Veterinary Vaccines Market Is Estimated To Witness High Growth
The 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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis:
· Strength: Veterinary vaccines market has strong presence of leading players with robust R&D capabilities. Several players are actively conducting clinical trials to develop novel vaccines for various animal diseases. Growing pet adoption and increasing awareness about animal healthcare is driving demand for veterinary vaccines.
· Weakness: High costs associated with vaccine development and regulatory approvals poses major challenge. Developing effective vaccines for complex zoonotic diseases requires extensive research. Dependence on seasonal sales also affects revenue cycle of players.
· Opportunity: Emerging economies with rising pet healthcare expenditure provide lucrative growth opportunities. Development of thermostable vaccines to overcome challenges of cold chain distribution in remote locations will support market expansion. Growing focus on controlling zoonotic diseases through immunization programs further augments growth prospects.
· Threats: Stringent regulatory framework and lengthy approval process delays market introduction of new products. Outbreaks of new zoonotic diseases poses risks and challenges for developers. Threat from alternative treatment options also impacts vaccine revenues. Supply chain disruptions and vaccine shortages affect availability.
Key Takeaways:
The Global Veterinary Vaccines Market Size is expected to witness high growth, exhibiting CAGR of 6.2% over the forecast period, due to increasing pet adoption across the globe. Rising prevalence of zoonotic diseases is propelling vaccine development to control disease transmission.
Regional analysis: North America dominated the global market in 2023, owing to growing pet population, high animal health awareness and favorable government initiatives for animal healthcare sector in the region. Asia Pacific is anticipated to register fastest growth through 2030 supported by rising expenditures on companion and livestock animal health in emerging nations like India and China.
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. These players are undertaking strategic collaborations and new vaccine launches to consolidate their market position.
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