The global 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.
Market Overview:
The veterinary vaccines market refers to the market for vaccines specifically designed to prevent various infectious diseases in animals. These vaccines are crucial in maintaining animal health and preventing the spread of diseases from animals to humans. The market offers a wide range of vaccines for different animal species, including pets, livestock, and poultry. The increasing incidence of animal diseases, such as foot-and-mouth disease, avian influenza, and rabies, has created a need for effective vaccines to protect animals and curb the spread of diseases. Veterinary vaccines provide several advantages, including improved animal welfare, reduced mortality rates, and increased productivity in livestock and poultry.
Market key trends:
One key trend driving the growth of the veterinary vaccines market is the increasing awareness and concern for zoonotic diseases. Zoonotic diseases are infectious diseases that can be transmitted from animals to humans. With the rising cases of zoonotic diseases, such as COVID-19, there is a growing recognition of the need for animal vaccination to prevent the transmission of diseases and protect public health. Veterinary vaccines play a crucial role in reducing the risk of zoonotic diseases by controlling the spread of infections in animals. The increasing demand for zoonotic disease prevention is driving the development of new and improved vaccines that can effectively protect both animals and humans. This trend is expected to fuel the growth of the veterinary vaccines market in the coming years.
PEST Analysis:
Political: The political factors influencing the veterinary vaccines market include government regulations and policies, such as animal health and welfare laws, import/export regulations, and the approval process for vaccines. Political instability and changes in government policies can affect market growth.
Economic: The economic factors influencing the veterinary vaccines market include the overall economic growth of countries, disposable income of pet owners, and healthcare expenditure on animals. Economic downturns can lead to a decrease in pet ownership and a decline in veterinary vaccine sales.
Social: The social factors influencing the veterinary vaccines market include the increasing awareness about the importance of pet healthcare, growing pet ownership, and changing consumer preferences for preventive care. The trend of humanization of pets has led to an increased demand for vaccines to protect them from various diseases.
Technological: The technological factors influencing the veterinary vaccines market include advancements in vaccine manufacturing, new vaccine delivery methods, and the adoption of genetic engineering techniques. Technological advancements can lead to the development of more effective and targeted vaccines, driving market growth.
Key Takeaways:
The global Veterinary Vaccines Market Insights is expected to witness high growth, exhibiting a CAGR of 6.2% over the forecast period of 2022-2030. This growth can be attributed to increasing pet ownership, growing awareness about pet healthcare, and the focus on preventive care for animals. The market is expected to reach US$ 8,482.6 million in 2022.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the veterinary vaccines market. This can be attributed to the presence of well-established animal healthcare infrastructure, increasing pet adoption rates, and high healthcare expenditure on animals in the region. Europe and Asia Pacific are also expected to witness significant growth due to the rising pet population and increasing awareness about pet healthcare.
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 companies are involved in the development, manufacturing, and commercialization of veterinary vaccines. They focus on research and development activities to introduce innovative vaccines and expand their product portfolio to cater to the growing demand in the market.
