Foot And Mouth Disease Vaccine Market Size, Demand And Forecast To 2033

The Business Research Company recently released a comprehensive report on the Global Foot And Mouth Disease Vaccine Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The foot and mouth disease vaccine market size has grown strongly in recent years. It will grow from $2.4 billion in 2023 to $2.63 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The growth in the historic period can be attributed to development of multivalent vaccines, prevalence of foot and mouth disease, government initiatives for disease control, focus on food security, economic impact of fmd outbreaks, research and development investments.

The foot and mouth disease vaccine market size is expected to see strong growth in the next few years. It will grow to $3.82 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%. The growth in the forecast period can be attributed to climate change impact on disease spread, emergence of new fmd strains, one health approach, digitalization of vaccine distribution, enhanced vaccine cold chain infrastructure, continuous improvement in vaccine safety, integration with precision livestock farming, international aid for vaccination programs. Major trends in the forecast period include global fmd eradication initiatives, development of multivalent vaccines, public-private partnerships, diagnostics and surveillance technologies, biotechnological innovations, genomic surveillance, adoption of marker vaccines.

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Market Drivers and Trends:

The increase in healthcare expenditure is expected to propel the growth of the foot and mouth disease vaccine market going forward. Healthcare expenditure refers to the total amount of money spent on healthcare goods and services within a specific time frame. Healthcare expenditure supports research and development efforts in the field of veterinary medicine. Funding for research contributes to the development of more effective and advanced vaccines, including those for preventing foot and mouth disease in animals. For instance, in May 2023, according to the Office for National Statistics, a UK-based government body, the United Kingdom spent around $352.69 billion on healthcare in 2022 compared to 2021, a small increase of 0.7%. Therefore, the increase in healthcare expenditure is driving the growth of the foot and mouth disease vaccine market.

The strategic partnership is a key trend in the foot-and-mouth disease vaccine market. The major player operating in the market is entering into a partnership to leverage each other's resources and expand in a new market. For instance, in July 2022, Biogénesis Bagó, an Argentina-based biotech company specializing in foot-and-mouth disease vaccine, partnered with FVC to develop a cutting-edge FMD vaccine site in South Korea. The strategic partnership will give South Korea access to cutting-edge technologies that will enable it to supply its internal market with safe, top-notch FMD vaccines, develop more affordable solutions for local livestock producers, and help protect the country's sanitary status. FVC is a South Korea-based information technology services provider.

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Major Key Players of the Market:

Godrej Agrovet Limited, Biogénesis Bagó S.A., Indian Immunologicals Limited, Limor de Colombia, Merck & Co. Inc., Brilliant Bio Pharma Ltd., Intervet India Private Limited, Biovet Private Limited, China Animal Husbandry Group, C.H. Boehringer Sohn AG & Co. KG, VECOL S.A, VETAL Animal Health Products Inc., The Spirit Jinyu Biological Pharmaceutical Co. Ltd., Careside Co. Ltd., Dong Bang Co. Ltd., FGBI‑ARRIAH, NAVETCO NATIONAL VETERINARY JOINT STOCK COMPANY, vetvaco national veterinary joint stock company, Ceva Santé Animale, MEVAC, Agrovet Market S.A., Alivira Animal Health Limited, Anicon Labor GmbH, Southern Cross Group, SPIC Gene Science Technology Development Co. Ltd., SRI International, Syngenta Animal Health, Vemedim Corporation, Veterinary Laboratories Agency, Zoetis Inc.

Foot And Mouth Disease Vaccine Market 2024 Key Insights:

• The foot and mouth disease vaccine market size is expected to see strong growth in the next few years. It will grow to $3.82 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%.
• Surge In Livestock Population Drives Growth In The Foot And Mouth Disease Vaccine Market
• Biogénesis Bagó And Fvc Forge Strategic Partnership For Advanced Foot-And-Mouth Disease Vaccine Facility In South Korea
• Asia-Pacific was the largest region in the foot and mouth disease vaccine market in 2023

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