Swine Fever Vaccine Market Is Estimated To Witness High Growth Owing To Opportunity For Preventing Disease Occurrence
Swine Fever Vaccine Market
Swine fever vaccines are attenuated live vaccines that help prevent the occurrence of Classical Swine Fever (CSF) and African Swine Fever (ASF) in pigs. CSF is highly contagious viral disease of pigs and wild boars that causes severe economic losses to pig farming. Similarly, ASF is a severe hemorrhagic disease of domestic and wild pigs for which till date no vaccine is available. Swine fever vaccines offer natural defense against these diseases and help contain their spread.
The
global Swine Fever Vaccine Market is
estimated to be valued at US$ 3323.81
Billion in 2024 and is expected to exhibit a CAGR Of 11.% over the forecast period 2024-2031, as highlighted in a new report published by Coherent
Market Insights.
Market Opportunity:
The opportunity for preventing disease occurrence is driving growth of the
swine fever vaccine market. Swine fever vaccines can help farms avoid severe
outbreaks of CSF and ASF that result in mass culling of infected pig
populations. Timely vaccination of pig herds helps build robust immunity and
protects pigs from contracting the diseases even if exposed. This allows farms
to curb economic losses stemming from mortality, reduced productivity,
treatment and control costs associated with swine fever outbreaks. As pig
farming grows in size globally to meet rising pork demand, prevention of swine
fever occurrence through vaccination is increasingly being relied upon. This
growing need is poised to present lucrative business opportunities for
manufacturers of swine fever vaccines.
Porter's Analysis
Threat of new entrants: Low barriers to entry allow for new players to enter
the market easily. However, obtaining regulatory approval and establishing
credibility takes significant time and capital which deters new competition.
Bargaining power of buyers: Large pharmaceutical companies and government
organizations are the major buyers in this market. Their significant purchasing
power allows them to negotiate on price and demand additional services.
Bargaining power of suppliers: A small number of biotech firms and research
institutes supply the core vaccine technologies and components. This
concentration gives suppliers strong influence over drug development programs
and pricing.
Threat of new substitutes: No close substitutes exist for swine fever vaccines
currently. However, alternative preventive measures like improved hygiene
practices on farms could potentially reduce demand over time.
Competitive rivalry: Competition is high among leading vaccine makers as they
invest heavily in R&D to develop newer and more effective products.
Partnerships and collaborations are also common to develop vaccines quickly.
SWOT Analysis
Strengths: Growing awareness about African swine fever risks in Asia and
Europe. Strong government support and funding for vaccine development.
Weaknesses: Complex virus strains resist development of highly effective
vaccines. High costs associated with clinical trials and regulatory approvals.
Opportunities: Untapped developing country markets with expanding pig farming
industries. Co-developing vaccines for other related diseases to increase
commercial potential.
Threats: Potential new virus mutations challenging vaccine efficacy. Influence
of anti-vaccination lobbies increasing skepticism about immunization programs.
Key Takeaways
The Global Swine Fever Vaccine Market Demand is
expected to witness high growth over the forecast period of 2024 to 2031
supported by intensifying prevention and control measures worldwide.
The
Asia Pacific region currently dominates the market and is expected to maintain
its leading position through 2031 owing to a large pig population, increasing
meat consumption, and proactive government efforts to curb outbreaks especially
in China.
Key players operating in the swine fever vaccine market include Ceva Santé
Animale, Merck Animal Health, Harrisvaccines, Inc., Zoetis, Inc., and China
Animal Husbandry Group. They are actively investing in R&D to develop more
effective vaccines against emerging virus variants. For example, Ceva Santé
Animale launched the ERAVAX vaccine in 2020 providing protection against major
circulating strains in Asia.
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