Veterinary Vaccines Market Competitor Landscape: Key Players' And Business Strategies - By The Business Research Company
The Business Research Company's Global Market Reports Are Now Updated With The Latest Market Sizing Information For The Year 2023 And Forecasted To 2032
LONDON, Feb. 2, 2023 /PRNewswire/ -- As per The Business Research Company's Veterinary Vaccines Global Market Report 2023, the veterinary vaccines market is concentrated, with a few large players. The top ten competitors in the veterinary vaccines market made up to 63.4% of the total market. Major competitors in the veterinary vaccines market include Zoetis Inc., Boehringer Ingelheim GmbH Merck & Co., Inc., Elanco Animal Health Incorporated, Ceva Santé Animale, Virbac Group, HIPRA, Biogenesis Bago with, Kyoritsu Seiyaku Corporation and Phibro Animal Health Corporation.
Zoetis Inc. is the largest competitor in the veterinary vaccines market, with a 16.7% share of the market. Zoetis is an animal healthcare company that was founded in 2012 and is headquartered in Parsippany-Troy Hills, New Jersey, United States. Zoetis Inc.'s business strategy is focused on strengthening its veterinary vaccine business through strategic acquisitions of companies with similar businesses and investments in technological advancements.
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For instance, in July 2020, Zoetis announced the acquisition of Fish Vet Group from Benchmark Holdings, PLC. This acquisition of Fish Vet Group grows the geographic reach and enhances the diagnostic expertise and testing services of the company, including environmental testing, that Pharmaq's reference lab, Pharmaq Analytiq, can now offer fish farmers in major aquaculture markets.
Zoetis Inc. also extensively focuses on the development of live-vector vaccines, non-replicating recombinant antigen vaccines, nucleic acid-mediated vaccines, and live-gene-deleted vaccines. In January 2020, the company further expanded its poultry vaccine portfolio with the introduction of Poulvac Procerta HVT-ND, a vectored recombinant vaccine for protection against Newcastle and Marek's disease viruses.
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The global veterinary vaccines market size will grow from $10.8 billion in 2022 to $11.5 billion in 2023 at a compound annual growth rate (CAGR) of more than 6%. The global veterinary vaccines market size is then expected to grow to $14.2 billion in 2027 at a CAGR of more than 5%. The increasing awareness regarding animal health is expected to drive the veterinary vaccines market in the forecast period. Government initiatives for better animal health are also expected to be a major driver of the veterinary vaccines market's growth.
Key opportunity will arise in the livestock vaccines segment among other segments for veterinary vaccines manufacturers. To take advantage of these opportunities, The Business Research Company recommends the veterinary vaccines companies focus on the use of subunit and virus-like particle (VLP)-based vaccines, focus on the application of nanotechnology in veterinary medicines to tackle antibiotic resistance, scale up through strategic collaborations and partnerships to drive innovations, and expand in developing regions.
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