Veterinary vaccines help in preventing various infectious diseases in animals and play an important role in animal healthcare. Veterinary vaccines provide immunization against viral, bacterial and parasitic infections like rabies, distemper, parvovirus, lyme disease, leptospirosis etc. which can be transmitted from animals to humans, known as zoonotic diseases. The need for prevention of zoonotic diseases is driving significant demand for veterinary vaccines.

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

Market Opportunity:
The opportunity for prevention of zoonotic diseases is expected to boost the veterinary vaccines market growth over the forecast period. Zoonotic diseases can spread from person to person through various routes like direct contact with infected animals, inhalation, ingestion of contaminated food or water. According to the World Health Organization (WHO), zoonoses account for approximately 2.5 billion cases of human illness and 2.7 million human deaths worldwide each year. Diseases like rabies, avian influenza, brucellosis, plague, and COVID-19 have surfaced/emerged through animal vectors. Increasing incidents of zoonotic diseases have highlighted the importance of timely vaccination in animals for controlling disease spread. Growth in awareness regarding economic impact of zoonosis is prompting government agencies and private organizations to support veterinary vaccination programs, which will accelerate the veterinary vaccines market expansion.

Porter's Analysis

Threat of new entrants: Low due to high capital requirements for R&D, distribution channel management and brand building activities.
Bargaining power of buyers: Moderate as buyers have bargaining power due to existence of close substitute products.
Bargaining power of suppliers: High owing to presence of limited vaccine manufacturers with requisite technical expertise for manufacturing veterinary vaccines.
Threat of new substitutes: Moderate as there exist substitute options such as antibiotic drugs and alternative therapies though vaccines offer better disease prevention.
Competitive rivalry: Intense due to presence of large number of players operating at global level.

SWOT Analysis

Strength: Established distribution channels and brand names. Technical expertise in developing novel and effective vaccines.
Weakness: High R&D costs and stringent regulatory framework. Dependence on seasonal demand and outbreaks.
Opportunity: Growth prospects in emerging economies. Rising demand for animal food products driving preventive healthcare spending.
Threats: Price control regulations and intensifying competition. Supply chain disruptions impacting availability.

Key Takeaways

The global Veterinary Vaccines market is expected to witness high growth over the forecast period of 2023 to 2030. 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 to 2030.

The Asia Pacific region is projected to grow at the fastest rate owing to rising pet adoption, growing meat consumption and increasing awareness among farmers regarding animal healthcare. Western Europe currently holds the largest share of the global veterinary vaccines market due to growing pet adoption and rising per capita veterinary healthcare spending in countries like UK, France and Germany. North America too is a significant regional market driven by increasing research towards novel vaccines and rising demand for premium pet care products in the USA and Canada.

Key players related content comprises Key players operating in the Veterinary Vaccines market are Zoetis, Inc., Eli Lilly and Company, Merck & Co., Inc., and Boehringer Ingelheim GmbH. Zoetis is the global market leader with strong foothold in livestock and companion animal vaccines. Merck and Boehringer Ingelheim also have established presence across major species and disease segments.