The global Veterinary Vaccines Market is estimated to be valued at US$ 9008.52 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 help prevent infectious diseases and improve animal health by stimulating the immune system and providing immunity against future infection. These vaccines are available for viruses, bacteria, parasites and fungi that threaten livestock health and productivity. Effective vaccination programs ensure animal well-being and reduce economic losses for cattle farmers and veterinarians.
Market key trends:
The adoption of biologics as an alternate treatment option has picked up pace in recent years. Biologics such as monoclonal antibodies, immunotherapies and recombinant proteins are being used to develop novel vaccines against complex diseases. They help elicit a long-lasting immune response and offer better protection compared to conventional vaccines. Growing investment in R&D of biologic veterinary vaccines will drive the demand from both livestock farmers and pet owners. Advancements like edible vaccines also hold promise by providing mucosal immunity and needle-free administration. Their development will further aid the veterinary vaccines market expansion during the forecast period.
Segment Analysis:
The global veterinary vaccines market is segmented based on animal type, disease, technology and distribution channel. Based on animal type, the market is segmented into companion animals and livestock animals. The companion animal segment accounted for the largest share of the market in 2022 owing to growing human-animal bonding. Based on disease, the market is segmented into viral, bacterial and parasitic diseases. The bacterial segment dominated the market in 2022 due to increasing incidence of zoonotic diseases.
Key Takeaways:
The Global Veterinary Vaccines Market Demand 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 accounted for the largest share of the veterinary vaccines market in 2022 owing to rising animal healthcare expenditure and favorable government initiatives in the region. Asia Pacific is expected to exhibit the fastest growth over the forecast period due to rising awareness about animal health and growing pet owner population 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. The market is highly consolidated with top players accounting for major share. Zoetis, Inc. is the global leader in veterinary vaccines market with wide product portfolio and global footprint.
Market Size
The global veterinary vaccines market size was valued at US$ 9008.52 Mn in 2023 and is expected to reach over US$ 15,000 Mn by 2030, expanding at a CAGR of 6.2% during the forecast period.
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