Animal products such as pork, beef, milk, chicken, and eggs contribute nearly 40% to the GDPs of agrarian economies. The market for these livestock-source foods generated revenues worth US$600 bn in 2015 and their demand is expected to expand at a significant pace across the globe in the next few years, especially across developing economies due to rising disposable incomes and increased focus on nutrition and healthcare. China, for instance, accounts for over half of the world’s total swine meat consumed on an annual basis. As the demand for animal-source food products increases, the focus on animal health and wellness will rise across the globe and will subsequently lead to a significant rise in the demand for veterinary vaccines.
In terms of vaccine technology, the segments of live attenuated and inactivated vaccines collectively accounted for a share of nearly 80% in the global veterinary vaccines market. Used largely for companion animals, live attenuated vaccines individually held a nearly 44% of the overall market in 2015. These vaccines are produced in bulk owing to low cost of production. Over the report’s forecast period, the live attenuated vaccines technologies will continue to remain the dominant contributor to the revenue of the global veterinary vaccines market. In terms of animal type, the segment of canine vaccines accounted for the dominant 52.7% of the global market in 2015. The segment is expected to exhibit a remarkable 8.6% CAGR from 2016 through 2024 and retain its dominant position in the global market. Geographically, North America led the market in 2015, accounting for a more than 44% of the global market.
For More Information, Download PDF Brochure – http://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=215
Some of the key vendors in the global veterinary vaccines market are Ceva Santé Animale, Bayer AG, Bimeda, Inc., Merck Animal Health, Sanofi (Merial Animal Health), Boehringer Ingelheim GmbH, Eli Lilly and Company (Elanco Animal Health), Virbac, and Zoetis, Inc.
Product exclusivity periods of spans as short as three to five years are one of the key challenges faced by companies operating in the animal health care industry. The veterinary vaccines market also bears the brunt of this issue and the inevitable introduction of generics and over-the-counter products post patent expiration mars the profitability of companies who have spent vast funds on R&D to develop a new vaccine. Apart from this, the overall growth prospects of the global veterinary vaccines market are also hampered due to the high dependence of market players on government channels for distribution. In India, for instance, the central and state governments purchase foot and mouth disease vaccines in bulk and supply them in different parts of the country. Bulk purchases often translate into reduced profits for the manufacturers and hamper the profitability of the entire global veterinary vaccines market.
This post has been seen 235 times.