Foot and Mouth Disease (FMD) Vaccines Market (By Types: Conventional Vaccines and Emergency Vaccines, and By Applications: Cattle, Pigs, Sheep and Goats and Others) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020
Albany, NY -- (SBWIRE) -- 03/11/2015 -- According to a new market report published by Transparency Market Research "Foot and Mouth Disease (FMD) Vaccines Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020", the global FMD vaccines market was valued at USD 0.51 billion in 2013 and is expected to grow at a CAGR of 8.8% from 2014 to 2020, to reach an estimated value of USD 0.95 billion in 2020.
Vaccines industry has experienced remarkable development in the past decade. Perpetually rising frequency of FMD outbreaks in endemic countries is the prime driver for the growth of the global FMD vaccines market. In addition, rising government initiatives to eradicate FMD from the country is resulting in increased awareness about the disease and related vaccines available. As a result, adoption of routine vaccination for FMD is increasing. While on the other hand, unpredictable serotype outbreaks coupled with involvement of government in purchasing vaccines from private manufacturers is limiting the growth of the FMD vaccines market.
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The global FMD vaccines market is segmented on the basis of types such as conventional vaccines and emergency vaccines. Conventional vaccines market segment is further segmented into aluminum hydroxide/saponin based vaccines and oil based vaccines. Of these, oil based vaccines segment accounted for the largest share i.e. around 63% in 2013. Leading position of this segment is attributed to effectiveness and prolong effect of oil based vaccines across the FMD infected species including pigs, cattle, goat and sheep.
Further, global FMD vaccines market is segmented on the basis of applications namely, cattle, pigs, sheep and goats and others. Presence of large number of cattle worldwide is primarily driving the growth of the cattle segment. In addition, dependency on animal proteins such as milk and meat is increasing globally. As a result, cattle segment accounted for the largest market share in the overall FMD vaccines market in 2013. Furthermore, increasing demand for beef mainly from Middle Eastern countries where consumption of pork is prohibited due to religious (Islamic) beliefs is accentuating the growth of cattle segment. Therefore, considering all the above mentioned factors, utilization of FMD vaccines in cattle segment is anticipated to grow at highest CAGR (%) during the forecast period from 2014 to 2020.
In 2013, Asia Pacific accounted for the largest market share of more than 70% in the global FMD vaccines market. Presence of FMD endemic countries, frequent outbreaks and government initiatives to eradicate the disease from respective country are some of the factors that are driving the growth of FMD vaccines market in Asia Pacific. Furthermore, Asia Pacific is the most lucrative market for FMD vaccines owing to rapidly increasing awareness about the disease on the grounds of swiftly rising government initiatives to eradicate the disease from the country. However, North America, majority of Western European countries, Australia and New Zealand are FMD free countries without vaccination. Thus, FMD vaccines market has low or no growth potential in these countries. Some of the key market players contributing to FMD vaccines industry include Agrovet Co., Bayer AG, Biogenesis Bagó, Brilliant Bio Pharma Limited, Indian Immunologicals Ltd., Inova Biotechnologia.
The global foot and mouth disease vaccines market is segmented as follows:
Foot and Mouth Disease Vaccines Market, by Types
- Conventional Vaccines
- Aluminum Hydroxide/Saponin
- Oil Based
- Emergency Vaccines
Foot and Mouth Disease Vaccines Market, by Applications
- Sheep and Goats
Foot and Mouth Disease Vaccines Market, by Geography
- North America
- Rest of the World
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