Kenneth Research recently added a report on ‘Veterinary/Animal Vaccines Market’ in its database of market research reports which provides its readers an in-depth analysis on the latest trends, growth opportunities and growth drivers that are associated with the growth of the market. The report additionally shares critical insights on the COVID-19 impacts on the Veterinary/Animal Vaccines Market, along with the compound growth rate (CAGR) of the market for a projected period between 2022 and 2031. The report also includes analysis of the market by utilizing different analytical tools, such as PESTEL analysis and Porter’s five forces analysis. These tools also provide an in-depth analysis on the micro and macro-environmental factors that are associated with the growth of the market during the forecast period.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Veterinary/Animal Vaccines Market products.
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The global animal vaccines market is estimated to be valued at ~USD 10 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of ~8% from 2022-2030. The perpetual introduction of technologically advanced vaccines and the outbreak of livestock diseases have contributed to the changing market dynamics. The market has experienced a shift of trend from live attenuated vaccines to DNA vaccines and is swiftly adopting recombinant vaccine solutions.
The animal vaccine market is expected to continue to be driven by innovation, with frequent acquisitions and strategic alliances. Product development combined with competent distribution channels will be the key to gaining a competitive advantage. The increase in demand for animal food and regulatory requirements, as well as the increase in the number of livestock, are also expected to drive market growth.
The COVID-19 pandemic has affected all industries, including animal vaccines. At present, the World Organization for Animal Health has confirmed that no animals can transmit this virus. However, some countries have reported human-to-animal transmission. Companies such as IDEXX Laboratories conducted virus tests on a large number of cats and dogs, and the test results were negative. In the first few months of the pandemic, it was speculated that it could be spread by birds and negatively affect the livestock industry. In the United States, several pig and poultry processing plants closed after the outbreak. Due to worries and concerns about the new coronavirus, the poultry industry in India has lost approximately US$1 billion.
In December 2020, avian influenza outbreaks occurred in 9 Indian states. Because of this, the decline in the price of poultry products has seriously affected the entire livestock industry. According to data from the Poultry Federation of India, as of December 2020, chicken consumption has fallen to 50% and prices have fallen by 30%. Although most Asian countries have adopted vaccination policies, India mainly resorts to slaughtering birds. The governments of Punjab and Haryana are about to legalize vaccines, which may have a positive impact on the market.
The increasing prevalence of zoonotic diseases will have a negative impact on human life, which may increase the demand for animal vaccines. In May 2019, the CDC, in conjunction with the U.S. Department of Agriculture and the U.S. Department of the Interior, released a list of the eight major infectious diseases most easily transmitted from animals to humans. These include salmonellosis, zoonotic influenza, West Nile virus, coronavirus, plague, rabies, Lyme disease and brucellosis. Therefore, the CDC is taking measures to protect people from zoonotic diseases.
Live attenuated vaccines dominate the animal vaccine market, with the largest revenue share in 2020, exceeding 35%. Live attenuated vaccines are the oldest vaccination method used by wild veterinarians. This method is also being tested for other application development. Some of these alternatives include the development of intramuscular protein subunit vaccines for pigs. These products help reduce mortality and extend the lifespan of pigs affected by the disease.
The recombinant vaccine segment is expected to show profitable growth during the forecast period. These vaccines help reduce the risk of disease in animals after being vaccinated. Recombinant vaccines are also expected to help achieve vaccination against multiple virus strains, because recombinant vaccines can carry multiple gene inserts. These vaccine formulations can avoid the need for adjuvants, increase the vitality of the vaccine, and improve stability. Some recombinant vaccines that can be used in veterinary medicine are vaccines against canine distemper, pseudorabies, Newcastle disease, Lyme disease and avian flu.
ANIMAL TYPE INFORMATION:
Ruminants dominate the animal vaccine market, and will account for more than 22% of the largest revenue share in 2020. The dominance is attributed to factors such as the increase in the number of livestock and the support of government initiatives related to disease outbreaks. Sheep. In 2019, there were approximately 1,200 PPR outbreaks worldwide, compared with 3,500 in 2015. This decline is the result of vaccination campaigns carried out by FAO and its partners in more than 50 countries to further promote market development.
On the other hand, the poultry segment is expected to show the fastest growth during the forecast period. The high daily consumption of poultry products is an important factor promoting the growth of this segment. It is estimated that by 2028, the demand for poultry products will increase by about 20%. A variety of vaccines, feeds and medicines are used to produce high-quality poultry products, expanding the growth space of this market segment. In addition, due to the high demand for poultry products and increased consumer awareness, the poultry market segment has been identified as the largest investment field for participants in the animal vaccine market.
North America dominates the market, with the largest revenue share in 2020 at 25%. The region is expected to maintain its dominant position throughout the forecast period. This large proportion can be attributed to the high prevalence of zoonotic and livestock diseases that cause large-scale animal deaths.
In addition, a large number of mature pharmaceutical companies continue to work hard to achieve the broad commercialization of their vaccines and expand their geographic coverage, which is expected to drive market growth. In addition, the incidence of canine diseases continues to rise.
In turn, vaccinating them and the increase in the number of pets in the United States are some of the key factors leading to the expansion of market share. The market is expected to show the fastest growth rate during the forecast period. It is expected that the increase in livestock numbers and government initiatives, especially in developing economies, are some of the main factors driving market growth in the region.
According to data from the National Dairy Development Committee in 2019, India has 192.5 million cattle. Therefore, such a large domestic cattle herd needs a demand for vaccines. The market is driven by high R&D expenditures by many major players and increasing attempts to commercialize veterinary vaccines and vaccinations at affordable and low prices.
MAJOR COMPANIES AND MARKET SHARE PROSPECTS:
The market is highly competitive, marked by the existence of various small and large animal vaccine manufacturers. The key parameters affecting competition include the rapid adoption of preventive veterinary injections and the massive purchase of veterinary vaccines with government assistance.
In addition, in order to maintain a diversified share and product portfolio, major players often choose various strategies, such as mergers, acquisition strategies, partnerships, and new product launches. For example, in February 2021, Ceva collaborated with the French National Institute of Agriculture, Food and Environment (INRAE) on research and development to prevent animal-borne infectious diseases and improve animal health.
In January 2021, Suo Teng launched the Poulvac Procerta HVT-IBD vaccine to protect poultry from infectious bursal disease (IBD). This is a supplement to the company;s recombinant vector vaccine series. Some major players in the animal vaccine market include: Merck & Co., Inc. Zoetis Boehringer Ingelheim International GmbH Virbac, Biogenesis Bagó, Indian Immunologicals Ltd. ElancoCevaPhibro Animal Health CorporationNeogen CorporationIntas Pharmaceuticals LtdOurofino Saúde Animal.
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