North America Porcine Vaccine Market is Expected to Reach US$926.2 mn by 2024
Factors such as diverse product portfolios, extensive geographical presence, and perceptive acquisitions, as well as intensive research and development and the timely introduction of new vaccines have kept these players ahead of the intense competition. Instances are: The launch of two new swine vaccines by Boehringer Ingelheim Animal Health in 2015: Ingelvac and ReproCyc. The vaccines have been launched to fight against the porcine reproductive and respiratory syndrome (PRRS) virus. Zoetis’ November 2016 launch of Fostera PCV Metastim, a monovalent killed vaccine that protects against porcine circovirus associated diseases (PCVAD).
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Transparency Market Research estimates that the North America Porcine Vaccine market will exhibit a 5.3% CAGR from 2016 to 2024 and rise from a valuation of US$540.9 mn in 2015 to US$926.2 mn by 2024.
In terms of disease indication, the diarrhea vaccines segment dominates the North America porcine vaccine market and is expected to account for nearly 55% of the market by 2016. The segment is expected to exhibit a healthy 7.3% CAGR over the period between 2016 and 2024 and gain a much larger, nearly 60% of the overall market, by 2024. In terms of geography, the North America porcine vaccines market is dominated by the U.S., which accounted for over 63% of the overall market in 2015 and is expected to remain the dominant market over the forecast period as well.
Rising Consumption of Meat and Gelatin to Remain Key to Market Growth
The market for porcine vaccines in North America is chiefly driven due to factors such as the rising prevalence of swine diseases and the continuously increasing demand for meat and gelatin in the global market. Owing to globalization and rapid climate changes, the rate of outbreak of various animal diseases, some of which are also transmissible to humans, has picked up pace. Swine being a highly popular source of meat, consumed in increasingly high volumes worldwide, the impact of zoonotic diseases emanating from this class of livestock can be highly devastating for livestock as well as human lives.
North America is the third largest consumer of pork globally. As a result, concerns regarding the spread of zoonotic diseases from swine and related products are well-founded and are rising. These concerns will be key to the increased focus on the health and wellness of swines from livestock farmers and will drive the overall North America porcine vaccine market.
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High and Rising Cost of Storing Vaccines to Obstruct Growth
Appropriate storage and handling of vaccines play a key role in ensuring high success rate of a vaccine against any vaccine-preventable disease. The need to strictly adhere to proper storage and handling procedures, lest incur losses worth thousands of dollars in revaccination and wasted vaccine, requires maintaining proper cold chains.
Such cold chains are required to be maintained across all nodes of the supply chain, starting from the manufacturers to the healthcare providers. The high costs of maintaining these storage and handling conditions, which continue to rise with every passing day, are one of the key challenges faced by the North America porcine vaccine market and are expected to restrain the market’s growth to a certain extent over the forecast period.
This review of the market is based on a recent market research report published by TMR, titled “Porcine Vaccine Market - North America Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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