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Veterinary vaccines are formulations used to prevent and control infectious disease in animals. They provide immunity against various bacterial and viral pathogens, which affect livestock and companion animals. The increasing pet population along with the rising awareness regarding animal health has been driving the demand for veterinary vaccines. Various viral diseases such as canine parvovirus infection, distemper, rabies, and feline herpesvirus and calcivirus infection are prevalent amongst pets. Further, farm animals are also susceptible to viral and bacterial diseases including foot-and-mouth disease, haemorrhagic septicaemia, and brucellosis that may reduce productivity and increase treatment costs. Vaccines help build immunity in animals and control the spread of such contagious diseases.
The global Veterinary Vaccines Market is estimated to be valued at US$ 8,482.6 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 key trends:
One of the key trends in the veterinary vaccines market is the development of advanced vaccines. Researchers are developing next-generation vaccines to provide lifelong immunity with a single dose. For instance, Erysipelothrix rhussiopathiae bacterium causes swine erysipelas, a contagious infection in pigs. The conventional vaccines require annual boosters which increase the cost of vaccination programs. To address this, scientists are developing novel reverse vaccinology driven vaccines that provide lifelong protection against the bacterium with a single dose. Such advances are expected to boost vaccine adoption and compliance over the forecast period. Another major trend is the production of thermostable vaccines that do not require cold chain logistics. Since continuous refrigeration is not always feasible in developing regions and remote locations, thermostable vaccines offering stability at elevated temperatures provide practical solutions. Their ability to withstand higher temperatures reduces the risk of potency loss during storage and transportation.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the veterinary vaccines market requires significant investments for research and development. However, developing countries offer lucrative opportunities.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are several vendors offering similar products. Customers can opt for alternatives based on pricing and quality.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to the presence of a large number of raw material suppliers. However, suppliers are dependent on vendors for volumes.
Threat of new substitutes: The threat of substitutes is low as there are limited treatment alternatives for diseases in animals. Vaccines remain the most effective way to prevent infectious animal diseases.
Competitive rivalry: The competition in the veterinary vaccines market is high among global and regional players due to their diverse product portfolio. players focus on new product innovations and strategies like mergers & acquisitions.
Key Takeaways
The global veterinary vaccines market is expected to witness high growth. Rapid pet adoption worldwide and growing awareness about animal health are driving market growth. The global Veterinary Vaccines Market is estimated to be valued at US$ 8,482.6 Mn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030.
North America dominates the veterinary vaccines market due to high pet care expenditure and advanced animal health infrastructure in the region. Asia Pacific is expected to grow at the highest CAGR during the forecast period owing to increasing meat consumption, rising disposable income, growing awareness about zoonotic diseases. China, India, and Japan are major markets in the region.
Key players: Key players operating in the veterinary vaccines market are Zoetis, Inc., Merck & Co., Inc., Boehringer Ingelheim GmbH., Aratana Therapeutics, Inc., Regeneus Ltd., Morphogenesis, Inc., Karyopharm Therapeutics, Inc., and Eli Lilly and Company. Key players are focusing on new product launches, facility expansion, and acquisitions to strengthen their market position.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
