ALBANY, New York, October 9, 2018 /PRNewswire/ --
The global veterinary vaccines market is expected to expand at a steady CAGR of over 6.5% within the forecast period from 2018 to 2026. In 2017, the market was evaluated to be of around a worth US$ 6,100 Mn and is foreseen to reach around worth of US$ 12,000 Mn by 2026. The requirement for several other vaccines, for example, DNA vaccines, is rising because of the benefits they have over the conventional vaccines. The key benefits of veterinary vaccines are eliminated need for adjuvants and o reaction after vaccination. Region-wise, North America was estimated to dominate the market in 2017. This is attributed to improvement in adoption of companion animals and increased number of vaccination programs.
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Surged Demand to Prevent Animal to Human Transmission of Disease to Support Market
Increase in demand regarding the prevention of diseases transmitted from animal to human, along with rising dependency on the livestock animals with respect to improving economy are expected to be major factor in the growth of global veterinary market. Regions such as Europe and North America are estimated to lead the market owing to increased spending on animal care and health, coupled with increased focus of major firms regarding the innovation of new vaccinations in the market. Moreover, increased ownership of companion animals is also a factor to fuel the demand in nations such as China and Japan, which in turn helps in augmenting the veterinary vaccines market in Asia Pacific as well in future.
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Bulk Purchase of Vaccines to Hamper Overall Market Growth
Besides, the governments also accounts for a major role in the administration of animal vaccinations. For example, in India, the government purchases Food and Mouth (FMD) vaccines from providers in a bulk and then distributes it in various regions all over the country. Buying the vaccines in a bulk also helps in reducing the cost as well. This factor is estimated to pull back the market growth to some extent.
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In nations such as India and China, there has been an increase in livestock animal ailments, which increases the per capita expenditure on pert health. This factor is likely to drive the veterinary vaccines market even further. Moreover, financial improvement in all over the world is also contributing in spending on animal health.
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The global veterinary vaccines market is prognosticated to grow at a decent pace in coming years. Some of the leading firms in the global veterinary vaccines market are Merck Animal Health, Boehringer Ingelheim GmbH, Zoetis Inc., Bayer AG (Bayer Animal Health), Eli Lilly and Company, ImmuCell Corporation, Ceva Santé Animale, Biovac, Virbac, Neogen Corporation. These players are indulging into various strategies for example, improvement in product portfolio through new innovations or by mergers and acquisitions. For example, ViroVet NV, a well-known Belgium-based biopharmaceutical firm, which develop vaccines for the livestock animals, in 2017, got into a tie up with GALVmed. In this tie-up ViroVet NV expanded its vaccines pipeline for small animals by using GALVmed's technology.
This analysis is based on a recent market research report by Transparency Market Research, titled, "Veterinary Vaccines Market (Technology - Inactivated Vaccines, Conjugate Vaccines, Live Attenuated Vaccines, Toxoid Vaccines; Animal Type - Livestock Animal Vaccines, Companion Animal Vaccines) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026."
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