Veterinary/Animal Vaccines Market Overview
According to the analysis of Market Research Future (MRFR), the global veterinary/animal vaccines market is slated to register a CAGR of 6.38% over the evaluation period (2019-2025). Several factors are likely to influence the market growth, and the global veterinary/animal vaccines market is anticipated to acquire a market valuation of 9910.59 million by 2025.
The rising livestock populace and the growing prevalence of livestock diseases coupled with the increasing awareness regarding animal health are expected to impact the global veterinary/animal vaccines market significantly. The increasing adoption of companion animals is also an influential factor for market growth over the forecast period. Additionally, the continuous technological advancements in the healthcare sector and enhancement of veterinary vaccines, along with the rise in government initiatives, are also likely to create favorable growth conditions for the market over the review period. On the other hand, the high costs associated with the storage of veterinary vaccines are expected to hinder the growth of the veterinary/animal market over the assessment period.
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Veterinary/Animal Vaccines Market Segmental Analysis
The global veterinary/animal vaccines market is segmented based on type and technology. The several types of veterinary/animal vaccines available in the market are aquaculture vaccines, companion animal vaccines, livestock vaccines, porcine vaccines, and poultry vaccines. The livestock vaccines segment has been accounted for the largest market share in the global veterinary/animal vaccines market and is expected to retain its dominant value over the forecast period.
The various technologies adopted in the global veterinary/animal vaccines market are inactivated vaccines, live attenuated vaccine, recombinant vaccines, and toxoid vaccines.
Veterinary/Animal Vaccines Market Regional Analysis
On the basis of region, the global veterinary/animal vaccines market is segmented into the Asia Pacific (APAC), the Americas, Europe, and the Middle East and Africa.
The American region accounts for the largest share of the global veterinary/animal vaccines market and is anticipated to retain its lead over the review period. The is attributed to the increasing adoption of pets, rising livestock population, and diseases prevalence.
Europe is a significant region in the global market for veterinary vaccines and is expected to witness considerable growth over the assessment period, owing to the technological advancements taking place towards veterinary vaccines. The growth of the government and private sector of the healthcare industry in the region is also expected to contribute substantially to market growth.
The Asia Pacific is assessed as the fastest-growing region of the global veterinary/animal vaccines over the evaluation period. This is credited to the increasing penetration of the veterinary sector in the region, rising numbers of private veterinary clinics, growth in consumer awareness regarding animal welfare, and the increasing effort of non-governmental organizations (NGOs) towards animal welfare.
The middle east and African region are expected to account for the smallest market share over the review period. This can be attributed to the weak healthcare sector in the region, lack of skilled workforce, and the increasing political unrest in some parts of the middle east and Africa. The market in the region is expected to exhibit slow growth over the review period owing to the increasing government initiatives in Africa to improve the healthcare sector and the growing awareness of animal welfare in middle eastern countries.
Veterinary/Animal Vaccines Market Key Players
The key market players operating in the global veterinary/animal vaccines market by MRFR include Boehringer Ingelheim International GmbH (Germany), Biogenesis Bago SA (Argentina), Ceva (US), Elanco (US), Hipra (Spain), IDT Biologika GmbH (Germany), MSD & Co. Inc (US), Phibro Animal Health Corporation (US), Virbac (France), Zoetis (US), and others.
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Veterinary/Animal Vaccines Industry News
July 2019 – The Colorado State University (CSU) announced a partnership of USD 9.5 million with the Coalition for Epidemic Preparedness Innovations (CEPI), an alliance that is aiming at disrupting epidemics, towards the development of a single-dose vaccine for rift valley fever (RFV) for humans.
July 2019 – The National Institutes of Health (NIH), a renowned medical research center in the US, accorded an approximately USD 1.9 million grant to Zhilong Yang, an assistant professor in the Division of Biology towards his research project on developing human and animal vaccines with the use of vaccinia virus.