LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global animal vaccines market to grow at a CAGR of close to 5% during the forecast period, according to their latest market research report.
The different vaccine delivery routes based on the target species is one of the major trends being witnessed in the global animal vaccines market 2018-2022. The development of animal vaccines is not only influenced by the type of antigens but also by the route of administration. The route of administration of vaccines is determined based on the targeted species. For instance, APEX-IHN by Novartis is given through the paracetamol mode in salmon, IMPROVAC by Pfizer is given through the parenteral mode in male pigs, RABORAL for rabies control is administered orally in canine wildlife, and ART-VAX is administered orally in turkeys.
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According to Technavio analysts, one of the key factors contributing to the growth of the global animal vaccines market is the increase in the demand for livestock products:
Global animal vaccines market: Increase in the demand for livestock products
In recent years, the demand for livestock products has tripled globally. As per the FAO, the total demand for livestock products is expected to double by 2030 in developing countries.
According to a senior analyst at Technavio, “Some of the factors for the increase in demand for livestock are population growth, gross domestic product growth, globalization, and urbanization. At present, about 40% of the gross value of agricultural production worldwide comes from livestock production. With the growing income of the people in developing countries, there is an increase in the consumption of meat, milk, and eggs. Thus, there is an evident increase in the share of livestock products in the developing countries.”
Global animal vaccines market: Segmentation analysis
The global animal vaccines market research report provides market segmentation by vaccine type (inactivated vaccines, live attenuated vaccines, recombinant vaccines, toxoid vaccines, and DNA vaccines), by application (porcine vaccines, poultry vaccines, and livestock vaccines), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the three major applications, porcine vaccines, poultry vaccines, and livestock vaccines, the porcine vaccines segment held the largest market share in 2017. This growth in the application segment can be due to the rise in the volume of pig cultivation.
The Americas held the largest share of the market in 2017, accounting for more than 54% share, followed by EMEA and APAC respectively. Factors such as the increase in the demand for livestock products, rise in the adoption of companion animals, and initiatives by organizations like International Development Research Center (IDRC) and Food and Agriculture Organization (FAO) of the United States attribute to the growth of the market in the region.
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