PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1514901
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1514901
Rabies Vaccine Market size was valued at USD 1,345.43 million in 2023, expanding at a CAGR of 4.5% from 2024 to 2032.
Growing pet ownership and the corresponding rise in veterinary care emphasize the need for pet vaccinations, thereby expanding the market. Ongoing research and development leading to improved vaccines with better efficacy, longer protection, and fewer side effects stimulate market demand. Increased awareness about rabies prevention and the importance of vaccination through educational campaigns positively impacts market growth. However, there are concerns over potential side effects and adverse reactions that can deter individuals from getting vaccinated.
Rabies Vaccine Market- Market Dynamics
Growing pet ownership and the corresponding rise in veterinary care emphasize the need for pet vaccinations
The growing trend in pet ownership, coupled with an increasing awareness of veterinary care, underscores the importance of pet vaccinations. As more households welcome pets into their families, ensuring these animals are protected against preventable diseases becomes a top priority. Vaccines protect pets from a variety of serious and potentially fatal diseases, such as rabies, distemper, parvovirus, and feline leukemia. According to the survey, there are over 31 million pet dogs in India. Homeowners are more likely to own pets than renters: 58% of homeowners have a dog and 36% have a cat versus 39% and 29% of renters respectively. 11% of people in India own at least four pets. As pet ownership continues to rise, the emphasis on vaccinations is essential for safeguarding the health of pets and their human companions. Regular vaccinations are a vital component of responsible pet care, ensuring that pets live longer, healthier lives while also protecting public health.
Rabies Vaccine Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 4.5% over the forecast period (2024-2032)
Based on Prophylaxis Type segmentation, Pre-Exposure Prophylaxis was predicted to show maximum market share in the year 2023
Based on application segmentation, Hospitals were the leading type in 2023
Based on application segmentation, the animal was the leading type in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Rabies Vaccine Market is segmented based on Product Type, Application, Prophylaxis Type, End User, and Region.
The market is divided into two categories based on prophylaxis type: Pre-Exposure Prophylaxis, and Post-Exposure Prophylaxis. Long-term protection is provided by pre-exposure prophylaxis, which lessens the requirement for prompt post-exposure care in the event of a possible rabies exposure. When post-exposure prophylaxis costs are taken into account, this long-term protection may prove to be cost-effective in the long run.
The market is divided into three categories based on end-users: Hospitals, Veterinary clinics, and Others. The increased global pet ownership rate has led to a larger need for veterinary services, including rabies vaccinations. The preventative care that veterinary clinics offer to pets, including dogs and cats, includes routine vaccination programs. Regular booster vaccinations are essential for maintaining immunity. The frequency of boosters depends on the vaccine used and local laws, but it generally ranges from annually to every three years.
Rabies Vaccine Market- Geographical Insights
Due to a high rate of product introductions, the existence of major manufacturers, and government campaigns to promote rabies vaccination, North America is a substantial market for rabies vaccines. Three major contributors are the United States, Canada, and Mexico with the United States leading because of its sophisticated healthcare system and high degree of awareness. North America leads the area in terms of market share due to the widespread use of vaccines as a disease prevention strategy and a conducive environment for research and development in the healthcare industry. According to estimates from the Centres for Disease Prevention and Prevention, the annual health costs in America related to the detection and prevention of rabies have surpassed USD 300 million.
Sanofi (France), Merck & Co. Inc., Pfizer (USA), VBI Vaccines Inc. (USA), CSC Pharmaceuticals International, Bio-Med Pvt. Ltd., Bavarian Nordic (USA), Solvay (USA), Informa plc. (USA), and other major players are among those involved in the market. To support the market's overall growth, these industry players are implementing several methods, including capacity expansion, mergers and acquisitions, partnerships, new product development, and acquisitions. Additionally, during the analysis period, growing investments made in research & development by the major industry players would support market expansion. For instance, In March 2024, As part of its ongoing commitment to eradicating rabies, Merck Animal Health, a division of Merck & Co., Inc., Rahway, N.J., donated NOBIVAC(R) rabies vaccines to the Worldwide Veterinary Service (WVS) Mission Rabies program. Over the next five years, the donations will continue to support this non-profit organization's annual rabies vaccine requirements.
In February 2024, US-based biotech Replicate Bioscience announced positive preliminary data where its self-replicating RNA (srRNA) rabies vaccine, RBI-4000 achieved a strong immune response against the rabies virus.
In March 2022, The University of Oxford and the Ifakara Health Institute announced the vaccination of the first participants in a Phase Ib/II trial testing a novel rabies vaccine in human volunteers in Tanzania.
GLOBAL RABIES VACCINE MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Serum Institute of India Pvt. Ltd
Novartis AG
Cadila Pharmaceuticals
Merck & Co., Inc.
Sanofi
ADS Diagnostic Ltd
GSK plc
Berna Biotech Pharma GmbH
AstraZeneca
Others