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
Albany, NY -- (SBWIRE) -- 07/17/2017 -- The global market for veterinary vaccines is expected to expand at a healthy 6.9% CAGR over the period between 2016 and 2024. The market, which had a valuation of US$6,271.8 mn in 2015, is expected to rise to US$11,403.6 mn by 2024. In terms of technology type, the segment of live attenuated vaccines is presently the leading contributor to market's overall revenues. The segment accounted for over 44% in the global market in 2015. Geography-wise, North America held nearly 37% of the global market's overall revenues in 2015.
Veterinary vaccines often prove themselves to be live-savers for animals against diseases that are generally fatal or leave them impaired or handicapped. Veterinary vaccines thus offer protection to animals similar to the way humans are vaccinated against potentially incurable diseases. The way veterinary vaccines work may be different than human vaccines however. It is often encouraged for pet owners to vaccinate their pets regularly as it is much cheaper than opting for the treatment of a sick animal. It also helps reduce the transmission of germs and bacteria within animals and thus ensures a healthier environment for all animals and pets in an area. In the case of livestock, vaccination promotes a healthier output and prevents the transmission of harmful microorganisms to humans upon consumption of meat of animal products. The common diseases for which pets and livestock are vaccinated include brucellosis, pinkeye, E. coli, and rotavirus.
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The primary driver boosting the global veterinary vaccines market is the growing consumption of animal products across the world. With a large human population associated with the demand for dairy, meat, fish, and eggs, it is necessary for the animal husbandry industry to spruce up its vaccination policies and rates. In the case of pets, the amount of pet owners in the world has also gone up considerably over the past few years. Market research points to an even higher number of pet owners by 2024. At the same time, the expenditure made by each pet owner for the health and happiness of their pets has risen significantly, further pointing to a progressively inclined rate of veterinary vaccination.
The problem of high restrictions still persists in the global veterinary vaccines market as players are often barred from commercial entry due to the high market standards, regulatory restriction, and the high cost of research and development efforts. Many governments have stepped in, providing incentives and awareness initiatives for the sake of getting a larger population of the domesticated animal kingdom to be protected from harm.
The key players in the global veterinary vaccines market include Bayer AG, Boehringer Ingelheim GmbH, Bimeda, Inc., Virbac, Eli Lilly and Company (Elanco Animal Health), Ceva Santé Animale, Sanofi S.A. (Merial Animal Health), Merck Animal Health, and Zoetis, Inc.
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