The global market for veterinary vaccines is active and lucrative. According to a recent report by Transparency Market Research (TMR) featured on Market Research Reports Search Engine (MRRSE), the opportunity in the market for veterinary vaccines was worth US$6.27 bn in 2015, globally. Rising at a healthy CAGR of 6.9%, it is estimated to value US$11.40 bn by 2024. As a result, prominent players in the market are actively indulging in mergers and acquisitions to maintain their hold over the market.
Browse the full Global Veterinary Vaccines Market Report:http://www.mrrse.com/veterinary-vaccines-industry
For instance, the collaboration of GE Healthcare’s Life Sciences business and Valneva SE, a fully vaccine biotech company, has recently delivered an optimized cell culture medium for vaccine production. On the other hand, Boehringer Ingelheim Vetmedica has agreed to sell its portfolio of U.S. canine, feline, and rabies vaccines as well as the manufacturing and R&D site to Elanco Animal Health.
Increase in Prevalence of Animal Diseases Driving Veterinary Vaccines Market
Farm animal diseases as well as zoonotic diseases are on the rise, which threatens to wipe-out a significant number of causalities in very short span of time. However, these diseases can be efficiently prevented and treated with the help of advanced veterinary vaccines. Both these factors are among the major reasons that are increasing the demand for veterinary vaccines at a global level. Moreover, increased efforts by government and non-government organization to educate the masses about animal diseases, coupled with a rise in the demand for milk, meat, eggs, and fish, is further pushing the market in a positive direction.
It has been observed that among the urban population, expenditure on companion animals is at an all-time peak. These populations are well informed about the availability of advanced veterinary vaccines and readily opt for proper preventive measures for their pets. In the next few years, rising investments by key vendors on R&D activities are expected to pave way for the development of highly effective varieties of vaccines such as subunit vaccines, DNA vaccines, and recombinant vaccines. These R&D activities are primed to significantly impact the overall growth prospects of the global veterinary vaccines market.
Emerging Economies Offer Abundant Growth Opportunities
North America accounted for nearly 37.0% of the overall revenue generated by the global veterinary vaccines market in 2015, according to TMR. The region is projected to maintain its position as most prominent market for these vaccines during the forecast period due to a vast rise in pet ownership, especially in countries such as the U.S. and Canada. The U.S. has the world’s largest number of pets and strict regulations are in place by the federal government, mandating vaccination against viruses such as parvovirus, rabies, and adenovirus.
Browse the full Press Release of Global Veterinary Vaccines Market at :http://www.mrrse.com/global-veterinary-vaccines-industry
However, an exponential rise in the number of companion and farm animals across the emerging economies of Asia Pacific, Latin America, and the Middle East and Africa are expected to provide the most promising returns. TMR forecasts a strong CAGR of 8.4% over the period of 2016 to 2024 in the Asia Pacific market for veterinary vaccines.
Some cases of farm animal diseases affect the human population too. This makes veterinary vaccines rather imperative.