Veterinary Vaccines Market Expected to Grow at a CAGR of 6.9% During 2016 – 2026

Valley Cottage, HI, March 18, 2017 --(PR.com)-- Introduction: Veterinary vaccines is the most lucrative product segment of focus for veterinary drug manufacturers, followed closely by parasiticides. Given the preventive nature of veterinary healthcare, the veterinary vaccine market is estimated to witness considerable revenue traction over the coming years. With increasing incidence of food-borne zoonotic diseases, global animal production has reduced by 15%–20% a year. Growing pet animal adoption trend due to increasingly secluded lifestyles, ageing global population and increasing per capita income levels are factors promoting demand for companion animal vaccines. Effective harmonization of product development, registration and approval guidelines could reduce time-to-market for veterinary vaccines. This could benefit all key stakeholders in the veterinary vaccine value chain – governments, drug makers, distributors, farm owners and pet animal owners.

Market Value Forecast
In terms of value, the global veterinary vaccines market is anticipated to be valued at US$ 14,149 Mn by 2026, expanding at a moderate CAGR over the forecast period.

Market Dynamics
Growth of the global veterinary vaccines market is mainly driven by improving food security along with rising humanization of pets and adoption. Increasing foodborne and zoonotic diseases, improving public health through controlling contagious diseases such as avian influenza and rising humanization of pets and adoption are some factors excepted to drive overall growth of the veterinary vaccines market. Companies are adopting various strategies to sustain in the market and create a distinct value proposition for diverse consumer segments in order to offer cost-effective treatment for animals. This is in turn expected to drive growth of the veterinary vaccines market in developing regions.

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The global veterinary vaccines market is expected to witness impressive growth over the forecast period. However, declining influence of veterinarians, gaps in epidemiological knowledge of certain virulent veterinary diseases and pitfalls in identifying and understanding antigen/immunogenic structures are factors expected to hamper revenue growth of the global veterinary vaccines market.

Segmentation by Product
The global veterinary vaccines market is segmented on the basis of product type into attenuated live vaccines, conjugate vaccines, inactivated vaccines, subunit vaccines, toxoid vaccines, DNA vaccines and recombinant vaccines. Among the product type segments, attenuated live vaccines segment accounts for highest market share and is expected to expand at the CAGR of 7.5% between 2015 and 2024.

Segmentation by Disease Application Type
The global veterinary vaccines market is segmented on the basis of disease application types into anaplasmosis, canine parvovirus, foot & mouth disease, newcastle disease, distemper disease, influenza, porcine reproductive & respiratory syndrome (PRRS) and others. Among the disease application type segments, foot & mouth disease segment currently accounts for highest market share.

Segmentation by Animal Type
The global veterinary vaccines market is segmented on the basis of animal type as companion animals, livestock animals and equine. Companion animals segment comprises three sub-segments namely – canine, avian and feline. Livestock segment comprises five sub-segments namely, aquatic, bovine, porcine, ovine and poultry. Among the animal type segments, livestock animals segment is expected to witness relatively impressive growth during the forecast period.

Segmentation by Distribution Channel
The global veterinary vaccines market is segmented on the basis of distribution channel veterinary clinics, veterinary hospitals, veterinary research institute and retail pharmacies. Among the distribution channel segments, veterinary clinics segment accounts for highest market share, and is expected to register a CAGR of 7.1% between 2015 and 2024.

Key Regions
By region, the global veterinary vaccines market has been segmented into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan, Middle East & Africa (MEA) and Japan.

Globally, in terms of revenue, North America has been estimated to account for largest share of 30.4% in 2016, followed by Western Europe. Meanwhile, revenue from the market in Asia Pacific excluding Japan (APEJ) is expected to expand at the highest CAGR of 9.1% over the forecast period.

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Key Players
Key players in the global veterinary vaccines market include Merial, Zoetis, Elanco, Merck & Co. Inc., Boehringer Ingelheim GmbH )(BIVI), Bayer Pharma AG, Ceva, Verbac, Diamond Animal Healthcare (Heska) and Indian Immunological Ltd.

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Majority of players operating in the veterinary vaccines market are focused on entering into collaborations and partnerships with local distributors and retailers in order to enhance their presence in markets in various countries across the globe. Moreover, collaborations and partnerships also enable these companies to increase visibility of their products in markets across the concerned regions. Besides, companies are focusing on improving their competitive capabilities to strengthen their market presence worldwide and expand customer base.