LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global foot and mouth disease (FMD) vaccine market is projected to grow to USD 985.94 million by 2021, at a CAGR of close to 9% over the forecast period.
This research report titled ‘Global Foot and Mouth Disease Vaccine Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
“Foot and mouth disease is a contagious viral disease that affects livestock. Governments of various countries are looking to eradicate the disease completely, which is leading to the high adoption of the foot and mouth disease vaccine,” says Sapna Jha, a lead analyst at Technavio for vaccines research.
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Based on application, the report categorizes the global foot and mouth disease vaccine market into the following segments:
- Sheep and goats
The top three revenue-generating application segments in the global foot and mouth disease vaccine market are discussed below:
Over 70% of the overall revenue generated in the global FMD vaccines market is from the cattle segment. The high adoption in the market segment can be attributed to the presence of an increasing number of cattle to meet the increased demand for its livestock products. Currently, India accounts for the largest cattle inventory worldwide, followed by Brazil and China. With the growing demand for cattle products worldwide, there is an increased need to reduce the impact of FMD outbreaks, leading to high demand for the FMD vaccine.
“Pigs are bred on a large scale to cater to the growing demand for meat as they are a fast-growing species with efficient feed conversion rates. The need to contain the FMD outbreaks in the large populations of pigs in North America, Europe, the Middle East, and Africa create a significant demand for the FMS vaccines,” says Sapna.
Another important reason for the large demand for FMD vaccines from this segment is the need for their re-administration every six months. Also, the widespread foot and mouth disease outbreaks in many countries such as South Korea, Armenia, and Israel will drive the adoption rates substantially.
Sheep and goats
Sheep and goats are valued livestock animals and create substantial demand for foot and mouth disease vaccines. Since the prevalence of FMD in sheep and goat is relatively lower when compared to the other common livestock animals, the market segment’s market share is limited. However, the recent foot and mouth disease outbreak among sheep and goats in the Indian subcontinent is driving the increased adoption of the vaccine.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Biogénesis Bagó
- Boehringer Ingelheim
- Brilliant Bio Pharma
- Indian Immunologicals
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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