Animal Vaccines Market report, published by Allied Market Research, forecasts that the global market is expected to garner $9,159 million by 2022, registering a CAGR of 5.2% during the period.
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Animal vaccines are essential to ensure better animal health and welfare. Various vaccines such as attenuated vaccines, subunit vaccines, toxoid vaccines, and DNA vaccines aid to provide protection against multiple diseases, including rabies and foot & mouth disease. These vaccines offer cost-effective solutions to treat such diseases instead of excessive antibiotic administration.
Increase in adoption of companion animals in the developing countries is the major factor that drives the growth of this market. The market has witnessed moderate growth in recent years due to emerging diseases that affect livestock. The outbreak of epidemics results in severe mass wipeouts of animals, and is a growing concern for the industries dependent on products obtained through farm animals. Moreover, zoonotic diseases that affect animals pose a threat to the public health, hence avoiding transmission of such diseases via vaccination is a significant factor in disease management.
Cattle segment generated maximum revenue in 2015, accounting for over one-third share in the total revenue. This is attributed to increase in consumption of meat, milk, and dairy products, making sustainable animal health a vital aspect in disease management. However, the companion animal segment is anticipated to reach $3,209 million by 2022, registering a CAGR of 5.6%.
Attenuated vaccines segment dominated the product type segment with maximum share in 2015, in terms of revenue. Attenuated vaccines can provide stronger immunity as compared to other vaccines, which positively contributes toward the market growth.
In 2015, North America accounted for the highest revenue. Asia-Pacific is expected to show highest growth rate, registering a CAGR of 5.79%. Rise in disposable income, rise in animal healthcare expenditure, and growth in adoption of companion animals are the major factors that drive the growth of animal vaccines market in Asia-Pacific.
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Key findings of the Animal Vaccines Market
- DNA vaccines segment is projected to grow fastest during the analysis period.
- Cattle vaccines generates highest revenue, and is expected to continue its dominance during the forecast period.
- North America dominated the global animal vaccines market, and projected to grow at a CAGR of 4.5%.
- China is expected to grow at the highest CAGR of 6.9 % in Asia-Pacific.
- The companion animal segment exhibits fast-paced growth rate, registering a CAGR of 5.6%.
The major companies profiled in the report include Bayer AG, Eli Lilly and Company, Boehringer Ingelheim GmbH, Merck & Co., Inc., Zoetis Inc., Ceva Sant Animale, Sanofi S.A., Nutreco N.V., and Virbac S.A.