Animal Vaccines Market Size 2021 Expected to Reach Worth US $12.845 Billion by Forecast Period 2021 to 2025 at a 5.9% CAGR
Pune, Maharashtra, India, February 11 2021 (Wiredrelease) Allied Analytics –: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.
“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.
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Animal vaccines are essential to ensure better animal health and welfare. Various vaccines such as attenuated vaccines, subunit vaccines, toxoid vaccines, and DNA vaccines aid to provide protection against multiple diseases, including rabies and foot & mouth disease. These vaccines offer cost-effective solutions to treat such diseases instead of excessive antibiotic administration.
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.
Cattle segment generated maximum revenue in 2019, accounting for over one-third share in the total revenue. This is attributed 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 reach $12,845 million by 2025, registering a CAGR of 5.9%.
Attenuated vaccines segment dominated the product type segment with maximum share in 2015, in terms of revenue. Attenuated vaccines can provide stronger immunity as compared to other vaccines, which positively contributes toward the market growth.
In 2019, North America accounted for the highest revenue. Asia-Pacific is expected to show highest growth rate, registering a CAGR of 5.79%. Rise in disposable income, rise in animal healthcare expenditure, and growth in adoption of companion animals are the major factors that drive the growth of animal vaccines market in Asia-Pacific.
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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.
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