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Veterinary vaccines are immunization agents administered to animal populations, including pets and livestock, to protect them against various infectious diseases. They help prevent transmission of diseases from animals to humans as well as ensure animal welfare. Veterinary vaccines aid in effectively controlling infectious diseases in animals and improving their overall health.
The global Veterinary Vaccines Market is estimated to be valued at US$ 8,482.6 Mn 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 key trends:
Growing popularity of pet adoption, especially in developed economies, has boosted awareness regarding pet health and preventive care. This has positively impacted the veterinary vaccines market over the years. Majority of pet owners now routinely vaccinate their pets against common infectious diseases such as rabies, parvovirus, and distemper. Furthermore, vaccination helps reduce veterinary costs associated with treatment of these diseases in the long-run. Sustained efforts by animal health organizations and public awareness campaigns are encouraging more pet owners to vaccinate their animals, which is supporting market growth.
Veterinary Vaccines Market SWOT Analysis
Strength: Veterinary vaccines help prevent the spread of infectious diseases in animals. They protect livestock health and productivity.
Weakness: Storage and distribution of vaccines require a cold chain which increases costs. Lack of awareness in developing regions hampers adoption.
Opportunity: Rising companion animal ownership and increasing meat consumption will drive demand. New product innovation to target novel diseases opens opportunities.
Threats: Stringent regulations delay product approvals. Competition from generic alternatives erodes prices and margins of innovator brands.
Key Takeaways
The global veterinary vaccines market is expected to witness high growth. The global Veterinary Vaccines Market is estimated to be valued at US$ 8,482.6 Mn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030.
North America holds the largest share currently due to high pet ownership and expenditure. Rising meat demand in Asia Pacific will drive strong volume growth in the region supported by government programs and awareness campaigns. The Asia Pacific region is expected to be the fastest growing market for veterinary vaccines. Rising meat consumption in China, India along with government initiatives to promote commercial livestock farming will boost demand. North America currently dominates led by the US with supportive regulations and high companion animal rates per capita.
Key players related content comprises- Key players operating in the veterinary vaccines market are Zoetis, Inc., Merck & Co., Inc., Boehringer Ingelheim GmbH., Eli Lilly and Company, Aratana Therapeutics, Inc., Regeneus Ltd., Morphogenesis, Inc., and Karyopharm Therapeutics, Inc. These players are focused on developing novel vaccines for emerging and zoonotic diseases through R&D investments and acquisitions.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
