Transparency Market Research (TMR) has published a new report titled ‘Veterinary Vaccines Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026.’ According to the new report, the global veterinary vaccines market was valued ar above US$ 6,100 Mn in 2017 and is projected to expand at a CAGR of almost 6.5% from 2018 to 2026.Rise in demand for preventing animal to human transmission of diseases and increase in the dependency on livestock animals for the growth of economy are likely to boost demand for veterinary vaccines during the forecast period. North America and Europe are likely to dominate the global veterinary vaccines market due to high spending on animal health care and rise in focus of key players on the development of new vaccines in the market in these regions. Increase in ownership of companion animals and rise in prevalence of animal to human transmission of diseases in countries such as Japan and China are likely to boost the veterinary vaccines market in Asia Pacific in the coming years.
High Dependence on Government Distribution Channels to Hamper Market
Governments play an important role in the distribution of animal vaccines. For instance, the government of India purchases FMD vaccines from manufacturers in bulk and supplies it in different regions of the country. Bulk purchase of FMD vaccines results in reduced prices. This is anticipated to hamper the growth of the FMD vaccines market.
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Live Attenuated Vaccine Segment to Lose Market Share
The report offers detailed segmentation of the global veterinary vaccines market based on technology and animal. Based on technology, the live attenuated vaccines segment is projected to dominate the global market due to the presence of major players in the segment. However, the segment is expected to lose market share during the forecast period as live attenuated vaccines show resistance against various viruses and are unable to protect animals. The others segment, which includes vaccines such as DNA vaccines, is anticipated to gain market share. Its share is anticipated to rise from 9.0% in 2017 to almost 10.0% in 2026 due to increase in research and development by major players to develop recombinant vaccines in order to combat animal diseases.