Government Initiatives is Strengthening the Global Veterinary Vaccines Market at 5.88% of CAGR

According to a new market research report published by Inkwood Research, the Global Veterinary Vaccines Market is projected to evolve with 5.88% of CAGR between 2020-2028.

"Browse 70 market Data Tables and 52 Figures spread over 330 Pages, along with an in-depth TOC on Global Veterinary Vaccines Market Forecast 2020-2028".

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The animal vaccines market has been witnessing moderate growth in the last few years. The major factor influencing this growth pattern is the number of diseases affecting the companion animal and livestock. Also, the outbreak of epidemics resulted in a major obliteration of several animals, which increased the industry's concern that is dependent on products obtained through farm animals. The rise in diseases affecting zoonotic animals poses a threat to public health, supplements the demand for vaccine products, which is an essential aspect of disease management. Overall, the increasing animal population in emerging economies, a rise in demand for animal-based foods, and the surge in adoption of a companion animal are positively fueling the market growth globally.

Rise in Government Initiatives is driving the Global Veterinary Vaccines Market

The government across the world are taking various initiatives to offer better animal health, which is majorly influencing the demand for veterinary vaccines. Some of the initiatives responsible for driving the growth of the veterinary vaccines market across the globe are:

European countries such as Germany, the Netherlands and the United Kingdom have a number of public-private partnership insurance schemes for cattle, which pay for consequential damages. The private insurance schemes in Italy are exclusively available for sheep and dairy production.

In 2015 International Development Research Centre (IDRC) introduced a Livestock Vaccines Innovation Fund, also known as LVIF in Canada. It aims to boost livestock health and support the farmer's source of income by encouraging production, development and commercialization of new vaccines to prevent neglected livestock diseases (including poultry) in Sub-Saharan Africa and Southeast Asia.

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Livestock is the Largest Revenue-Contributing Vaccine Type in the Market

The livestock vaccine comprises of porcine vaccine, bovine vaccine, poultry vaccine, aquaculture vaccine and other livestock vaccines. Among all, the porcine vaccine contributes the largest share in the vaccine type market. Animal vaccines help protect their health by immunizing from any particular disease. These vaccines are essential for animal well-being, production of food and public health safety. Animal vaccines are a component of a larger field of medicine called veterinary biologics (VB). These vaccines function by activating the immune system to avoid the onset of any disease. As animal treatment is costlier than animal vaccination, these products are more cost-effective solutions for animal welfare.

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North America Ranked Highest in the Global Veterinary Vaccines Market

As per the Inkwood Research study, the global veterinary vaccines market is dominated by the North American region, accounting for the highest revenue share of around 40.14% in the year 2019. Moreover, the region is projected to continue its reign worldwide throughout the forecast period. The prime factor responsible for this significant regional growth includes growing research for the production of accurate antigen with the employment of fermentation technology.

Some of the established players in the global veterinary vaccines market are Ceva Sante Animale, Boehringer Ingelheim Animal Health Gmbh, Merck & Co., Phibro Animal Health Corp., Elanco (Eli Lilly and Company) and Others. The global market is consolidated with a large number of players, accounting for the majority of the revenue. Hence, companies are adopting extensive growth strategies in an attempt to capture a larger share of the market.

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