Home / Press Release / Veterinary Vaccines Market Expected To Reach US$ 12.3 Bn By 2026

Veterinary Vaccines Market Expected To Reach US$ 12.3 Bn By 2026

The latest market report published by Credence Research, Inc. “Veterinary Vaccines Market - Growth, Future Prospects, Competitive Analysis, 2018 - 2026,” the global veterinary vaccines market was estimated at US$ 6,981.8 Mn in 2017 expanding at a CAGR of 6.4% from 2018 to 2026, to reach US$ 12,302.8 by 2026.

Browse the full report at  https://www.credenceresearch.com/report/veterinary-vaccines-market

Market Insights

Animal disease outbreaks are continually growing mainly due to substantial increase in associated risk factors. In the recent decades, there has been a rapid increase in the human population, which has led to unprecedented demand for livestock and related products. This has led to emergence of complex livestock systems and intrinsic value chains, wherein more preference is given to production capabilities than disease resistance. Increased biosecurity measures in farms have also led to increased vulnerability in livestock animals. Further risk of serious epidemics is expected to grow with increased transportation and exports of livestock, evolution of pathogens and intensified farming practices. To mitigate the risks of emerging animal diseases, more stringent surveillance and control measures are needed, especially in the developing world where veterinary infrastructure is under-resourced. While regulatory bodies, governments, and industry have already taken efforts to ensure quick and effective medicine delivery, several challenges still remain. Immunization of animals is one such area that has gathered significant industry attention.

The prime objective of veterinary vaccines is to improve the overall production by producers and improve cost benefit ratio. Vaccination for zoonotic diseases or food-borne infections focuses on eliminating the risk to consumers and improve productivity of he farmed animals. While veterinary vaccines comprise slightly over 20% of the global market for veterinary products, this segment has consistently grown due to technological innovation in vaccine development and perpetual disease outbreaks. Apart from improving productivity, animal vaccines also have a prominent impact on general public health through reducing pharmaceuticals and hormones in human food chain.

Among the considered animal types, livestock occupies the largest share in the global veterinary vaccines market. Increasing global population, and the consequent growing need for food products has led to perpetual growth in animal farming worldwide. This fact has also resulted in growing trade of different animal species internationally, therefore increasing the risk of emerging and re-emerging diseases. As a result, vaccination has become an integral step in livestock farming. Among the various breeds in livestock farming, porcine vaccines capture the largest revenue share in the global market. On the other hand, growing ownership of companion animals and increasing disposable incomes will offer the rapid growth of vaccines market for pet animals. Increase in awareness about different diseases in canine and feline species will also propel the growth of this segment. Adoption of vaccines for common yet life threatening diseases such as parovirus and canine distemper will be a key trend observed during the forecast period.

Live-attenuated vaccines are estimated to account for a significant market share in 2017. It is an old method employed in veterinary practice and is also being explored for other applications such as production of protein subunit vaccines for porcine breeds. Live-attenuated vaccines have significantly aided in reducing mortality rates and improving the life span in swine farming. Live-attenuated vaccines have been highly instrumental in containing porcine epidemic diarrhea and transmissible gastroenteritis and several porcine respiratory and reproductive disorders. However, threat of pathogenicity has restrained the market potential of this segment to some extent.

North America is currently leading the global veterinary vaccines market. Favorable business environment, swift adoption of novel medicines and growing incidence of disease outbreaks has led to widespread adoption of vaccination in the North America market. Europe closely follows the lead of North America. Growing animal farming and animal husbandry practices, and increasing pet population are facilitating to the prominent position of Europe market. On the other hand, Asia Pacific is anticipated to progress at the fastest growth rate during the forecast period from 2018 to 2026. Significant progress in livestock farming and increased international trade of the same, along with growing government initiatives supporting animal immunization support the growth of this region. Furthermore, growing disposable incomes has led to increase in ownership of pet animals in the region, thereby increasing the use of routine vaccination in Asia Pacific.

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