Veterinary Vaccines Market is Anticipated to Rise at a CAGR of 6.9% Between 2017 and 2024
In a largely consolidated global veterinary vaccines market, Zoetis Inc., Sanofi Aventis, and Merck and Co. are the top names that collectively held 45% share of the overall market in 2015. Among them, Zoetis Inc. stands as the clear leader due to its wide geographical presence and extensive product portfolio in equine, poultry, cattle, and companion vaccine segments. Following a spin off from Pfizer Inc. in 2013, the company has been focused on expanding global manufacturing and supply capacities for veterinary vaccines.
Meanwhile, other prominent companies in the veterinary vaccines market have adopted the inorganic growth strategy wherein they are aggressively focused on acquisitions in order to expand their product and service offerings.
According to a market study by Transparency Market Research (TMR), the global veterinary vaccines market is likely to clock a CAGR of 6.9% between 2017 and 2024, for the market to be worth US$11,403.6 mn by 2024-end. The demand in the market translated into opportunities worth US$7124.4 mn in 2017. By technology, live attenuated vaccines segment holds prominence in the market; however, the other segment is anticipated to display the leading CAGR over the 2017-2024 forecast timeframe. By animal type, canine vaccines for companion animals hold a significant market share due to growing number of pet owners and rising immunization awareness among them. Poultry vaccines segment in terms of livestock animal type holds a significant share due to growing consumption of poultry meats worldwide.
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Rising Awareness of Animal Diseases among Pet Owners Stokes Demand
Among the several factors driving the veterinary vaccines market, rising prevalence of animal diseases is the prominent one. Rising global warming and climate changes have led to outbreaks of animal diseases, some of which are transmissible to humans. Most zoonotic diseases among humans are transmitted from livestock. Zoonotic diseases account for 61% of total animal diseases.
Secondly, rising disposable income has also been a key factor behind the growth of veterinary vaccines market. Rising disposable incomes and changing lifestyle in emerging economies such as China and India have augmented demand for animal protein foods such as meat and milk. This, in turn, is boosting the demand for veterinary pharmacies to prevent diseases among animals bred for livestock.
Increasing spending on companion animals to grow globally due to growing bonding between pet owners and their pets. Companion animal ownership has grown manifold and owners are willing to spend liberally on animal health. Growing awareness among people is likely to increase expenditure on veterinary vaccination.
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Rising awareness among people about animal diseases is boosting the veterinary vaccines market. Awareness about animal diseases and their symptoms are important for pet or livestock owners. Several awareness programs organized by animal welfare groups have also been instrumental to raise awareness about animal diseases among pet owners and livestock owners.
Furthermore, increasing R&D efforts for the development of novel veterinary vaccines is also aiding the growth of this market. Large companies are striving to introduce novel products to serve customer demand, which is leading to the introduction of innovative animal healthcare products.
High R&D Costs Challenging Introduction of Novel Products Crimps Growth
On the flip side, factors such as rising R&D cost on a year-on-year basis have resulted in highly mature product portfolios. This is posing as a bottleneck to the growth of veterinary vaccines market. In addition, high dependency on government distribution channel is also limiting the uptake of veterinary vaccines. For example, the Government of India purchases foot and mouth disease (FMD) vaccines from manufactures in bulk to be distributed to different regions.
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