Veterinary Vaccines Market Trends and Opportunity Analysis
Posted by Rajkumar on October 25th, 2019
Veterinary vaccination enhances the health of animals, thus improving their life expectancies. Most common veterinary vaccines include those for rabies, E. coli, distemper, hepatitis rotavirus, parvovirus, brucellosis, and pinkeye. Various diseases such as foot-and-mouth disease and influenza adversely affect livestock across the globe. Economic losses due to death of livestock is significant as it impacts the supply of dairy products, meat, and other poultry products. Veterinary biologics are governed by the U.S. Department of Agriculture (USDA) Center for Veterinary Biologics. To combat increasing prevalence of potentially fatal veterinary diseases, there’s a significant spike in demand for combination vaccines that allow for greater accuracy and stability of the finished product. Regulations are also focusing on improving stability, consistency and quality of vaccines produced. Maintaining the quality of production will circumvent risk of side effects.
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As per the American Veterinary Medical Foundation, core vaccines such as rabies, feline viral rhinotracheitis, feline panleukopenia, canine parvovirus infection, and canine hepatitis are recommended for every pet, while non-core vaccines such as canine kennel cough and feline leukemia are recommended based on specific needs of the animal. However, low awareness among pet owners and livestock managers inhibits the growth of veterinary vaccines market, especially in emerging economies.
The global veterinary vaccines market was valued at US$ 5,688.7 million in 2015 and is expected to witness a moderate CAGR of 5.9% during the forecast period (2016 – 2024).
Increasing incidence of veterinary diseases to drive the growth of veterinary vaccines market
According to the 2015 Global Animal Disease Intelligence Report by the Food and Agriculture Organization (FAO), prevalence of foot-and-mouth disease (FMD) was especially high in Morocco, Saudi Arabia, Turkey, Northern, and Southern Africa. Ebola (Zoonotic disease) continued to be prevalent in West Africa. Also, rabies that leads to thousands of human deaths worldwide is prevalent in 150 countries according to the WHO, with highest number of related deaths reported in Asia and Africa. Thus, these regions are amongst the largest target regions for veterinary vaccines market. Incidence rate of rabies has reduce drastically in Latin America and Caribbean regions due to successful implementation dog rabies control programs.
Rapid increase in population of companion animals and livestock animals globally is one of the major factors expected to favor market growth for veterinary vaccines. Rise in awareness about the vaccination programs are further favoring growth of the global veterinary vaccines market. The market is estimated to witness considerable revenue traction over the forecast period, due to increasing incidence of food-borne zoonotic diseases worldwide. Also, rise in demand for white meat in the North American and European countries is in turn expected to support growth of the veterinary vaccines market in the near future. According to the PoultrySite - Poultry News, Health, Welfare, Diseases, Markets and Economics, in 2013, there was a significant rise in demand for white meat in Italy since a decade, with demand for turkey, chicken and eggs increased by 8.5%, while production of poultry increased by 16%.
This report segments the global veterinary vaccines market on the basis of technology, animal type and geography. On the basis of product type, the market is categorized into inactivated vaccines, toxoid vaccines, live attenuated vaccines, conjugated vaccines, subunit and DNA vaccines. On the basis of animal type, the market is segmented into companion animal and livestock animal. The companion animal type segment is sub-segmented into equine, canine, and feline. The livestock animal type segment is further sub-segmented into bovine, ovine, porcine, poultry and other animals. For comprehensive understanding of market dynamics, the global veterinary vaccines market is analyzed across key geographical regions namely North America, Europe, Asia Pacific, Latin America, Africa, and Middle East. Each of these regions is analyzed on basis of market findings across major countries in these regions for a macro-level understanding of the market.
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Key companies covered as a part of this study include Zoetis Inc. Merck Animal Health, Merial Inc. , Boehringer Ingelheim , Bayer Animal Health, Elanco Animal Health, Ceva Animal Health, Heska Corporation, Virbac Inc., and Indian Immunological Ltd.
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About the AuthorRajkumar
Joined: February 13th, 2019
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