Rising pet ownership rates worldwide coupled with growing awareness about animal healthcare are expected to drive the growth of the global veterinary vaccines market.
Market Key Trends:
Increased incidence of zoonotic diseases: Zoonotic diseases can spread from animals to humans and they pose a serious threat to public health. Increased contact between humans and animals has resulted in rising transmission of zoonotic pathogens. This is prompting veterinary vaccine manufacturers to develop novel vaccines targeting zoonotic diseases. For instance, vaccines targeting lyssaviruses that cause rabies are being promoted globally to control its spread.
Growing livestock population: Growing demand for animal protein has been fueling the expansion of the global livestock industry. Countries are also supporting farmers through initiatives like vaccination programs, import/export policies to boost livestock production. Large livestock populations are vulnerable to infectious diseases which propel the need for improving disease control through vaccination. This provides opportunities for veterinary vaccines market players.
Porter’s Analysis:
- Threat of new entrants: The veterinary vaccines market requires substantial R&D investments and compliance with strict regulatory guidelines to enter the market. This poses significant barriers for new companies.
- Bargaining power of buyers: Buyers have moderate bargaining power as there are many established vendors offering a variety of veterinary vaccine products. However, stringent regulatory approvals limit the options for buyers.
- Bargaining power of suppliers: A few major players dominate the supply of core materials and manufacturing capabilities. This gives them significant bargaining power over buyers.
- Threat of new substitutes: There are no cost-effective alternatives to veterinary vaccines available. Thus, the threat of substitutes is low.
- Competitive rivalry: The market is consolidated with major players having a global presence. Intense competition exists between vendors on the basis of pricing, innovation, and service.
Key Takeaways:
The Global Veterinary Vaccines Market Demand is expected to witness high growth, exhibiting CAGR of 6.2% over the forecast period, due to increasing pet ownership and rising awareness about animal health. The market size for 2023 is estimated to be US$ 9008.52 Mn.
Regional analysis:
North America dominates the veterinary vaccines market owing to growing pet adoption, high per capita animal healthcare expenditure, and availability of advanced veterinary treatment facilities in the region. However, Asia Pacific is expected to grow at the fastest pace during the forecast period due to rising livestock population, increasing per capita meat consumption, and growing awareness about animal welfare.
Key players
Key players operating in the veterinary vaccines market are Aratana Therapeutics, Inc., Regeneus Ltd., Morphogenesis, Inc., Karyopharm Therapeutics, Inc., Zoetis, Inc., Eli Lilly and Company, Merck & Co., Inc., and Boehringer Ingelheim GmbH. These players are focusing on new product launches and geographic expansion to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it