Rise in prevalence of rabies in developing countries, increase in number of dog bites and rising number of stray dogs and presence of large market players who manufactures rabies vaccine is anticipated to boost the growth of rabies vaccine market. Moreover, rise in awareness among the population regarding importance of vaccination and increase in number of post-exposure prophylaxis is anticipated to drive the growth of the global rabies vaccine market.
PORTLAND, Ore., Nov. 25, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Rabies vaccine Market by Type (Chick Embryo Cells Rabies Vaccine, Vero Cell Rabies Vaccine, Human Diploid Cell Vaccine and Others), Prophylaxis Type (Pre-Exposure Prophylaxis and Post Exposure Prophylaxis), Application (Human and Animal) and End User (Hospitals, Veterinary Clinics, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the global rabies vaccine market was valued for $1,207.03 million in 2022, and is projected to reach $1,903.17 million by 2032, registering a CAGR of 4.7% from 2023 to 2032.
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Prime determinants of growth
Rise in prevalence of rabies, increase in post exposure prophylaxis for rabies and increase in number of initiatives by government for eradication rabies is anticipated to boost the growth of market. However, high cost of rabies vaccine is anticipated to hinder the growth of market. On the contrary, high presence of rabies vaccine providers, rise in number of adoptions of key strategies by manufacturers of rabies vaccine is to witness growth during the forecast period.
Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
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Base Year |
2022 |
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Market Size in 2022 |
$1,207.03 million |
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Market Size in 2032 |
$1,903.17 million |
|
CAGR |
4.7 % |
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No. of Pages in Report |
451 |
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Segments covered |
Type, Prophylaxis Type Application, End User and Region. |
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Drivers |
Rise in prevalence of rabies in developing countries High presence of rabies vaccine manufacturers |
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Opportunities |
Rise in adoption of number of strategies by market players of rabies vaccine |
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Restraints |
High cost of rabies vaccine |
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The chick embryo cells rabies vaccine segment to maintain its leadership status throughout the forecast period
By product type, the chick embryo cells rabies vaccine segment held the highest market share in 2022, accounting for nearly two-fifth of the global rabies vaccine market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to the high presence of market players who manufactures chick embryo cells rabies vaccine. However, the human diploid cell vaccine segment is projected to manifest significant growth with a CAGR of 5.3% from 2023 to 2032, owing to the effectiveness and safety associated to human diploid cell vaccine.
The post exposure prophylaxis segment to maintain its leadership status throughout the forecast period
By prophylaxis type, the post exposure prophylaxis segment held the highest market share in 2022, accounting for more than three-fifth of the global rabies vaccine market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to rise in awareness among population regarding post-exposure prophylaxis. However, the pre-exposure prophylaxis segment is projected to manifest a significant CAGR of 5.1% from 2023 to 2032, owing to rise in number of pre exposure prophylaxis by tourist, healthcare activist, environmentalist and population who are having pets.
The human segment to maintain its leadership status throughout the forecast period
By application, the human segment held the highest market share in 2022, accounting for more than three-fifth of the global rabies vaccine market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to rise in awareness among the population regarding importance of vaccination. However, the animal segment is projected to manifest a significant CAGR of 5.0% from 2023 to 2032.
The hospitals segment to maintain its leadership status throughout the forecast period
By end user, the hospitals segment held the highest market share in 2022, accounting for more than two-fifth of the global rabies vaccine market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to rise in number of vaccinations in hospitals. However, the veterinary clinics segment is projected to manifest a significant CAGR of 5.2% from 2023 to 2032.
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North America to maintain its dominance by 2032
By region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global rabies vaccine market revenue. This is attributed to high presence of rabies vaccine manufacturers in North America and rising number of initiatives taken by government for animal vaccination. However, the Asia-Pacific region is expected to witness the fastest CAGR of 5.2% from 2023 to 2032 and is likely to dominate the market during the forecast period, owing to increase in awareness among the population regarding importance of rabies vaccination, rise in number of dog bites and increase in number of stray dogs in developing countries like India.
Leading Market Players:
Bharat Biotech International Limited
Sanofi
Boehringer Ingelheim International Gmbh
Novartis Ag
Cadila Pharmaceuticals Ltd
Merck And Co., Inc.
Serum Institute of India Pvt. Ltd.
Zoetis Inc.
Elanco Animal Health Incorporated.
Virbac Sa
The report provides a detailed analysis of these key players of the global rabies vaccine market. These players have adopted different strategies such as agreement, partnership, acquisition, and business expansion to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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