Apart from being highly a contagious viral disease, foot and mouth disease (FMD) is also acknowledged to demonstrate severe trade implications on countries where it spreads. The cost likely to be incurred on preventing a sanitary crisis by implementation of rapid response mechanisms at early detection of the outbreak of animal origin is insignificant when compared to the economic, social, and environmental cost that may result from a foot and mouth disease outbreak.
Browse the full Global Foot and Mouth Disease Vaccines Market Report: http://www.mrrse.com/foot-mouth-disease-vaccines
The virus causing FMD belongs to the Picornaviridae family. It is a highly contagious viral disease, common in cloven-hoofed animals such as swine, cattle, goats, and sheep. In wildlife, deer and antelope species are most susceptible to FMD, while African buffaloes often act as carriers of the deadly virus showing no clinical symptoms. In a vulnerable non-vaccinated population, morbidity rates of FMD could reach as high as 100%. The disease, however, is rarely fatal among adult animals, while its mortality can be very high in young population. Foot and mouth disease in animals is mainly caused by seven types of serotypes: A, C, O, Asia1, SAT3, SAT2, and SAT1. FMD outbreaks are especially common across the Middle East, Latin America, and Asia Pacific, subsequently fuelling demand for FMD vaccines. Additionally, government initiatives adopted to eradicate the disease are also resulting in high demand for FMD vaccines, thereby boosting the global market for FMD vaccines.
Based on the survey conducted for research, Transparency Market Research pegs the global FMD market at US$0.5 bn in 2013. The market, according to the report, will reach US$0.9 bn by the end of 2020. If the valuations hold true, the global foot and mouth vaccines market will exhibit a robust 8.80% CAGR between 2014 and 2020.
Increasing Government Initiatives Boost Global FMD Vaccines Market
The increasing incidence of foot and mouth disease in livestock has adverse implications on the meat and dairy industries. These industries, therefore, encourage the widespread use of FMD vaccines, boosting the global market for foot and mouth disease vaccines. Additionally, government-led initiatives to create awareness regarding FMD and eradicate the disease are also giving an impetus to the foot and mouth disease vaccines market. On the flip side, however, in response to the increased government participation, the prices of FMD vaccines are likely to drop significantly, which is unfavorable for the growth targets of the global foot and mouth disease vaccine market.
Browse the full Press Release of Global Foot and Mouth Disease Vaccines Market: http://www.mrrse.com/foot-mouth-disease-vaccines-industry
Asia Pacific Exhibits High Demand for FMD Vaccines
According to market surveys, religious prohibition with regards to the consumption of pork in the Middle East will fuel demand for other livestock, which in turn will boost the global FMD vaccines market significantly. Regionally, Asia Pacific leads the global market for FMD vaccines, accounting for over 70% of the global market due to the high incidence of FMD outbreaks in countries such as China, Pakistan, India, Bangladesh, South Korea, and Hong Kong. Since North America and Europe are already free from FMD outbreaks, the contribution from these regions is negligible in the overall operations of the FMD vaccines market. In Asia Pacific as well, New Zealand and Australia contribute very little to the overall growth of the FMD market due to negligible incidence of FMD in these countries.