Focus on preventive healthcare among farm owners and increasing pet humanisation trend are expected to propel demand for veterinary vaccines globally. The global veterinary healthcare market is expected to reach US$ 43 billion in revenues by 2020, of which veterinary vaccines will account for a significant share.
Veterinary health is closely linked to human health not only because animals are a major source of protein, but also because over 70% of diseases are zoonotic – transmission can occur from animals to humans. Awareness among farm- and pet-owners on the importance of preventive healthcare is anticipated to play a key role in pushing demand for veterinary vaccines in the future.
Veterinary healthcare can be broadly categorised into,
- Feed additives
Among these, feed additives is the largest segment in terms of revenue; however, demand for veterinary vaccines is expected to expand at a steady CAGR through 2020 – revenues from veterinary vaccines surpassed US$ 5 billion in 2014.
North America is the largest market for veterinary vaccines, owing to the organised nature of livestock farms and high ownership of pets. The North America veterinary healthcare market was valued at nearly US$ 10.9 billion in 2014 of which veterinary vaccines accounted for nearly 20% revenues. The market in the region is driven by the fact that the US has the highest number of pets globally. Europe and Asia Pacific are other key regions where demand for veterinary vaccines is expected to be strong in the near future.
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Asia Pacific’s Middle Class and Animal Healthcare Market
Any analysis on the veterinary healthcare market cannot be complete without taking into account the surging demand for animal healthcare products and services in Asia Pacific.
Decades of sustained economic growth has created a strong middle class population in China, India, Indonesia, and other Asian countries. This middle class population in young, invariably employed at a multinational firm, and highly aware of what’s happening in the west. Smartphone ownership is high among this segment, and with access to internet on-the-go, consumers in this segment have access to information 24×7.
This demographic is important to the prospects of the veterinary vaccines market, and also to the broader animal healthcare industry. Demand for meat, poultry, and dairy products is high among this segment, whereas pet humanisation has achieved record numbers. China is the second largest market after the US in terms of pet ownership, a strong indicator of the potential of veterinary vaccines market in the country.
Key players in the veterinary vaccines market are looking to foray into the robust growing Asia Pacific region, and a spate of mergers and acquisitions are expected in the future. Also, considering the lucrativeness of the market in Asia Pacific, a number of new companies – with little to no experience in animal healthcare – are entering the market. This is expected to make it to intensify the competition in the market in the near future.
The information presented in this article is based on the report, “Veterinary Vaccines Market: Global Industry Analysis and Opportunity Assessment 2015-2025” by Future Market Insights (FMI). You can browse a free sample of the report at http://www.futuremarketinsights.com/reports/sample/rep-gb-409
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