by 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:
Veterinary vaccines are biological preparations that provide immunity against various infectious diseases in animals. They are administered to animals to prevent the occurrence of diseases and reduce the risk of transmission to humans. The increasing adoption of pets and the rising prevalence of animal diseases are driving the demand for veterinary vaccines. These vaccines offer several advantages, including improved animal health, increased productivity of livestock, and reduced healthcare costs associated with animal diseases.
Market Key Trends:
One key trend in the veterinary vaccines market is the growing focus on the development of novel vaccines. With the increasing prevalence of various infectious diseases in animals, there is a need for more effective and advanced vaccines. Market players are investing in research and development activities to introduce innovative vaccines that offer better protection and longer duration of immunity. For instance, companies like Zoetis, Inc. and Merck & Co., Inc. are actively involved in developing next-generation veterinary vaccines. These advancements are expected to drive market growth in the coming years.
Porter’s Analysis and Key Takeaways
Porter’s Analysis
Threat of new entrants: The veterinary vaccines market is characterized by high barriers to entry, including complex regulatory requirements and substantial investments in research and development. Therefore, the threat of new entrants is expected to be low.
Bargaining power of buyers: With a growing demand for effective and safe veterinary vaccines, buyers have a moderate level of bargaining power. However, their power can be limited due to the essential nature of vaccines in preventing diseases and maintaining animal health.
Bargaining power of suppliers: The veterinary vaccines market heavily relies on the availability of key ingredients and manufacturing facilities. As a result, suppliers hold a moderate level of bargaining power, especially those with a strong market presence or proprietary technology.
Threat of new substitutes: Although there are alternative methods of controlling diseases in animals, such as antibiotics and antiparasitics, the use of vaccines remains the primary preventive approach. The threat of substitutes is therefore low, ensuring the continued demand for veterinary vaccines.
Competitive rivalry: The veterinary vaccines market is highly competitive, with several key players dominating the industry. These companies invest in research and development, have established distribution networks, and possess strong brand recognition. The competitive rivalry is intense, leading to innovation, product differentiation, and aggressive marketing strategies.
Key Takeaways
The global Veterinary Vaccines Market Insights is expected to witness high growth, exhibiting a CAGR of 6.2% over the forecast period. This growth can be attributed to the increasing adoption of pets, rising awareness about zoonotic diseases, and the growing need for livestock vaccination to ensure food safety and security.
In terms of regional analysis, North America is projected to be the fastest-growing and dominating region in the veterinary vaccines market. The region’s strong veterinary healthcare infrastructure, supportive government initiatives, and high pet ownership are driving market growth. Additionally, the increasing demand for livestock products and a focus on animal welfare further contribute to the market’s growth in the region.
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 strategic collaborations, mergers and acquisitions, and advancements in vaccine development to gain a competitive edge in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
