by Swine fever vaccines are used for prevention of swine fever disease in domestic pigs and wild boars. The disease leads to high fever and death among infected swine. Vaccines provide immunity and protection against swine fever virus strains.
The global Swine Fever Vaccine Market is estimated to be valued at US$ 2885.25 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The adoption of mass vaccination programs by governments and veterinary organizations across various countries has been a major driver for the swine fever vaccine market. Mass vaccination involves vaccination of entire hog populations in an area to curb spread of the disease. This approach provides herd immunity and is recommended for epidemic control. Rising cases of swine fever outbreaks globally have prompted authorities to implement vaccination of all pigs to contain the spread of the virus. For instance, Vietnam launched a mass vaccination program for over 6 million pigs in northern provinces in 2020. Continued focus on mass vaccination is expected to boost demand for swine fever vaccines over the forecast period.
SWOT Analysis
Strength: The swine fever vaccine market has lucrative growth opportunities. Swine fever causes significant economic losses to the pork industry globally. Thus, the demand and production of swine fever vaccines is anticipated to grow in the forecast period.
Weakness: Developing effective vaccines is challenging due to constant antigenic variations in the swine fever virus. Additional research is required to develop vaccines that offer cross-protection against various strains of the virus.
Opportunity: Rising pork consumption and the growing threat of African swine fever in different geographic regions present substantial opportunities. Government support and initiatives to curb swine fever outbreaks will boost the demand.
Threats: High storage and distribution costs associated with vaccines act as bottlenecks. Vaccine failure or low efficacy threatens market prospects. Stringent regulatory requirements for vaccine approval also pose challenges.
Key Takeaways
The Global Swine Fever Vaccine Market Trend is expected to witness high growth. The market size is projected to reach US$ 2885.25 Million by 2023 from US$ 2059.45 Million in 2018, at a CAGR of 5.9% during 2023-2030.
Regional analysis – Asia Pacific dominates the global market for swine fever vaccines driven by the increasing threat of African swine fever outbreaks. China, Vietnam, and India represent leading swine population and production hubs in the Asia Pacific region.
Key players – Key players operating in the swine fever vaccine market are Merck & Co., Inc. (Merck Animal Health), Ceva, Zoetis Services LLC, Boehringer Ingelheim International GmbH, Indian Immunologicals Ltd., Bioveta, a.s., Komipharm, and EC21 Inc. Merck & Co., Inc. (Merck Animal Health) and Ceva are the prominent market leaders due to their extensive product portfolios and global presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
