June 14, 2024

Veterinary Vaccines Market Is Estimated To Witness High Growth Owing To Growing Pet Population & Increasing Adoption of Pets

The global Veterinary Vaccines Market is estimated to be valued at USD 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.

A) Market Overview:

The veterinary vaccines market involves the development and distribution of vaccines to prevent diseases in animals. These vaccines are used to improve animal health and prevent the transmission of diseases from animals to humans. They play a crucial role in livestock and companion animal management. Some of the key products in this market include vaccines for canine distemper, feline leukemia, avian influenza, and bovine respiratory diseases.

B) Market Dynamics:

The market for veterinary vaccines is driven by two main factors. Firstly, the growing pet population and increasing adoption of pets are creating a higher demand for vaccines to protect their health. Pet owners are becoming more aware of the importance of vaccination in preventing diseases and ensuring the well-being of their furry companions. Additionally, the outbreak of various infectious diseases among animals has further emphasized the need for effective vaccination programs.

For instance, the recent outbreak of the H5N1 avian influenza virus in poultry farms has led to a surge in the demand for vaccines to prevent its spread. Similarly, the increasing cases of zoonotic diseases, such as rabies, have highlighted the importance of vaccination in preventing the transmission of diseases from animals to humans.

C) Segment Analysis:

In the veterinary vaccines market, the dominating segment is the livestock segment, which includes vaccines for cattle, pigs, and poultry. This segment is expected to witness significant growth during the forecast period due to the increasing demand for meat and dairy products. The rising population and changing dietary preferences are driving the growth of the livestock industry, thereby fueling the demand for vaccines to prevent diseases among animals.

D) PEST Analysis:

– Political: Governments across the world are taking initiatives to control and prevent the spread of diseases among animals. They are implementing policies and regulations to ensure the availability and quality of vaccines.

– Economic: The growing livestock industry and increasing pet ownership contribute to the economic growth of the veterinary vaccines market. The demand for vaccines is directly influenced by the economic condition of a country or region.

– Social: The rising awareness among pet owners about the importance of vaccination and the increasing concern for animal health and welfare are driving the demand for veterinary vaccines.

– Technological: Advances in biotechnology and molecular biology have led to the development of new and more effective vaccines. The use of recombinant technology and genetic engineering has revolutionized vaccine production.

E) Key Takeaways:

– The global Veterinary Vaccines Market Size is expected to witness high growth, exhibiting a CAGR of 6.2% over the forecast period, due to increasing pet population and growing adoption of pets.

– The livestock segment is expected to dominate the market, driven by the increasing demand for meat and dairy products.

– The market is influenced by political initiatives, economic conditions, changing social attitudes towards pet ownership, and technological advancements.

– Key players operating in the global 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 actively involved in research and development activities to introduce innovative vaccines and expand their market presence.

In conclusion, the veterinary vaccines market is expected to experience significant growth in the coming years, driven by the increasing awareness about animal health and the need for disease prevention. The demand for vaccines is growing in both the livestock and companion animal sectors, providing ample opportunities for market players to capitalize on.