by The veterinary Vaccines Market is estimated to be valued at US$ 9008.52 Mn or 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 meant to enhance immunity in animal against one or several infectious diseases. The commonly available veterinary vaccines are for diseases like canine distemper, rabies, foot and mouth disease, hog cholera, newcastle disease, swine flu and avian influenza. These vaccines are administered through various routes like oral, subcutaneous, intramuscular and intranasal. They help prevent infectious diseases in livestock animals and pets.
Market Dynamics:
Growing disease prevalence in livestock and companion animals is a major driver bolstering veterinary vaccines market growth. According to World Health Organization, at least 75% of emerging infectious diseases affecting humans are zoonotic in nature. Likewise about 60% of all human pathogens are shared with animals and originate from them. This highlights significance of controlling infectious diseases at animal level to reduce risk of zoonotic transmission. Furthermore, growing pet adoption worldwide has spurred demand for pet vaccination against rabies and other infectious conditions. As an attractive and stable business prospect, a number veterinary companies are investing in R&D for new veterinary vaccines, thus fuelling market expansion.
Segment Analysis:
The global veterinary vaccines market is segmented based on technology, by disease, by animal type and geography. Based on technology, the recombinant vaccines segment dominated the market in 2022 owing to the advantages of these vaccines like ease of production and stability. Recombinant vaccines do not require the handling of live/killed microorganisms making them safer.
PEST Analysis:
- Political: Initiatives by governments and regulatory bodies to control zoonotic diseases through vaccination programs have positively impacted the market. For instance, the U.S. Department of Agriculture monitors and regulates veterinary vaccine production and research in the country.
- Economic: Growth in the overall economy, rising disposable incomes, and increasing spending on animal health have supported market growth. However, high vaccine production costs may hamper market expansion.
- Social: Rising awareness about animal welfare and potential human health threats from zoonotic diseases has increased veterinary healthcare spending globally. Pet humanization trends in developed nations also favor the market.
- Technological: Advancements in vaccine delivery methods and production technologies like DNA vaccines offer enhanced immunogenicity and thermostability. Development of novel recombinant and vector-based vaccines against emerging diseases can open new opportunities.
Key Takeaways:
The Global Veterinary Vaccines Market Growth is expected to witness high, exhibiting CAGR of 6.2% over the forecast period, due to increasing pet adoption leading to higher healthcare expenditures globally.
The North American region dominated the market in 2022 attributed to rising government funding for veterinary vaccine development, availability of advanced healthcare infrastructure for animals, and growing awareness among pet owners in the region.
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. Zoetis is a global leader in veterinary vaccines supported by its wide product portfolio and R&D investments.
Key Players: Bayer AG, Intas Pharmaceuticals, Novartis AG, Santen Pharmaceutical, Pfizer Inc., F. Hoffmann-La Roche Ltd, Regeneron Pharmaceuticals Inc., Valeant Pharmaceuticals International Inc., Abbott Laboratories, Alimera Sciences.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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