According to the report, the global veterinary vaccines market accounted for around USD 12.10 billion in 2015 and is expected to reach approximately USD 20.60 billion by 2021, growing at a CAGR of around 9.3% between 2016 and 2021.
Sarasota, FL -- (SBWIRE) -- 03/16/2017 -- Zion Market Research has published a new report titled "Veterinary Vaccine Market by Application (Livestock Vaccines and Companion Vaccines), by Technology Types (Attenuated Vaccines, DNA Vaccines, Inactivated Vaccines, Toxoid Vaccines and Recombinant Vaccines) - Global Industry Perspective, Comprehensive Analysis, and Forecast, 2015-2021". According to the report, the global veterinary vaccines market accounted for around USD 12.10 billion in 2015 and is expected to reach approximately USD 20.60 billion by 2021, growing at a CAGR of around 9.3% between 2016 and 2021.
Vaccination is the administration of vaccines in the body to stimulate immunity against specific microorganism to prevent life-threatening diseases. Vaccines are biological preparations produced from living microorganisms to enhance immune system against disease. Vaccines are classified as prophylactic vaccines and therapeutic vaccines. Prophylactic vaccines are used to prevent diseases while therapeutic vaccines are used to treat diseases. Vaccines are composed of either whole disease-causing microorganism or its disease-causing components. Several types of vaccines are present in veterinary vaccines market such as live or inactivated form. The main aim of veterinary vaccine market is to improve the health of animals and birds as well as to reduce the risk of transmission of diseases from animals to human.
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Veterinary vaccine market is propelled by new emerging technological advances in vaccine development, improving food security and increasing awareness of animal care. In addition, veterinary vaccine market is increased by the continuous development of drug resistance by the microorganism and new emerging animal diseases. Moreover, an increasing number of veterinary research centers and colleges are also responsible for the growth of veterinary vaccines market. Furthermore, the market is generating more revenue by the addition of new veterinary vaccines against viral, bacterial and protozoal diseases by leading companies. On the other hand, high maintenance cost for vaccine storage and bioethical issues are projected to affect the growth of veterinary vaccine market in near future. However, increasing prevalence of animal diseases and investments by government in developing countries are projected to act as an opportunity for the growth of global veterinary vaccine market.
Based on the application the market of the veterinary vaccine is segmented into livestock vaccines and companion vaccines. Livestock vaccine segment is further sub-segmented into poultry, porcine and aquaculture while companion vaccines are classified into equine, canine and feline. Among the two segments analyzed, in 2015, livestock vaccines accounted for the larger share of the market about 62% of global veterinary vaccine market.
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Veterinary vaccines market is segmented on the basis of technology as attenuated vaccines, DNA Vaccines, inactivated vaccines, toxoid vaccines and recombinant vaccines. Among the technology type segments, attenuated vaccines market accounts for the highest market share. In the forecast period, DNA vaccines market is expected to show noticeable growth due to new emerging innovative technology for vaccine production.
Based on the geography the veterinary vaccines market has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. On the basis of revenue, North America, and Europe is dominating the veterinary vaccines market. In North America, the U.S. held the largest market in veterinary vaccine market in 2015. Asia-Pacific is expected to show high growth due to increasing trade and consumption of meat. While the Middle East and Africa, and Latin America are also expected to show noticeable growth during the forecast period.
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Key operating players operating in the veterinary vaccines market are Heska Corporation, Zoetis Inc., Ceva Santé Animale Inc., Merck Animal Health, Sanofi (Merial Animal Health), Boehringer Ingelheim GmbH, Eli Lilly and Company (Elanco Animal Health), Virbac, and Bayer AG, Bimeda.
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