The booming rise in animal diseases, also known as zoonotic diseases, has been the key growth factor for the global veterinary vaccines market. The increasing concerns for companion animals as well as for livestock animals has triggered a major demand for such vaccines. According to Transparency Market Research, the global veterinary vaccines market is expected to be worth US$11.40 bn by the end of 2024 as compared to US$6.27 bn in 2015. During the forecast years of 2016 and 2024, the market is expected to progress at a CAGR of 6.9%. The analysts anticipate that the demand for various types of veterinary vaccines will catapult in the coming years as governments, non-profit organizations, and pet lovers are making significant investments in vaccines to ensure sincere preventive measures are taken to safeguard the health of animals.
Worries about Animal Healthcare Trigger Market Growth
The unfortunate rise in the global climate and the rampant globalization has resulted in high prevalence of zoonotic diseases across the globe. This has had a significant impact on the demand for veterinary vaccines over the past few years as zoonotic disease not only disrupt animal lives but can only have a severe impact on humans. The growing awareness about these factors in the animal husbandry industry has led to a soaring demand for veterinary vaccines for treating the diseases and symptoms. The keen interest shown by governments in taking preventive measure to maintain the health of livestock and other animals has also benefited the global market. For instance, the Government of India acquires foot-and-mouth disease (FMD) vaccines in mammoth quantities to supply it to various parts of the country. Bulk purchases such as these are expected to ensure definite sales for manufacturers in the long run.
Consumers Show Preference for Live Attenuated Vaccines due to Affordability
On the basis of technology, the global veterinary vaccines market is segmented into live attenuated vaccines, inactivated vaccines, toxoid vaccines, conjugate vaccines, and other vaccines. Of these, the live attenuated vaccines are anticipated to dominate the global market as the segment held a share of 44% in the overall market in 2015. The segment is projected to expand at a CAGR of 6.8% during the forecast period due to reasons such as affordability, safety, durability, and ease of administration. The demand for live attenuated vaccines is considerably high in developing regions as they are priced low and thus appeal to the price-sensitive countries.
Browse the full Global Veterinary Vaccines Market report at : http://www.mrrse.com/veterinary-vaccines-industry
Analysts anticipate that the recombinant vaccines, subunit vaccines, and DNA vaccines will also gain momentum during the forecast period. The demand for these vaccines will be driven by the technological advancements made to make them safe and devoid of adjuvants.
Some of the key players operating in the global veterinary vaccines market are Virbac, Ceva Santé Animale, Bimeda, Inc., Bayer AG, Merck Animal Health, Boehringer Ingelheim GmbH, Sanofi (Merial Animal Health), Zoetis, Inc., and Eli Lilly and Company (Elanco Animal Health). Players are focusing on the expansion of their manufacturing and supply capacities, increasing investments to achieve fruitful research and development of vaccines, and ensuring targeted in-licensing and acquisitions to remain dominant.