Global Veterinary Vaccines Market - Segmented by Type, Companion Animal Vaccines, Technology, and Geography - Growth, Trends, and Forecast (2022 - 2030)
The global veterinary vaccines market is expected to register a CAGR of 8% during the forecast period, 2018 to 2023. Veterinary vaccines help to improve health and welfare of animals, increase production of livestock in a cost-effective manner and prevent transmission of diseases among animals, as well as to humans. Efficient animal production and better access to high-quality protein dramatically increases meat and egg production and contribute to greater economic outcome. Also, the rapid development of animal vaccines can play an effective role in controlling emerging diseases.
Increasing Livestock Diseases
The livestock sector is highly dynamic, globally. In developing countries, it is evolving in response to rapidly increasing demand for livestock products. In developed countries, demand for livestock products is stagnating, while many production systems are increasing their efficiency and environmental sustainability. Livestock diseases contribute to an important set of problems within livestock production systems. These include animal welfare, productivity losses, uncertain food security, loss of income, and negative impacts on human health. Foot-and-mouth disease (FMD) is a highly contagious disease of cloven-hoofed animals, including cattle, swine, sheep and goats, as well as many species of wild animals. According to USDA National Agricultural Statistics Service, in 2015, there were approximately 173 million cattle and swine in the United States, along with almost 8 million sheep and goats, which were all susceptible to FMD. According to (MAFRA), in 2016, bird flu occurred in South Korea, due to which the government culled more than 30 million chickens and ducks across the country as a preventive measure, creating a shortage of eggs in the domestic market. Thus, increasing prevalence of livestock disease is the major factor for the growth of veterinary vaccine market as these diseases can be eradicated with the periodic use of vaccines for animals. The other factors, such as increasing adoption of companion animals, rising incidence of zoonotic diseases, and initiatives by various government agencies, animal associations, and leading players are driving the veterinary vaccines market.
High Storage Costs for Vaccines
The cost of vaccinations has gone up as there are indirect costs, which are associated with the production of vaccines that includes Personnel costs for ordering and inventory, Storage costs, Insurance against loss of the vaccine, Recovery of costs attributable to inventory shrinkage, wastage, and non-payment and Lost opportunity costs. Vaccines may lose their effectiveness if they become too hot or too cold at any time. Vaccines naturally biodegrade over time, and storage outside of the recommended temperature range including during transport may speed up loss of potency, which cannot be reversed. This may result in the failure of the vaccine to create the desired immune response and consequently provide poor protection. So, CDC recommends modifications to the standard household refrigerator or specialized storage equipment. The CDC also recommends the purchase of emergency equipment, such as backup generators and alarms. This specialized equipment is a necessary increase to the cost of managing a vaccination business. Thus, handling cost of the vaccines is increased due to the CDC guidelines and it is acting as a major barrier for the growth of the market. Also, wasted vaccines from equipment failures at clinics add up to a significant monetary and public health cost. The other factor, such as use of counterfeit medicines is also hindering the growth of the market
United States Lead the Market in North America Region
The United States veterinary vaccines market holds the largest market share, in 2017, in North America region due to the awareness for prevention of animal-to-human transmission diseases, safe animal food supply, and lower investment in research and development in the animal vaccine, compared to human vaccine area may propel the Veterinary Vaccines market. In the APAC sector, China and South Korea have been identified as potential emerging markets due to high R&D investments.
Key Developments in the Market:
• April 2018: Zoetis to expand Animal Vaccine Research and Manufacturing in Suzhou, China
Major Players: BAYER, BOEHRINGER INGELHEIM, CEVA, ELANCO, MERCK ANIMAL HEALTH, VETOQUINOL, VIRBAC, and ZOETIS ANIMAL HEALTHCARE, amongst others.
Reasons to Purchase this Report
• Current and future veterinary vaccines market outlook in the developed and emerging markets
• Analyzing various perspectives of the market with the help of Porter’s five forces analysis
• The segment that is expected to dominate the market
• Regions that are expected to witness fastest growth during the forecast period
• Identify the latest developments, market shares, and strategies employed by the major market players
• 3-month analyst support, along with the Market Estimate sheet in excel
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs
Increasing Livestock Diseases
The livestock sector is highly dynamic, globally. In developing countries, it is evolving in response to rapidly increasing demand for livestock products. In developed countries, demand for livestock products is stagnating, while many production systems are increasing their efficiency and environmental sustainability. Livestock diseases contribute to an important set of problems within livestock production systems. These include animal welfare, productivity losses, uncertain food security, loss of income, and negative impacts on human health. Foot-and-mouth disease (FMD) is a highly contagious disease of cloven-hoofed animals, including cattle, swine, sheep and goats, as well as many species of wild animals. According to USDA National Agricultural Statistics Service, in 2015, there were approximately 173 million cattle and swine in the United States, along with almost 8 million sheep and goats, which were all susceptible to FMD. According to (MAFRA), in 2016, bird flu occurred in South Korea, due to which the government culled more than 30 million chickens and ducks across the country as a preventive measure, creating a shortage of eggs in the domestic market. Thus, increasing prevalence of livestock disease is the major factor for the growth of veterinary vaccine market as these diseases can be eradicated with the periodic use of vaccines for animals. The other factors, such as increasing adoption of companion animals, rising incidence of zoonotic diseases, and initiatives by various government agencies, animal associations, and leading players are driving the veterinary vaccines market.
High Storage Costs for Vaccines
The cost of vaccinations has gone up as there are indirect costs, which are associated with the production of vaccines that includes Personnel costs for ordering and inventory, Storage costs, Insurance against loss of the vaccine, Recovery of costs attributable to inventory shrinkage, wastage, and non-payment and Lost opportunity costs. Vaccines may lose their effectiveness if they become too hot or too cold at any time. Vaccines naturally biodegrade over time, and storage outside of the recommended temperature range including during transport may speed up loss of potency, which cannot be reversed. This may result in the failure of the vaccine to create the desired immune response and consequently provide poor protection. So, CDC recommends modifications to the standard household refrigerator or specialized storage equipment. The CDC also recommends the purchase of emergency equipment, such as backup generators and alarms. This specialized equipment is a necessary increase to the cost of managing a vaccination business. Thus, handling cost of the vaccines is increased due to the CDC guidelines and it is acting as a major barrier for the growth of the market. Also, wasted vaccines from equipment failures at clinics add up to a significant monetary and public health cost. The other factor, such as use of counterfeit medicines is also hindering the growth of the market
United States Lead the Market in North America Region
The United States veterinary vaccines market holds the largest market share, in 2017, in North America region due to the awareness for prevention of animal-to-human transmission diseases, safe animal food supply, and lower investment in research and development in the animal vaccine, compared to human vaccine area may propel the Veterinary Vaccines market. In the APAC sector, China and South Korea have been identified as potential emerging markets due to high R&D investments.
Key Developments in the Market:
• April 2018: Zoetis to expand Animal Vaccine Research and Manufacturing in Suzhou, China
Major Players: BAYER, BOEHRINGER INGELHEIM, CEVA, ELANCO, MERCK ANIMAL HEALTH, VETOQUINOL, VIRBAC, and ZOETIS ANIMAL HEALTHCARE, amongst others.
Reasons to Purchase this Report
• Current and future veterinary vaccines market outlook in the developed and emerging markets
• Analyzing various perspectives of the market with the help of Porter’s five forces analysis
• The segment that is expected to dominate the market
• Regions that are expected to witness fastest growth during the forecast period
• Identify the latest developments, market shares, and strategies employed by the major market players
• 3-month analyst support, along with the Market Estimate sheet in excel
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs
Frequently Asked Questions
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