Veterinary Vaccines Market to Surpass US$ 9.4 Billion by 2024
Posted by Pranali on October 9th, 2017
The Global Veterinary Vaccines Market was valued at US$ 5,688.7 million in 2015 and is projected to expand at a CAGR of 5.9% during the forecast period (2016–2024), as highlighted in a new report published by Coherent Market Insights. Rise in incidence of food-borne zoonotic diseases along with increase in population of livestock is expected to favor growth of the veterinary vaccines market. According to European food safety authority (EFSA), In the European Union (EU), over 320,000 fatalities are reported each year due to food-borne zoonotic diseases.
Zoonoses are infections that directly infect humans or are indirectly transmitted to humans through animals by transmission of micro-organisms such as such as bacteria and their toxins, viruses and parasites. This can be caused due to consumption of contaminated food in contact with infected animals or contaminated meat products. Severity of such diseases varies from mild symptoms to life-threatening conditions. Most such micro-organisms are found in the intestines of healthy food-producing animals. The above concern is one of the major factors projected to propel growth of the market for veterinary vaccines over the forecast period. Furthermore, livestock animals serve as a major source of primary and secondary food products. Rise in population of livestock animals is expected to fuel demand for veterinary vaccines in the near future. Veterinary vaccines promotes better growth of animals. According to WHO, in 2015, children under five years of age accounted for one third of all deaths due to foodborne diseases.
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Breakout of zoonotic diseases are dependent on various factors such as environmental changes, demographics related to human and animals, pathogen changes and farming practice modifications. According to Maine Center for Disease Control & Prevention, in 2013, around 75% diseases of animal origin affecting humans were infectious diseases. As animals are the closest companions to humans and also serve as sources of various products such as meat and milk, care should be given according to the severity of the disease from which they can be affected. The specificity of the vaccines is the most important factor that is responsible for the growth in demand for the veterinary vaccines that can be used as prophylaxis. According to clinical microbiology paper published in 2007, veterinary vaccines comprise around 25%of the animal health products globally. Growth for veterinary vaccines industry has grown consistently supported by various factors such as new technological advancements and introduction of novel vaccine development methods for cost effective products, which further favors the rise in availability and adoption rate for the veterinary vaccines globally. Also, drug resistance to existing pathogens and new diseases is also prompting focus on new drug discoveries.
According to (American Veterinary Medical Association) JAVMA News in 2017, there have been various acquisitions and mergers in veterinary vaccines market in the recent past. However, 85 to 95% of veterinary hospitals in the U.S. are owned independently. Mars Incorporated—a company involved in manufacturing of Petcare, Chocolate, Wrigley, Food and Drinks—is to acquire VCA Inc. – a pet health care services provider in the U.S. and Canada that delivers through nearly around 800 small veterinary hospitals – in total value of around US$ 9.1 billion . Furthermore, in recent years a trend of consolidation has been observed in the industry, as companies are experiencing focusing on leveraging potential through economies of improved business practices. Furthermore, there are various other factors responsible for significant growth in the veterinary vaccines market such as rise in swine population globally and increasing the reach for swine influenza virus globally is projected to favor the market for veterinary vaccines market over the forecast period.
Key takeaways of the market:
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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About the AuthorPranali
Joined: August 28th, 2017
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