Veterinary/Animal Vaccines MarketRiding High on Back of Increasing Investment in R&D

Market Outline:

The global veterinary/animal vaccines market is projected to attain the valuation of USD 9,910.59 million by 2025, states Market Research Future (MRFR) in its latest report. The report further adds that the market is presumed to clock in a CAGR of 6.38% during the forecast period (2015-2025).

Animal vaccines are the best option for controlling transmission diseases, offering protection to not just the animals but to the human health as well, a highly crucial factor when it comes to the public dependency on animals. As animals are the primary source of meat, food, protein, milk, and various other commercial products like wool and leather, their wellbeing is essential to the economy.

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The veterinary vaccines that have the most common use are foot & mouth diseases vaccines, equine influenza virus vaccines and rabies vaccines,which are known for preventing the transmission of infectious agents as these are similar to the naturally acquired immunity. The continuous advancement of vaccines goes hand in hand with the emergence of a variety of animal diseases, in terms of curbing them, which many of the research centers and other medical institutes are currently working on. Also, the growth in pet ownership has given a substantial push to the growth of the market in recent years.

On that note, the growth of the animal vaccines market is expected to be steady in the coming years as a result of the rise in the pet ownership in emerging countries along with the surging number of cattle & poultry in these economies around the world. In addition, the expanding investment for research and development (R&D) of vaccines that curb the growth of antibiotic-resistant organisms is poised to bring lucrative results for the animal vaccines market in the foreseeable future. To illustrate, Elancohad made an investment of about two-thirds of the budget for food‐animal unit in 2016, for the development of vaccines as well as for bringing down the use of antibiotics. Apart from this, the growing demand for animal vaccines is giving rise to companies introducing a variety of new vaccines. Citing a reference, in February 2017, CevacIBronhad been developed by Cevawhich protects the animal against infectious bronchitis virus (IBV).

But with the abysmal awareness levels regarding animal health, the animal vaccine market could take a hit during the review period. Nevertheless, the ongoing advancements in vaccine products and the hike in the production of animal vaccines, particularly for hybrid animals are predicted to ensure that market has a smooth run over the years to come.

Prominent Vendors:

IDT Biologika GmbH (Germany), MSD & Co. Inc (US), Zoetis (US), Virbac (France), Ceva (US), Elanco (US), BoehringerIngelheim International GmbH (Germany), Biogenesis Bago SA (Argentina), Phibro Animal Health Corporation (US), Hipra (Spain)

Market Segmentation:

The global Veterinary Vaccines Market has been segmented into type, and technology.

Based on type, the veterinary/animal vaccines market has been segmented into livestock vaccines, porcine vaccines, companion animal vaccines, poultry vaccines, and aquaculture vaccines. The livestock vaccines segment was the largest segment of the veterinary/animal vaccines market in 2017, valued at USD 1,558.94 million in 2017.

On the basis of technology, the global veterinary/animal vaccines market has been segmented into live attenuated vaccine, inactivated vaccines, recombinant vaccines, and toxoid vaccines.

Regional Analysis:

The global veterinary/animal vaccines market, based on region, is divided into the Americas, Europe, AsiaPacific, and the Middle East and Africa.

The Americas is on track to be the leading market in the worldwide veterinary/animal vaccines market, as the region has high potential that could influence the trends of the animal vaccines market. The growth in pet ownership as well as the increasing incidence of various zoonotic diseases has brought about this transformation in the market dynamics in the region. In addition to this, the continuous research based on cutting-edge vaccine production technology has had a boost in recent times owing to the heightened demand for animal-based food products along with companion animals.

Growing at the fastest rate, Asia Pacific is one of the prominent regions within the global veterinary/animal vaccines market on account of the augmented efforts by non-governmental organizations for the welfare of animals, elevated number of private veterinary clinics, growing awareness regarding animal welfare, andrising penetration of the veterinary sector.

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The Europe market benefits from factors like the expanding livestock population and subsequent increase in the breakouts of livestock diseases; surge in the adoption rate of companion animals; growing initiatives by a number of government agencies, rising incidence of zoonotic diseases; and emergence of the latest types of vaccines within the region.

Finally, the least share has been accrued by the Middle East & Africa in the global veterinary/animal vaccines market, owing to lack of technological advancements and disinterest in animal welfare. However, the growth of the market in Saudi Arabia is expected to be substantial during the evaluation period as a result of the rising number of pet owners, burgeoning livestock population and the sharp rise in disease outbreaks.