Market Scenario
Market Research Future (MRFR) asserts that the Global Veterinary Vaccines Market is likely to expand at a CAGR of 5.65% during the forecast period (2018-2023). The surging incidences of livestock diseases are likely to favor the market growth. Vaccines help to make animals disease-immune for a specific disease. In terms of biology, vaccination against a certain pathogen mimics the development of naturally acquired immunity by the inoculation of non-pathogenic components of that certain pathogen. Veterinary vaccines are generally used to treat and prevent animal diseases. The market is likely to witness an upsurge owing to the rising spending on companion animals worldwide.
Market Potential and Pitfalls
The surging adoption of pet across the globe and the rising animal related diseases are the top factors encouraging the market growth during the appraisal period. The market players across the world are thus actively working in order to introduce more advanced animal vaccines in the market which is likely to influence its growth. For instance, Boehringer Ingelheim launched two swine vaccines in 2015 in the market against Porcine Reproductive and Respiratory Syndrome. Factors like rising prevalence of livestock diseases, growing adoption of companion animals, technological advancements in animal vaccines, and surging initiatives by the government are contributing to the growth of the market.
Animal vaccines enables controlling the transmission diseases, thereby providing protection to both the animal and human health, which is important considering the public dependency on animals. Animals serve as an important food source, milk, meat, protein, and other commercial products like wool and leather. Some of the most commonly used veterinary vaccines comprises foot & mouth diseases vaccines, rabies vaccines, and equine influenza virus vaccines, which help to prevent the transmission of infectious agents. With the continuous development of vaccines, the market is likely to flourishing. Moreover, the surging investment for R&D of vaccines, which impedes the growth of antibiotic-resistant organism, enhances the animal vaccines market growth.
On the contrary, inadequate reporting systems and surveillance along with high cost of storage are the top two barriers likely to vitiate the market growth in the long run. Moreover, the dearth of animal health awareness coupled with the possibilities of adverse impacts of such vaccines on animals and human health are likely to hinder its growth during the appraisal period.
Global Animal Vaccines Market: Segmental Analysis
The global animal vaccines market has been segmented on the basis of technology, type, composition, and indications.
By mode of type, the global animal vaccines market has been segmented into poultry vaccines, static porcine vaccines, companion animal vaccines, livestock vaccines, aquaculture vaccines, and others. Among these, the companion animal vaccines are likely to gain to gain prominence in the coming years owing to the increased awareness regarding companion animal vaccination, rising number of pets, surging incidences of zoonotic diseases in human beings, and growing pet ownership.
By mode of technology, the global animal vaccines market has been segmented into inactivated vaccines, live attenuated vaccines, recombinant vaccines, toxoid vaccines, and others. Among these, the live attenuated vaccines are estimated to expand at a significant rate owing to the ease of administration along with the long-term immunity offered by these vaccines.
By mode of indications, the global animal vaccines market has been segmented into parvovirus, foot & mouth disease, reproductive & respiratory syndrome, distemper, and others.
By mode of composition, the global animal vaccines market has been segmented into mono vaccine and combination vaccine.
Regional Insights
Geographically, the animal vaccines market span across regions namely, Europe, America, Asia-Pacific and the Middle East & Africa.
Considering the global scenario, the American region is anticipated to dominate the global market due to the presence of prominent market players and increased pet adoption in developed nations like Canada and the U.S. As per the American Society for the Prevention of Cruelty to Animals, around 6.5 million companion animals enter the animal shelter every year. North America is a prominent economy, generating the maximum revenue. The rising consumption of milk and meat, the increased awareness associated with the benefits of using animal vaccines, and high adoption of companion animals are influencing the market in this region.
The European region is likely to occupy the second spot in the global market owing to the surging investments on research and development. For instance, Boehringer Ingelheim declared to reinforce its leading position in the veterinary market in 2018, with almost 70 million euro investment in the biological production and R&D activities.
The Asia Pacific region is estimated to expand at the fastest rate in the global market. The growth has been ascribed to the surging awareness regarding animal health which drives the regional markets. For instance, at the 5th Global Animal Health Conference in 2016, HealthforAnimals association called for greater cooperation among the national governments in order to improve the market access for veterinary medicines.
Industry Updates
April 17, 2018: VEROVACCiNES GmbH has been recently awarded with 3.1 million euro research funding from GO-Bio for a period of 3 year. The support is aims towards the development of yeast-based vaccines.
Competitive Dashboard
The prominent players operating in the global animal vaccines market comprises Biogenesis Bago, Bayer AG, China Animal Husbandry, Boehringer Ingelheim GmbH, Hester, Elanco Animal Health, Indian Immunologicals Limited, Idt Biologika, MSD Animal Health, Merck Animal Health, Tianjin Ringpu, Phibro Animal Health, Zoetis Inc., Vetoquinol, and others.
Read More @ https://www.marketresearchfuture.com/reports/veterinary-animal-vaccines-market-2687
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