July 13, 2024

Veterinary Vaccines Market High Growth Opportunities, Emerging Trends, Industry Review, Forecast Till 2030

Market Overview:

Veterinary vaccines help in prevention of various infectious diseases in animals such as dogs, cats, cattle and other livestock animals. Vaccination of animals helps in keeping them healthy as well as providing food safety. The major diseases protected through vaccination include Parvovirus, rabies, distemper, hepatitis, parainfluenza and others. Continuous innovations are taking place in the field of animal vaccines with the aim of reducing post-vaccination side effects and developing long-lasting immunity.

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 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the major trends in the veterinary vaccines market is the development of thermostable vaccines. These vaccines do not require cold chain infrastructure for transportation and storage, thus making them suitable for mass immunization programs in developing regions. For instance, Zoetis manufactures Lyssavac N2 which is a thermostable rabies vaccine. Another trend is the development of combination vaccines targeting multiple diseases with a single dose. This enhances owner compliance and reduces stress on animals from frequent inoculations. Some examples include Boehringer Ingelheim’s Vanguard combination vaccine for dogs and Zoetis’ Fel-O-Vax LCV combination vaccine for cats.

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Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate owing to high research and development costs involved in veterinary vaccines development. The market is dominated by key players who have established brand names.

Bargaining power of buyers: The bargaining power of buyers is high due to presence of large population of veterinarians and variable product offerings by manufacturers. Buyers can negotiate on price and purchase large volumes at discounted rates.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as the key materials for veterinary vaccine production like viral/bacterial strains are differentiated. However, presence of substitute supplies balance the power.

Threat of new substitutes: The threat of new substitutes is low as vaccines are the most effective way for protecting animal health. Alternate treatment options like antibiotics are not as effective as vaccinations.

Competitive rivalry: High due to presence of numerous global and regional players offering varied product portfolios for different livestock and companion animal types. Players compete on the basis of new product development, price, and marketing.

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 prevalence of zoonotic diseases.

Regional analysis: North America dominate the global veterinary vaccines market accounting for over 30% of revenue share in 2023 owing to growing pet adoption and expenditure on animal health in the US. Asia Pacific expected to witness fastest growth during the forecast period attributed to rising livestock population, increasing awareness about animal health 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. Zoetis dominates the market with its diversified vaccine portfolio for livestock and companion animals.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it