The global Veterinary Vaccines Market is estimated to be valued at US$8,482.6 Mn 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.
A) Market Overview:
The veterinary vaccines market offers vaccines for various animal species such as dogs, cats, horses, cattle, and poultry. These vaccines play a crucial role in preventing and controlling diseases that affect animals. They help build immunity and protect animals from major infectious diseases. Growing pet adoption and rising prevalence of animal diseases are driving the demand for veterinary vaccines globally.
B) Market Dynamics:
- Driver: Increasing pet adoption
With the growing awareness about animal welfare and the benefits of pet companionship, there has been a significant increase in pet adoption worldwide. This has led to an increased demand for veterinary vaccines to ensure the health and well-being of these pets.
For example, according to the American Pet Products Association (APPA), around 85 million households in the United States own a pet as of 2020. This has created a lucrative market for veterinary vaccines in the region.
Driver: Rising prevalence of animal diseases
The increasing prevalence of various infectious diseases among animals is driving the demand for veterinary vaccines. These diseases pose a significant threat to animal health and can also be transmitted to humans. Vaccination helps prevent the spread of these diseases and protect both animals and humans.
For instance, diseases such as rabies, parvovirus, feline leukemia virus, and avian influenza are prevalent worldwide. Vaccines targeting these diseases are in high demand, leading to the growth of the veterinary vaccines market.
C) SWOT Analysis:
– Strength: Technological advancements in vaccine development
– Strength: Increasing investments in research and development
– Weakness: High costs associated with vaccine development and production
– Weakness: Limited availability of vaccines for rare animal species
– Opportunity: Untapped potential in emerging markets
– Opportunity: Growing focus on personalized vaccines for individual animals
– Threat: Stringent regulatory requirements for vaccine approval
– Threat: Competition from alternative therapies for disease prevention
D) Key Takeaways:
– The global Veterinary Vaccines Market Size is expected to witness high growth, exhibiting a CAGR of 6.2% over the forecast period, due to increasing pet adoption and rising prevalence of animal diseases.
– North America is expected to dominate the market, driven by the high pet ownership and advanced veterinary healthcare infrastructure in the region.
– Key players operating in the global 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.
In conclusion, the global veterinary vaccines market is poised for significant growth driven by factors such as increasing pet adoption and the rising prevalence of animal diseases. Technological advancements in vaccine development and growing investments in research and development are further expected to propel market growth. However, high costs associated with vaccine production and limited availability of vaccines for rare animal species could pose challenges to market expansion.