by The global Veterinary Vaccines Market is estimated to be valued at US$ 9008.52 Mn or 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 Overview:
Veterinary vaccines are biological preparations used to induce immunity against various animal diseases caused by pathogens. They help reduce the risk of infections in livestock and companion animals. With growing concerns of zoonotic diseases and food safety, vaccination of animals plays a vital role in public health.
Market key trends:
One of the key trends in the veterinary vaccines market is the development of thermostable vaccines. Conventional vaccines require careful temperature-controlled transportation and storage to maintain their potency. However, thermostable vaccines can withstand higher temperatures without losing their efficacy. This enables easier accessibility of vaccines in remote locations and developing countries which lack stable cold chain infrastructure. Thermostable vaccines eliminate the need for cold storage during transportation or at the point of usage, thereby reducing distribution costs and improving availability. Various companies are focused on developing thermostable vaccine formulations using heat-drying methods or aluminium hydroxide adjuvant formulations to expand the reach of vaccination programs globally.
SWOT Analysis:
- Strength: The veterinary vaccines market witnesses strong R&D investments from key players for development of novel and effective vaccines. Growing awareness regarding animal health and preventive vaccination further drives the market growth.
- Weakness: High development and production costs of veterinary vaccines hamper widespread adoption, especially in developing nations. Storage and transport challenges pertaining to heat and cold sensitivity also acts as a restraint.
- Opportunity: Untapped opportunities exist in developing regions owing to rising pet adoption and growing livestock industry. Advancements in vaccine delivery methods like recombinant vaccines offer new prospects.
- Threats: Stringent regulatory framework and time-consuming approval process poses threats. Emergence of new diseases may require development of new vaccines posing significant challenges.
Key Takeaways:
The Global Veterinary Vaccines Market Size is expected to witness high growth, exhibiting CAGR of 6.2% over the forecast period, due to increasing pet adoption and rising meat consumption globally. The market size for 2023 is estimated to reach US$ 9008.52 Mn.
Regional analysis:
North America dominates the veterinary vaccines market and is expected to continue its dominance over the forecast period. This is attributed to growing pet care expenditure and well-established livestock farming industry in the region. Asia Pacific exhibits high growth prospects owing to increasing livestock population, rising awareness regarding animal health, and growing per capita meat consumption in countries like India and China.
Key players:
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. These players are focusing on new product launches, collaborations and geographic expansions to strengthen their market presence.
*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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