Albany, NY -- (SBWIRE) -- 03/16/2018 -- North America Porcine Vaccine Market: Snapshot
For several decades, vaccination has remained one of the most important interventions for disease prevention among humans and animals. In veterinary medicine, vaccination has proven to be a boon for animal health. Diseases such as diarrhoea, swine influenza, porcine reproductive and respiratory virus (PRRSV), porcine circovirus associated disease (PCVAD), have been greatly reduced from spreading endemic in several cases. Some diseases such as foot and mouth disease and cholera high fever in swines have been significantly eliminated in North America with the help of vaccination.
The market for porcine vaccine in the region is expected to exhibit healthy growth in the next few years as well. The rising demand for meat and gelatin and concerns regarding the rising pace of occurrence of zoonotic diseases will be the key factors driving the market in the near future. Transparency Market Research estimates that the North America porcine vaccine market will expand at a 5.3% CAGR from 2016 to 2024. As a result, the market, which valued at US$540.9 mn in 2015, will rise to US$926.2 mn by 2024.
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Inactivated Vaccines to Remain Most Preferred
In terms of the technology used to develop vaccines, the North America porcine vaccines market has been segmented into inactivated vaccines, live attenuated vaccines, recombinant vaccines, toxoid vaccines, DNA vaccines, and conjugate vaccines. Of these, the segment of inactivated vaccines dominated the market in 2015 and is expected to account for a 53.3% of the North America veterinary vaccine market in 2016. The segment is also expected to exhibit the most promising growth in the near future, expanding at a 6.7% CAGR over the period between 2016 and 2024.
The segment of live attenuated vaccines will exhibit a strong 5.9% CAGR over the said period. Rise in the number of swine farms, rising prevalence of zoonotic disease, and increase in investments by key players are likely to drive the live attenuated vaccine segment. The DNA vaccine segment is projected to emerge as a high-growth segment owing to rise in demand and increase in R&D investments. DNA vaccines have shown excellent results in granting strong immunity against homologous infections and have a good score in terms of approval from regulatory bodies in the region. As a result, the demand for these vaccines is expected to rise at a healthy pace in the region over the forecast period.
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U.S. Market to Continue to Account for Dominant Chunk in Sales
The North America porcine vaccine market has been examined for two countries in the region: the U.S. and Canada. The U.S. market for porcine vaccines accounted for a larger 63% share in the North America market in 2015. The U.S. porcine vaccine market is expected to exhibit the most lucrative 6.6% CAGR over the period between 2016 and 2024. Factors such as well-established infrastructure in immunological research, high concentration of key players, highly organized farming structure, increased demand for animal protein, and rising expenditure on animal health by farm owners are attributed to the dominant share of the country in the North America market.
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The market in Canada is also anticipated to expand at a healthy, but comparatively lower CAGR of 5.8% from 2016 to 2024. Factors such as the rising prevalence of PRRS virus and PCV2 among herds and rising focus of key players on R&D activities for the development of effective vaccines will contribute to the growth prospects of the Canada porcine vaccines market in the near future. Moreover, export and import permits among contract manufacturers or distributer firms and low estimated cost of products are also expected to make the porcine vaccine market more popular in Canada.
Some of the key players in the market are Bayer AG., Bimeda Animal Health, Boehringer Ingelheim GmbH, Ceva Santé Animale, Merck & Co., Inc., Merial (Sanofi), Vetoquinol, Zoetis, Inc., Elanco (Eli Lilly and Company).
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