The advancement in recombinant technology has led to the emergence of DNA & recombinant vaccines. These vaccines are effective over traditionally developed vaccines in preventing infections.
The Animal Vaccines Market is growing at a steady pace due to increase in pet ownership in developed countries and rise in number of cattle & poultry in developing countries. Furthermore, rise in investment for R&D of vaccines, which inhibit the growth of antibiotic-resistant organisms boosts the market growth. For instance, in August 2016, Elanco invested two-thirds of the budget for foodanimal unit to develop vaccines and reduce the use of antibiotics. Moreover, rise in demand for animal vaccines has led to the emergence of multiple new vaccines. For instance, Cevac IBron a new vaccine was launched by Ceva in February 2017 that prevents against infectious bronchitis virus (IBV).
The global market is expected to garner $9,159 million by 2022, registering a CAGR of 5.2% during the period. 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.
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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%.
Asia-Pacific possesses high market potential for animal vaccines due to increase in pet ownership and rise in incidence of various zoonotic diseases. Moreover, ongoing research on innovative vaccine production technology has increased due to high demand for animal-based food products and companion animals. In addition, increase in investments in animal healthcare companies has improved the production of innovative vaccines.
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%.