by The veterinary vaccines market comprises veterinary vaccines used to immunize companion animals such as dogs, cats and horses, as well as livestock animals. Veterinary vaccines prevent transmission of infectious diseases in animals and reduce the risk of zoonotic diseases in humans. Growing demand for veterinary vaccines from the companion animal segment is driving the market growth, owing to the rising adoption of pets globally and increasing awareness about animal welfare.
The veterinary vaccines market is estimated to be valued at USD 9.70 Bn in 2024 and is expected to reach USD 16.17 Bn by 2031, growing at a compound annual growth rate (CAGR) of 7.6% from 2024 to 2031.
Key Takeaways
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 and Co. Inc., Boehringer Ingelheim GmbH., Elanco Animal Health, Virbac, Hester Biosciences Limited, Ceva Sante Animale, Phibro Animal Health Corporation, Kemin Industries, Inc., Finlab, Vaxxinova, Vira Vaccine Shaya, and VETERQUIMICA SA.
The increasing trend of pet adoption is fueling the demand for veterinary vaccines to prevent various animal diseases. According to the American Pet Products Association, 106 million households in the U.S. own a pet, with 63.4 million owning dogs and 42.7 million owning cats. Furthermore, growing awareness among owners regarding timely vaccination of pets is driving the market growth. Moreover, ongoing research and development activities for new product launches in veterinary vaccines are boosting the veterinary vaccines industry.
The global expansion of key market players through mergers and acquisitions and partnerships is supporting the Veterinary Vaccines Market Growth. The growing trend of animal husbandry and livestock farming across developing regions such as Asia Pacific and Latin America is further fueling the demand for veterinary vaccines. Increasing consumption of animal-derived food products, coupled with the risk of zoonotic disease transmission, is driving vaccine adoption for poultry and cattle.
Market Key Trends
One key trend gaining traction in the veterinary vaccines market is the development of thermostable vaccines. Conventional vaccines need to be stored at cold temperatures, which raises supply and logistical challenges, especially in remote areas. Thermostable vaccines do not require constant refrigeration, making transportation and storage easy. This accelerates vaccine accessibility to farmers and livestock owners across all geographies. Furthermore, development of new recombinant and DNA vaccines by market leaders is anticipated to drive innovations. Recent advancements include anti-tumor vaccines for companion animals and vaccines for emerging zoonotic diseases.
Porter’s Analysis
- Threat of new entrants: Moderate barriers to entry due to stringent regulations.
- Bargaining power of buyers: Buyers have moderate bargaining power due to presence of multiple vendors.
- Bargaining power of suppliers: Suppliers have lower bargaining power due to requirement of specialized materials from a few suppliers.
- Threat of new substitutes: Low threat of new substitutes of Veterinary Vaccines Market Size And Trends as they require extensive research and regulations.
- Competitive rivalry: High competitive rivalry due to presence of established players.
Geographical Regions
North America is the leading geographical region, accounting for over 30% of the total market value due to rising adoption and awareness. The United States contributes majorly to the North American veterinary vaccines market.
Asia Pacific is poised to witness the fastest growth during the forecast period owing to increasing pet ownership and growing veterinary healthcare expenditure across India, China and Japan. Rising incidence of zoonotic diseases further pushes the demand for veterinary vaccines in Asia Pacific region.
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*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Alice Mutum
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights. LinkedIn
