PORTLAND, Oregon, April 9, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Animal Vaccines Market by Product Type (Attenuated Vaccines, Inactivated Vaccines, Subunit Vaccines, Toxoid Vaccines, Conjugate Vaccines, Recombinant Vaccines, and DNA Vaccines) and Animal Type (Companion animals, Cattle, Fish, Pigs, Poultry, and Sheep]: Global Opportunity Analysis and Industry Forecast, 2018 - 2025". According to the report, the global animal vaccines market generated $8.1 billion in 2017 and is expected to garner $12.8 billion by 2025, growing at a CAGR of 5.9% during the forecast period, 2018-2025.
Surge in prevalence of animal diseases, growth in ownership of companion animal, rise in demand for pet insurance, and increase in animal health expenditure drive the growth of the global animal vaccines market. However, highly competitive meat & milk prices and unfavorable impact of veterinary vaccines on animal & human health hamper market growth. Nonetheless, rapid advancement in vaccine products and increased demand for hybrid animals worldwide is set to would provide lucrative opportunities to emerging market players in the near future.
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DNA vaccines segment to encounter the fastest growth rate through 2025
By product type, the DNA vaccines segment is projected to grow at the highest CAGR of 7.8% during the forecast period, owing to their cost-effective nature, easy development and production, negligible risk of infection, and long term persistence of immunogenicity. However, the attenuated vaccines segment is expected to continue its dominance and occupy one-third of the global market share by 2025, due to their ability to provide stronger immunity as compared to other vaccines and reducing the need for booster vaccines later on.
Cattle segment to dominate the global market in the near future
By animal type, the cattle segment is anticipated to generate more than one-third of the global revenue by 2025, on account of increased meat & milk consumption and surge in demand for dairy products. However, the companion animal segment is expected to be the fastest growing segment from 2017 to 2025, with a CAGR of 6.4%, due to an increase in their adoption rate and rise in awareness regarding the importance of vaccines for dogs and cats.
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North America to contribute the largest revenue throughout the forecast period
North America occupied almost one-third of global market revenue in 2017 and is expected to continue its dominance through 2025. The region has a high adoption rate of companion animals and has witnessed a surge in meat & milk consumption. However, Asia-Pacific is projected to register the highest CAGR of 6.5% during the forecast period, due to the rise in pet ownership and increased incidence of various zoonotic diseases.
Key market players
The key players analyzed in the report include Merck & Co., Inc., Zoetis Inc., Ceva Sant Animale, Sanofi S.A., Romvac, Vaxxinova, Biovac, Merial, and Anicon Labor GmbH. They have adopted different strategies including collaborations, joint ventures, partnerships, expansions, mergers & acquisitions, and others to gain a strong position in the industry.
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