Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Veterinary Vaccine Market– Insights
Veterinary vaccination enhances health of animals, thus improving their life expectancies. Most common veterinary vaccines available for rabies, E. coli, distemper, hepatitis rotavirus, parvovirus, brucellosis, and pinkeye. Various diseases such as foot-and-mouth disease and influenza adversely affect livestock across the globe. Economic losses due to death of livestock is significant, as it impacts the supply of dairy products, meat, and other poultry products.
Veterinary biologics are governed by the U.S. Department of Agriculture (USDA) Center for Veterinary Biologics. According to the American Veterinary Medical Foundation, core vaccines such as rabies, feline viral rhinotracheitis, feline panleukopenia, canine parvovirus infection, and canine hepatitis are recommended for every pet, while non-core vaccines such as canine kennel cough and feline leukemia are recommended based on specific needs of the animal. However, low awareness among pet owners and livestock managers are expected to hamper growth of the veterinary vaccines market, especially in emerging economies.
The global veterinary vaccine market was valued at US$ 6,766.5 million in 2018, and is expected to exhibit a CAGR of 6.2% over the forecast period (2019-2027).
Global Veterinary Vaccine Market Share (%) Analysis, By Technology, 2019
Source: Coherent Market Insights Analysis (2020)
Viral Outbreaks in Companion and Livestock Population is expected to Drive Growth of Global Veterinary Vaccine Market
Viral outbreak in livestock population such as nipah virus, swine flu, canine influenza, bird flu, and avian influenza are expected to drive growth of the veterinary vaccine market over the forecast period. Nipah virus outbreak found in equine veterinarians in 2018 has influenced scientists to create vaccine, for global concerns. Furthermore, in 2018, the World Health Organization listed Nipah infection as a public health risk with epidemic potential.
Moreover, in May 2018, Coalition for Epidemic Preparedness Innovations (CEPI), announced it would grant around US$ 25 million over the next five years to the U.S. pharma firms such as Profectus BioSciences and Emergent BioSolutions to advance the development of vaccine against viral infection, which has proved to be fatal in 70% of the cases.
Veterinary Vaccine Market- Restraints
High storage costs and complex methodology for vaccines is expected to hamper growth of the veterinary vaccine market during the forecast period. For instance, proper vaccine storage and handling is important factor in preventing and eradicating various common vaccine-preventable disease. Each year failure of storage and handling errors result in revaccination of many patients and significant financial loss is experienced due to wasted vaccines. Moreover, failure to store and handle vaccines properly can reduce vaccine potency, resulting in inadequate immune responses in patients, and poor protection against diseases.
Furthermore, all vaccines used in small and large animal veterinary medicine, including lyophilized (freeze-dried) and liquid forms, must be stored in the dark with temperature of 35°F (2°C) and 45°F (7°C). A few veterinary vaccines such as poultry and fish vaccines must be kept frozen. Moreover, technicians working with frozen vaccines should contact the manufacturer for specific storage instructions, which requires high expenditure for storage of vaccines.
Veterinary Vaccine Market- Regional Insights
On the basis of region, the global veterinary vaccine market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America is expected to hold a dominant position in the global veterinary vaccine market during the forecast period, owing to increasing number of pet owners and their inclination towards healthy animal practices. For instance, according to the National Pet Owners Survey, 2017-2018, 68% or 85 million families owned pet animals in the U.S.
Moreover, Asia Pacific is expected to witness significant growth in the global veterinary vaccine market. The market in Asia Pacific is expected to gain momentum during the forecast period, owing to increasing product launches by manufacturers for various diseases in the region. For instance, in January 2019, Boehringer Ingelheim launched swine vaccine Ingelvac PRRS MLV in China.
Global Veterinary Vaccine Market Value (US$ Mn) & Y-o-Y Growth (%), 2016-2027
Source: Coherent Market Insights Analysis (2020)
Veterinary Vaccine Market- Competitive Landscape
Key players operating in the global veterinary vaccine market include Aratana Therapeutics, Inc., Regeneus Ltd., Morphogenesis, Inc., Karyopharm Therapeutics, Inc., Zoetis, Inc., Eli Lilly and Company, Merck & Co., Inc., and Boehringer Ingelheim GmbH.