Increased demand for animal biologics products fuelled by increased adoption of pets and awareness towards various infectious diseases globally, finds a new study from FMI
Valley Cottage, NY -- (SBWIRE) -- 11/20/2018 -- Arecent study published by FMI states that the companion animal vaccine market is likely to register an attractive CAGR of 6.8% in terms of revenue during the forecast period 2018-2026. The companion animal vaccines market is likely to witness significant growth in developed markets by 2018 due to the increasing awareness regarding various infectious diseases that affect pet animals. The easier availability of vaccines and diagnosis of diseases spreading patterns are creating attractive demand opportunities in Asian markets. The FMI study covers the entire macroeconomic and microeconomic spectrum influencing the companion animal vaccines market.
Routine vaccine programs for companion animals have eliminated some of the chronic scourges from developed countries. The improved focused on vaccination campaigns and the higher awareness regarding pet care are fuelling the demand for companion animal vaccines. Attenuated live vaccines is, by far, the largest revenue generating segment, accounting for over half the revenue generated across the globe due to faster action and lower number of required doses. To boost the sales as well as benefits of vaccination, leading vaccine manufacturers are trying to improve vaccine quality by minimizing vaccine load. The industry is witnessing a phase of consolidation in order to set up a technically-superior facility and remain competitive. The companion animal vaccine market in APEJ is expected to witness significant growth due to the increasing awareness and increasing focus towards the adoption of pets, inspired by western countries.
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In developed countries, there is an increasing tendency to vaccinate pets so as to induce "herd immunity". In this regard, more and more companion animals are being brought under the coverage of at least the core vaccines. Further, re-emerging concept of 'One Health' has also impacted on the field of vaccinology especially the management of infectious diseases through the collaborative interaction of agents involved and provide a rational and cost-effective solution. This aims at provision of at least core vaccines to companion animals across the involved countries.
It has been worth noting the animal health industry is one of the most lucrative revenue generating industries as well as innovative too. The route map of the animal health industry is innovative too – "Prevent – Treat – End". The industry is said to have invested US$ 960 Mn in research and development in the US in 2016. Authorities have reportedly noted that administration of adequate companion animal vaccines keep families safe from health issues. The largest exported of animal biologics is the U.S. accounting for over 40% of total global exports. In such a scenario, manufacturers of animal biologics in the U.S. and other developed EU markets are facing a windfall in demand generation.
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Industry players are on a consolidation spree to remain profitable and sustain profits in the long run. Manufacturers of companion animal vaccines are also emphasizing on collaborative manufacturing in the absence of direct manufacturing presence to grab a greater share in high potential untapped markets such as China and Africa. The Japan-based animal healthcare company, Sumitomo Corp., revealed plans to market vaccines in China in November 2015 through an undisclosed investment in a leading local Chinese drug manufacturer. The company is currently in discussions regarding the establishment of a local vaccine production set up. Further, support from the Ministry of Agriculture, Japan could aid regional expansion in other Asian economies. These type of collaborations are new and could actually boost local manufacturing presence in less developed economies of Asia. External partnerships in research and development and provision of funding are shaping the development of the companion animal vaccines market.