VALLEY COTTAGE, New York, July 13, 2016 /PRNewswire/ --
Demand for veterinary vaccines is witnessing an increase, as focus shifts from cure to prevention among farm- and pet- owners. The global pet humanisation trend is massively influencing demand for veterinary healthy products and services, and vaccines are riding on the coattails of this trend. The global veterinary vaccines market is anticipated to reach US$ 7.24 Bn in 2016, up from US$ 6.82 Bn in 2015.
Focus on improving food security and mitigating the spread of contagious diseases will continue to fuel demand for veterinary vaccines. Increase in foodborne and zoonotic diseases has adversely affected animal production in the recent past, owing to which emphasis on maintaining health and well-being of animals has gained prominence.
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On the basis of product type, attenuated live vaccines will continue to hold the leading revenue share, closely followed by inactivated vaccines. These two product segments accounted for nearly 47% revenue share of the market in 2015, and are expected to dominate global revenues in 2016 as well.
By disease type, foot and mouth disease and anaplasmosis are the two largest segments, collectively accounting for over US$ 2.1 Bn in revenues in 2015. Canine parvovirus is another key disease type, contributing significant revenues to the global market.
Veterinary clinics remain the most prominent distribution channel for veterinary vaccines, and accounted for nearly 40% revenue share of the market in 2015. Veterinary clinics sold US$ 2.74 Bn worth of veterinary vaccines in 2015, and this figure is expected to reach US$ 2.91 Bn in 2016.
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By animal type, livestock animals accounted for bulk of the demand for veterinary vaccines in 2015, and the status quo is anticipated to remain unchanged in the future as well. Companion animals are further segmented into canine, avian, and feline, of which, canine segment accounted for the bulk of the revenues in 2015.
North America and Western Europe are the two largest markets for veterinary vaccines, collectively accounting for over 57% revenue share of the market in 2015. The market in North America is dominated by the U.S., which accounted for US$ 1.58 Bn in revenues in 2015. The Canada veterinary vaccines market is expected to surpass US$ 500 Mn in revenues in 2016. Outside of North America, Western Europe and Asia Pacific excluding Japan (APEJ) are the leading markets for veterinary vaccines.
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Key players in the global veterinary vaccines market include Merial, Zoetis, Elanco, Merck & Co. Inc, Boehringer Ingelheim GmbH (BIVI), Bayer Pharma AG, Ceva, Virbac, Diamond Animal Healthcare (Heska) and Indian Immunological Ltd.
Long-term Outlook: The global veterinary vaccines market is expected to increase at a CAGR of 6.9% during the forecast period 2016-2026.
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SOURCE Future Market Insights