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Global Veterinary Vaccines Market – by Animal Type, Technology, Region - Market Size, Demand Forecasts, Company Profiles, Industry Trends and Updates (2018 - 2025)
Veterinary Vaccines Market – Segmented by Animal Type, Technology, Region | Market Size, Growth, Drivers, Trends, Industry Structure and Forecasts, Competitive Intelligence, Company Profiles | MarkGenes
Veterinary vaccines are used to improve the health of animals, thus improving their life expectancies by preventing various diseases and also preventing transmission of disease from animals to humans. Some of the most common veterinary vaccines include those for rabies, E. coli, hepatitis rotavirus, parvovirus, brucellosis, and pinkeye.
The global veterinary vaccines market was USD 6.62 billion in 2018 and is estimated to reach USD 9.93 billion by 2025 at a CAGR of 5.96% during the forecast period
Growth by Region
North America dominates the veterinary vaccines market because of its organized nature of livestock farms and large number of pet animals. United States has the highest market share in North America owing to factors such as awareness about the prevention of animal-to-human transmission diseases, safe animal food supply, and growth in husbandry practices and improved farm management in the country. In US, strict government rules exist for vaccinating animals against diseases that account for the high demand of veterinary vaccines.
Apart from North America, Western Europe and Asia Pacific excluding Japan are the leading markets for veterinary vaccines with Asia-Pacific looking strong in growth prospects during the forecast period owing to the speedy adoption of veterinary vaccines for better animal health.
Drivers vs Constraints
Increasing Incidence of Livestock Diseases like Anthrax and other foot-and-mouth disease (FMD) and H5N1 highly pathogenic avian influenza (HPAI) outbreaks in different regions across the globe are major concerns which is a major factor driving the growth of veterinary vaccines market, as these diseases can be eradicated with the periodic use of vaccines for animals. Growing pet adoption and livestock animal improve the outlook of the market during the forecast period. Other factors driving the growth are increasing incidence of zoonotic diseases and favourable government initiatives taken to tackle such epidemics.
Factors such as increasing direct and indirect costs associated with vaccinations hampers the growth of the market. Indirect costs include personnel costs for ordering, inventory, high storage costs, insurance against the loss of the vaccines, recovery of costs due to inventory shrinkage, wastage, non-payment, and lost opportunity costs. Other factors such as lack of skilled farm workers and veterinarians is also restraining the growth of the market.
Industry Trends and Updates
In July 2018, Zoetis acquired Abaxis, a leading global provider of veterinary point-of-care diagnostic instruments.
In July 2018, Boehringer Ingelheim invested more than €200 million to establish strategic production center for Veterinary Public Health in France. With this investment the company aims to be able to respond to the growing global demand for foot-and-mouth disease and Bluetongue virus control.
In July 2018, Phibro Animal Health Corporation announced plans to establish a biotech facility producing a range of innovative animal health vaccines on the Sligo, Ireland.
In June 2018, Regeneron and Zoetis joined hands to conduct a research about the antibody therapies used in animal healthcare.
In May 2018, the board of Hester Biosciences Ltd, Animal vaccine maker, approved setting up of an animal vaccine manufacturing unit in Tanzania to cater to the African market.
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