Demand for Veterinary Vaccines Suffers Due to Curtailed Expenditure amid COVID-19 Pandemic, Says a New future Market Insights Study
Enhanced emphasis on prevention of infectious diseases in companion animals and livestock is the growth engine of veterinary vaccines market. Moreover, proliferation of government-backed initiatives is complementing the growth of veterinary vaccines market. According to analysts of Future Market Insights (FMI), the global veterinary vaccines market will exceed revenue pool of approximately US$ 17 Bn by the end of 2030. Further, the market is projected to follow promising growth curve during the forecast period (2020-2030). Attenuated live vaccines segment will be the prolific contributor of market growth in foreseeable future.
Prominent players are continually working towards mitigating the fallout caused by COVID-19 pandemic. They are primarily focused on maintaining the uninterrupted supply of veterinary vaccines amid the global outbreak. The animal health industry is complying with flexible work arrangements and social distancing protocols set forth by governments.
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However, the pandemic has adversely affected the purchasing power of farm owners and pet owners. The COVID-19 fallout is more pronounced in Europe and North America, the hardest-hit regions by the pandemic. Further, R&D collaborations with universities have slowed down in the wake of COVID-19. However, the veterinary vaccines market is projected to pick pace through the first half of 2021.
Protozoan Parasitic Vaccines Will Shape Market Through 2030
Certain parasites are known to exhibit greater resistance towards anti-parasitic drugs, specifically in sub-tropical and tropical regions. Lack of effective parasite vaccines in these regions is raising concerns about the health of animals. Therefore, top players are developing protozoan parasitic vaccines to capitalize this whitespace through escalated research and development undertakings. For this purpose, third-generation DNA vaccines are being created by leading manufacturers which will prove to be efficacious against protozoan parasites.
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Developed Regional Markets Remain in the Vanguard
Earlier adoption of veterinary vaccines in Europe and North America will tip the scale in favor of market growth through the forecast period. Further, availability of tech-advanced equipment for vaccine delivery is inflating the sales in both regions. Hence, both regions will collectively hold the majority share in the overall market stack. In addition, uptight regulations regarding veterinary vaccinations will favor market growth in developed countries such as the United States. On the other hand, Asia Pacific will offer remunerative investment opportunities for veterinary vaccine manufacturers through 2030. Heightened awareness of livestock owners is contributing to the regional market growth.
The FMI study offers near and long-term growth outlook of the veterinary vaccines market. Gain access to FMI’s exclusive COVID-19 tracker here.
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