The global market for veterinary vaccines has been estimated at USD 11,083 million in 2014 and is projected to reach USD 19,021 million by 2020 at a CAGR of 9.42% during the forecast period from 2014 to 2020.
Global Veterinary Vaccines Market- Market Dynamics
Veterinary vaccines help to improve health and welfare of animals, increase production of livestock in a cost-effective manner and prevent transmission of diseases among animals and also to humans. Efficient animal production and better access to high-quality protein dramatically increase meat and egg production and contribute to greater economic outcome. Also, the rapid development of animal vaccines can play an effective role in controlling emerging diseases. Veterinary vaccines comprise only approximately 23% of the global market for animal health products.
There are several factors listed in the study that drive the growth of the global veterinary vaccines market. Some of them are:
Some of the factors restraining the market growth are:
The veterinary vaccines market is segmented on the basis of products, diseases, technologies, and regions. Based on product type, the market is categorized into companion animal vaccines, livestock vaccines, poultry vaccines, porcine vaccines, equine vaccines, aquaculture vaccines and other animal vaccines. The porcine vaccine is the largest sub-segment contributing to a major share of the market, whereas companion animal vaccines are the fastest growing segment due to the increasing prevalence of zoonotic diseases in humans and growing pet population. The technology segment includes live attenuated, inactivated, subunit, conjugate, toxoid, recombinant and DNA vaccines. Live attenuated vaccine technology is the major technology in the veterinary vaccines market. The disease type segment includes Rabies, Brucellosis, Leptospirosis, Influenza, Rift Valley fever, Newcastle disease, Nipah virus infection, Hendra virus infection, Porcine Reproductive and Respiratory Syndrome virus and Japanese encephalitis Q fever.
Based on geography, the market is segmented into North America, Europe, Asia-Pacific (APAC) and Rest of the World (RoW). The European region is the leading veterinary vaccine market, closely followed by the United States. Middle East, Brazil, Argentina, Mexico, Turkey, China, and India are lucrative markets for veterinary vaccines, owing to the growing demand for livestock, development of new products and favorable government initiatives.
The top 3 players in the veterinary vaccines market are Pfizer, Merck, and Sanofi-Aventis, based on the revenues they generate each year. Pfizer is the market leader in the veterinary vaccines market (by revenue) but Merck is the market leader in livestock vaccines market and Sanofi-Aventis is leading in the companion vaccines market. There have been a few mergers/acquisitions by the key players in the veterinary vaccines market to expand their product portfolio in order to top the global market. Ex: Pfizer acquiring Wyeth, which supposedly is the largest acquisition. The industry players have adopted certain growth strategies to excel in the veterinary vaccines market.
Some of the key players in the market are:
Key Deliverables in the Study