Veterinary Vaccines Market will rise to US$11.40 Billion by 2024
Targeted in-licensing and acquisitions, expansion of global manufacturing and supply capacities, and increased investments towards research and development activities are some of the key strategies adopted by leading vendors in the market. A recent instance is the strategic alliance of Sanofi with Boehringer Ingelheim in June 2016. Under this alliance, an exchange of Boehringer Ingelheim’s consumer healthcare (CHC) unit with Sanofi’s animal health business took place.
In the past few years, factors such as globalization and intense changes in global climate have led to a vast rise in the prevalence of zoonotic diseases globally. To prevent the huge loss of livestock and potential threat to human lives that global outbreaks of several zoonotic diseases cause, there has been a surge in government initiatives aimed at mandating vaccination for companion and farm animals. Active efforts are also undertaken by government and non-government bodies to increase awareness among pet and livestock owners about rampant and hazardous animal diseases, their symptoms, and medication.
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Also, the vast surge in the global demand for meat, chicken, eggs, and milk is compelling livestock farmers to pay proper attention to vaccination to ensure the production excellent quality products and thereby keep their businesses sustainable and profitable. In the past few years, pet ownership and the money spent for ensuring health and wellness of companion animals has significantly increased on a global front. According to the national pet owners’ survey of 2015-2016, 65% households in the U.S. own a pet. The pet industry in the U.S. had a valuation of US$ 60.59 bn in 2015 and is expected to rise to US$62.75 bn in 2016.
These factors are collectively expected to have a significant impact on the overall development of the global veterinary vaccines market in the next few years. Moreover, the market is also expected to benefit enormously from the vast rise in research and development activities and increased demand for advanced and more effective veterinary vaccines across the globe.
National governments play a key role in deciding the profitability of the veterinary vaccines market. For instance, the Government of India purchases foot-and-mouth disease (FMD) vaccines in bulk from manufacturers and supplies it to different parts of the country. Such bilk purchases result in reduced prices of the vaccines, substantially bringing down the profitability of manufacturers.
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The short product exclusivity period in the animal healthcare industry, of nearly 3-5 years results in intense competition from cheaper generic substitutes and over-the-counter products. Additionally, strict regulations for product approval and the resulting decline in the number of products that can enter the market limit the overall profitability of the global veterinary vaccines market substantially.
The global market for veterinary vaccines is expected to expand at a healthy 6.9% CAGR over the period between 2016 and 2024. The market, which had a valuation of US$6,271.8 mn in 2015, is expected to rise to US$11,403.6 mn by 2024. In terms of technology type, the segment of live attenuated vaccines is presently the leading contributor to market’s overall revenues. The segment accounted for over 44% in the global market in 2015. Geography-wise, North America held nearly 37% of the global market’s overall revenues in 2015.
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