According to a new report published by Allied Market Research, titled,"Animal Vaccines Market by Product Type and Animal Type: Global Opportunity Analysis and Industry Forecast, 2018 - 2025",the global animal vaccines market accounted for $8,059 million in 2017, and is estimated to reach $12,845 million by 2025, registering a CAGR of 5.9% from 2018 to 2025.
Animal vaccines are essential to ensure better animal health and welfare. Various vaccines such as attenuated vaccines, subunit vaccines, toxoid vaccines, and DNA vaccines help provide protection against multiple diseases, including rabies and foot & mouth disease. These vaccines offer cost-effective solutions instead of excessive antibiotic administration to treat such diseases.
Increase in adoption of companion animals in the developing countries is the major factor that drives the growth of this market. The market has witnessed moderate growth in recent years due to emerging diseases that affect livestock. The outbreak of epidemics results in severe mass wipeouts of animals, and is a growing concern for the industries dependent on products obtained through farm animals. Moreover, zoonotic diseases that affect animals pose a threat to the public health, hence avoiding transmission of such diseases via vaccination is a significant factor in disease management.
Based on animal type, the animal vaccines market is classified into companion animals, cattle, pigs, poultry, and sheep. The companion animals segment is subsegmented into dogs, cats, and others. Cattle segment generated maximum revenue in 2017 attributable to increase in consumption of meat, milk, and dairy products, making sustainable animal health a vital aspect in disease management. However, the companion animal segment is anticipated to grow at a faster pace during the forecast period.
By product type, the animal vaccines market is categorized into attenuated vaccines, inactivated vaccines, subunit vaccines, toxoid vaccines, conjugate vaccines, recombinant vaccines, and DNA vaccines. Attenuated vaccines segment dominated the product type segment with maximum share in 2017. Attenuated vaccines can provide stronger immunity as compared to other vaccines, which positively contributes toward the market growth. However, DNA vaccines is expected to be the fastest growing segment.
In 2017, North America accounted for the highest revenue in the global animal vaccines market. Asia-Pacific is expected to show highest growth rate. Rise in disposable income, increase in animal healthcare expenditure, and surge in adoption of companion animals are the major factors that drive the growth of animal vaccines market in Asia-Pacific.
Key Findings of the Animal Vaccines Market:
- DNA vaccines segment is projected to grow fastest during the analysis period.
- Cattle vaccines generates highest revenue, and is expected to continue its dominance during the forecast period.
- North America dominated the global animal vaccines market, and projected to grow at a CAGR of 5.3%.
- China is expected to grow at the highest CAGR of 7.7% in Asia-Pacific.
- The companion animal segment exhibits fast-paced growth rate, registering a CAGR of 6.4%.
The report provides a comprehensive analysis of the key players operating in the global animal vaccines market. These players include Merck & Co., Inc., Zoetis Inc., Ceva Sant Animale, Sanofi S.A., Romvac, Vaxxinova, Biovac, Merial, and Anicon Labor GmbH.
The other players operating in the global animal vaccines market include Nexvet, PHL Associates, Inc., Hygieia Biological Laboratories, Colorado Serum Company, Pfizer, and Arko Laboratories, Ltd.