The veterinary vaccines market is estimated to be valued at USD 9.70 Bn in 2024, growing at a CAGR of 7.6% over the forecast period (2024 – 2031). Growing awareness regarding animal health and rising expenditure on veterinary care are fuelling the market growth. Furthermore, advancements in vaccine development technologies are resulting in the availability of more effective vaccines.
Market Dynamics:
The veterinary vaccines market is primarily driven by two key factors. Firstly, rising adoption of pets across the globe is leading to an increasing demand for vaccination of pets against various diseases. According to recent studies, nearly 60% of households in North America and 40% in Europe own a pet. Secondly, advancements in vaccine technologies are enabling the development of more effective and longer lasting vaccines. Recombinant vaccine technology and use of improved adjuvants are helping overcome limitations of conventional vaccines such as requirement of booster doses. This, in turn, is encouraging livestock farmers and pet owners to opt for vaccination. The growing focus of manufacturers on development of thermostable vaccines that do not require cold chain distribution is another important dynamic expected to support the market growth over the forecast period.
Growing Pet Population is Driving the Demand for Veterinary Vaccines
One of the primary drivers of growth in the veterinary vaccines market is the rising pet population across the world. As people are keeping pets not just as companions but as members of the family, they are more willing to spend on quality veterinary care and preventive healthcare like vaccines. The increasing humanization of pets has made people more aware of diseases that can affect their pets. Regular vaccination is considered essential to protect pets from dangerous infectious illnesses. This rising awareness among pet owners is fueling the demand for effective and novel vaccines. Moreover, vaccines allow pets to live longer and healthier lives by preventing the outbreak and spread of diseases. All these factors are positively influencing the growth of the veterinary vaccines market.
Growing Livestock Industry is Augmenting Vaccine Usage
Another key driver for the veterinary vaccines market is the rapid expansion of the livestock industry. Farmers and livestock breeders are increasingly vaccinating their animals to prevent the losses caused by diseases. Vaccination ensures higher productivity and growth rates in livestock. As the demand for animal protein rises globally due to population growth and rising incomes, more farmers are rearing high volumes of livestock. This expansion of the livestock industry has amplified the need for vaccination of cattle, pigs and poultry. The growing threat of zoonotic diseases is also driving the usage of veterinary vaccines to safeguard public health. All these factors are propelling the growth of the livestock vaccines segment within the overall veterinary vaccines market.
High Development Cost Poses Restrains
One major restraint hampering the veterinary vaccines market's growth is the high cost associated with research and development of novel vaccines. Developing new vaccines requires extensive clinical trials, rigorous testing, and regulatory approvals which incur significant expenses. Moreover, veterinary vaccine development has technical challenges due to differences in animals' immune systems compared to humans. This increases R&D risks and costs for companies. The costs are also inflated due to stringent safety and efficacy standards prescribed by regulatory bodies. Furthermore, veterinary disease prevalence varies regionally requiring location-specific vaccine development adding to costs. All these factors increase investment hurdles and discourage innovation, posing a challenge to market growth.
Lack of Awareness Restrains Vaccine Usage
Another restraint for the veterinary vaccines market is the insufficient awareness regarding vaccination protocols, especially in developing regions. In those areas, pet owners and livestock farmers do not always prioritize routine vaccination or adhere to schedules. This is attributed to lack of awareness about various infectious diseases, their prevention through vaccination, and long-term benefits. Clinics and hospitals also have inadequate coverage in rural areas. All these factors have hampered the appropriate and widespread adoption of vaccines. Pharmaceutical firms also lack the resources to conduct extensive awareness campaigns. Addressing these information gaps through education can help increase vaccination rates and remove an important obstacle to industry expansion.
Livestock Vaccines in Emerging Markets Present Opportunities
Emerging markets especially in Asia Pacific and Latin America present lucrative opportunities for manufacturers and suppliers of livestock vaccines. These regions are witnessing rapid economic growth and urbanization which are positively impacting the livestock industry. Countries are improving yields, quality, and safety of animal protein production. At the same time, they face endemic infectious animal diseases requiring control. This increases vaccination needs for cattle, poultry, and swine populations in developing regions. Companies can capitalize on these opportunities by establishing local production facilities, affordable pricing, and educational initiatives on preventive herd health. Overall, the veterinary vaccines market exhibits favorable long-term prospects driven by its key growth determinants.
Link: https://www.coherentmarketinsights.com/market-insight/veterinary-vaccines-market-125
Key Development
- On March 6, 2024, Virbac, a company specializing in animal health, disclosed the signing of a definitive agreement with ORIX Corporation, a diversified financial services organization based in Japan, for the acquisition of its animal health subsidiary, Sasaeah. This strategic move, upon finalization, will grant Virbac a prominent foothold in Japan's farm animal vaccines market, with a specific focus on the cattle segment.
- In December 2023, Indian Immunologicals Limited (IIL), the leading player in veterinary and human biologicals within India, unveiled plans for a new greenfield veterinary vaccine facility in Hyderabad's Genome Valley. This facility will be dedicated to manufacturing the Foot and Mouth Disease Vaccine (FMD-Vac) as well as the Foot and Mouth Disease + Haemorrhagic Septicaemia Vaccine (FMD+HS-Vac).
- In November 2023, Merck Animal Health, recognized as MSD Animal Health in regions beyond the U.S. and Canada and operating under the umbrella of Merck & Co., Inc., has revealed that the European Commission has granted approval for BOVILIS CRYPTIUM. This marks the first European Union-licensed vaccine designed to safeguard cattle against Cryptosporidium parvum (C. parvum) infection. BOVILIS CRYPTIUM has received licensing across all European Union nations, facilitated by a centralized approval process.
- In October 2023, The Pirbright Institute's Centre for Veterinary Vaccine Innovation and Manufacturing (CVIM) entered into a memorandum of understanding (MOU) with the Vaccine and Infectious Disease Organization of the University of Saskatchewan (USask). This agreement paves the way for increased collaborations and training opportunities in vaccine manufacturing, aimed at nurturing innovations in animal health.
Key Players: Aratana Therapeutics Inc., Regeneus Ltd., Morphogenesis Inc., Karyopharm Therapeutics Inc., Zoetis Inc., Eli Lilly and Company, Merck & Co. Inc., Boehringer Ingelheim GmbH., Elanco Animal Health, Virbac, Hester Biosciences Limited, Ceva Sante Animale, Phibro Animal Health Corporation, Kemin Industries, Inc., Finlab, Vaxxinova, Vira Vaccine Shaya, and VETERQUIMICA SA
