Transparency Market Research Report Added "Animal/Veterinary Vaccines Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024"
Albany, NY -- (SBWIRE) -- 01/04/2017 -- The global market for veterinary vaccines features an exceedingly consolidated competitive and vendor landscape, with the top three companies, namely Zoetis, Inc., Merck & Co., and Sanofi Aventis, collectively accounting for nearly half the market in 2015, observes a recent report by Transparency Market Research. The vast funds required for research and development in the field of vaccines have made it possible for a small number of small-scale companies to gain a stronghold in the global market. In 2015, small-scale companies accounted for a mere 30% of the overall market.
Transparency Market Research predicts that the global veterinary vaccines market will exhibit a nearly 7% CAGR from 2016 through 2024 and rise from US$6,271.8 mn in 2015 to US$11,403.6 mn by 2024.
Request a PDF Brochure with Report Analysis:
Live Attenuated Vaccines to Continue to Dominate Global Sales
In terms of vaccine technology, the segments of live attenuated and inactivated vaccines collectively accounted for a share of nearly 80% in the global veterinary vaccines market. Used largely for companion animals, live attenuated vaccines individually held a nearly 44% of the overall market in 2015. These vaccines are produced in bulk owing to low cost of production. Over the report's forecast period, the live attenuated vaccines technologies will continue to remain the dominant contributor to the revenue of the global veterinary vaccines market.
In terms of animal type, the segment of canine vaccines accounted for the dominant 52.7% of the global market in 2015. The segment is expected to exhibit a remarkable 8.6% CAGR from 2016 through 2024 and retain its dominant position in the global market. Geographically, North America led the market in 2015, accounting for a more than 44% of the global market.
Increased uptake of Animal Protein in Developing Economies Key to Market Growth
Animal products such as pork, beef, milk, chicken, and eggs contribute nearly 40% to the GDPs of agrarian economies. The market for these livestock-source foods generated revenues worth US$600 bn in 2015 and their demand is expected to expand at a significant pace across the globe in the next few years, especially across developing economies due to rising disposable incomes and increased focus on nutrition and healthcare. China, for instance, accounts for over half of the world's total swine meat consumed on an annual basis. As the demand for animal-source food products increases, the focus on animal health and wellness will rise across the globe and will subsequently lead to a significant rise in the demand for veterinary vaccines.
Stringent Approval Policies and Short Exclusivity Periods to Arrest Market Growth
Product exclusivity periods of spans as short as three to five years are one of the key challenges faced by companies operating in the animal health care industry. The veterinary vaccines market also bears the brunt of this issue and the inevitable introduction of generics and over-the-counter products post patent expiration mars the profitability of companies who have spent vast funds on R&D to develop a new vaccine.
Apart from this, the overall growth prospects of the global veterinary vaccines market are also hampered due to the high dependence of market players on government channels for distribution. In India, for instance, the central and state governments purchase foot and mouth disease vaccines in bulk and supply them in different parts of the country. Bulk purchases often translate into reduced profits for the manufacturers and hamper the profitability of the entire global veterinary vaccines market.
This review of the market is based on a recent market research report by Transparency Market Research, titled "Veterinary Vaccines Market (Animal Type - Companion Animals (Equine, Canine, and Feline) and Livestock Animals (Bovine, Ovine, Porcine, and Poultry); Technology Type - Inactivated Vaccines, Live Attenuated Vaccines, Conjugate Vaccines, and Toxoid Vaccines) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016–2024."
Browse Full Research Report on Veterinary Vaccines Market:
About Transparency Market Research
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. We have an experienced team of Analysts, Researchers, and Consultants, who us e proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
Each TMR Syndicated Research report covers a different sector - such as pharmaceuticals, chemical, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, our syndicated reports thrive to provide clients to serve their overall research requirement.
Transparency Market Research
90 State Street, Suite 700
Albany, NY 12207
USA - Canada Toll Free: 866-552-3453
Browse market research blog: https://tmrresearch.blogspot.com/