Veterinary Vaccines Market Size, Trends, Industry Analysis, Overview, Share And Forecast 2023 To 2030

Market Overview: 

Veterinary vaccines are biological preparations used to stimulate the immune system and provide active immunity against one or several diseases in animals. They are considered an integral part of maintaining animal health and preventing disease transmission between animals and humans. The major types of veterinary vaccines include live attenuated vaccines, inactivated vaccines, recombinant vaccines, and toxoid vaccines. They are administered to animals through various routes such as parenteral, oral, and nasal routes to protect them from viral and bacterial diseases. The rising adoption of pets across the globe has significantly increased the demand for veterinary vaccines to prevent common diseases in companion animals.

The 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 Dynamics: 

Increasing companion animal ownership: Growing humanization of pets along with rising disposable incomes in developing countries has substantially increased companion animal ownership worldwide. This is expected to raise disease prevention awareness and vaccination rates among pet owners, thereby driving the veterinary vaccines market growth over the forecast period.

Advancements in vaccine technologies: Continuous research and development in the field of immunology and veterinary care has led to development of new vaccine technologies such as recombinant vaccines, DNA vaccines, and improved adjuvant systems. These advancements have enhanced vaccine effectiveness and safety profiles, supporting their increased adoption.

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Segment Analysis

The global veterinary vaccines market is dominated by the companion animal segment. Within this segment, the canine segment holds the largest share as dogs are more likely to contract rabies and distemper. Continuous innovations and advancements in vaccines for companion animals is driving the growth of this segment. 

PEST Analysis

Political: Regulations regarding animal health and vaccination are becoming more stringent. This ensures higher quality of vaccines.

Economic: Rising disposable incomes coupled with growing expenditure on animal health is fueling market growth. The market also benefits from support of government organizations and non-profit organizations.

Social: Increasing pet adoption and growing awareness about vaccine-preventable diseases is positively impacting the market.Pet owners are increasingly willing to spend more on animal health and well-being. 

Technological: Continuous R&D is facilitating the development of thermostable and self-adjuvanted vaccines. Recombinant DNA technology, cell culture techniques are enabling the development of new generation vaccines.

Key Takeaways

The global veterinary vaccines market is expected to witness high growth, exhibiting CAGR of 6.2% over the forecast period, due to increasing prevalence of zoonotic diseases. The market size for 2023 is US$ 8,482.6 Mn. 

Regional analysis: North America dominates the global veterinary vaccines market owing to growing companion animal population, mandatory pet vaccination laws, and increasing per capita animal healthcare expenditure in the region.

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 due to its diverse product portfolio and global presence.