LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global veterinary vaccines market is expected to reach USD 6,893.72 million by 2021, growing at a CAGR of almost 5%.
This research report titled ‘Global Veterinary Vaccines 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.
The global veterinary vaccines market is expected to benefit from the growing concern over food safety. The dependency on livestock products like meat, milk, and other products is increasing, and the mortality rate associated with infection transmission from animals to humans through these products is increasing. These factors are pushing the vendors to invest in R&D to improve and expand their product portfolios, thereby driving the market growth. An increase in the number of pets worldwide and improved treatment options will fuel the market to grow during the forecast period.
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Technavio’s healthcare and life science research analysts categorize the global veterinary vaccines market into the following segments by technology. They are:
- Live attenuated vaccines
- Inactivated/Killed vaccines
- Recombinant vector vaccines
- Toxoid vaccines
- DNA vaccines
The top three technology segments for the global veterinary vaccines market are discussed below:
Live attenuated vaccines
The live attenuated vaccines segment accounted for a market share of almost 40% in the global veterinary market in 2016. Live virus vaccines are prepared from attenuated microbial strains that are almost free from virulence and can produce a protective immune response. They exhibit long-lasting immunity within one or two doses, as they produce strong cellular and antibody responses and can multiply in the host cells to continue antigenic stimulation. The major diseases in animals such as rabies, anaemia, anthrax, Newcastle disease, and WNV are controlled using attenuated vaccines.
According to Amit Sharma, a lead infectious and rare disease research analyst from Technavio, “The demand for live attenuated vaccines is higher in developed economies such as the US and the UK due to their enhanced infrastructure, which allows them to follow the strict storage conditions successfully. As per the United States Department of Agriculture, 310 live attenuated vaccines were approved for animals, which contributes to almost 40% of the total vaccines approved.”
The inactivated vaccines segment accounted for a market share of almost 40% in the global veterinary market in 2016. It is produced by killing disease-causing microorganisms by thermal, chemical, or radiation methods. Compared to live vaccines, inactivated vaccines are more stable and safer. This stability makes them more accessible for people in developing countries.
“The market penetration for inactive vaccines will be smooth as there are no stringent requirements of storage conditions. Inactive vaccines cover a wide spectrum of diseases. The market is expected to grow in a stable manner in developed countries. However, in developing economies, inactivated vaccines are expected to boost the overall share,” says Sapna.
Recombinant vector vaccines
The recombinant vector vaccines segment accounted for a market share of more than 11% in the global veterinary market in 2016. Recombinant vector vaccines mimic a natural process of infection, but they contain the harmless or attenuated virus and a specific portion of the genetic code, which produces antigens within the cell. The recombinant vector vaccines have added a new dimension to the current veterinary vaccines market with their multiple advantages.
Merial is one of the leaders in recombinant vector vaccines. They have the maximum USDA approvals for various indications like Bursal disease, canine distemper, encephalomyelitis, and equine influenza. Biomune is also a growing company in the market, with USDA approval against diseases like avian encephalomyelitis, Marek's disease, and New Castle disease.
The top vendors highlighted by Technavio’s research analysts in this report are:
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