by Market Overview:
The Veterinary Vaccines Market is estimated to be valued at US$ 8,482.6 million in 2022 and is expected to exhibit a CAGR of 6.2% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights. Veterinary vaccines are specially formulated to protect animals from various diseases and infections, providing a crucial tool for maintaining the health and well-being of animals. These vaccines play a vital role in preventing the transmission of diseases from animals to humans and ensure the overall safety of the food supply chain. With the growing need for disease prevention and control in livestock and companion animals, the demand for veterinary vaccines is expected to witness significant growth in the coming years.
Market Dynamics:
The Veterinary Vaccines Market is driven by various factors that are expected to fuel its growth during the forecast period. One of the primary drivers is the increasing prevalence of zoonotic diseases, which are infectious diseases that can be transmitted between animals and humans. The rising awareness about the importance of animal health and the need for disease prevention is driving the demand for veterinary vaccines.
Another key driver is the growing livestock population, coupled with the increasing consumption of livestock-derived products. As the demand for animal protein continues to rise, there is a greater emphasis on maintaining the health and productivity of livestock through vaccination programs. This is anticipated to drive the adoption of veterinary vaccines in the livestock industry.
Market key trends:
The key trend in the veterinary vaccines market is the increasing focus on preventive healthcare for companion animals. Pet owners are becoming more aware of the importance of vaccination in preventing diseases in their pets. As a result, there is a growing demand for veterinary vaccines to protect pets from various infectious diseases. Additionally, government regulations mandating vaccination for pets in some regions are also driving the market growth. The increasing adoption of pets and the rising disposable income of pet owners are further contributing to the market growth. Moreover, the advancements in vaccine technology, such as the development of combination vaccines and DNA vaccines, are expected to fuel market growth in the near future.
SWOT Analysis:
Strength: Veterinary vaccines provide a cost-effective approach to prevent diseases in animals. They help in reducing the burden of infectious diseases, improving animal health, and ensuring food safety.
Weakness: The lack of awareness among pet owners, especially in developing regions, about the benefits of vaccination and limited access to veterinary healthcare services hinder the market growth. Additionally, the high cost of vaccines and the requirement of cold chain storage for some vaccines pose challenges.
Opportunity: The increasing pet population, growing pet humanization trend, and the rising disposable income in emerging economies present significant growth opportunities for the veterinary vaccines market. Moreover, the development of new and improved vaccines targeting emerging diseases can drive market growth.
Threats: The presence of counterfeit vaccines in the market and the lack of stringent regulations for veterinary vaccines pose a threat to the market. Additionally, the hesitancy among pet owners to vaccinate their pets, concerns regarding the adverse effects of vaccines, and possible outbreaks of vaccine-preventable diseases are also potential threats.
Key Takeaways:
The global Veterinary Vaccines Market Insights is expected to witness high growth, exhibiting a CAGR of 6.2% over the forecast period (2022-2030). This growth can be attributed to the increasing focus on preventive healthcare for companion animals, government regulations mandating vaccination, and the growing adoption of pets. North America is expected to be the fastest-growing and dominating region in the market, owing to the high pet population, well-established veterinary healthcare infrastructure, and the presence of key market players in the region. The key players operating in the veterinary vaccines market include 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 investing in research and development activities to develop advanced vaccines and expand their product portfolios, contributing to market growth.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
