Selbyville, Delaware, September 7, 2021 (GLOBE NEWSWIRE) –
According to the latest study by Global Market Insights Inc., the veterinary vaccine market is expected to reach $ 11.5 billion by 2027. The market has changed dynamically in recent years. This is due to the increasing incidence of animal diseases and related deaths. According to the Global Animal Health Association, 20% of animals lose their lives to preventable diseases, which is a huge challenge for veterinarians, veterinarians and farmers. In addition, 1 in 5 farm animals die from disease every year, as reported by the World Organization for Animal Health.
In such conditions, veterinary vaccines have played a prominent role in protecting animal health, alleviating their suffering, and significantly reducing the need for antibiotics to treat pets. It is estimated that vaccines, when taken in spray or immersion form, induce innate and specific immune responses to infection, enable effective administration of inactive vaccines, and increase the effectiveness of vaccines.
Listed below are some trends that are affecting the overall market value of veterinary vaccines:
Favorable government initiatives to promote animal health awareness
With the number of animal deaths from chronic disease on the rise, various governments have implemented constructive initiatives focused on promoting animal adoption and animal health awareness. To testify to this, the UK government had announced in 2020 that it would raise around 2 billion. Apparently the investment has strengthened research capacities to improve general animal health across the country.
In the meantime, the Spanish government has also incorporated the OIE’s animal welfare standards into laws and country guidelines to support animal welfare throughout the country.
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Growing popularity of toxoid vaccines
In terms of technology, toxoid vaccines are expected to grow massively across the animal health sector. This is due to the impeccable benefits of the product, such as long-lasting immunity and high stability, immune response to the original toxin and less susceptibility to changes in humidity and temperature. In fact, it has recently been revealed that toxoid vaccines are mainly used against bacterial diseases such as diphtheria and tetanus to boost the immune response.
Among these factors, it is important to note that the veterinary toxoid vaccine market would be valued at $ 704 million by 2027.
Increasing prevalence of fungal infections in animals
The number of fungal infections in animals has increased massively over the years. Dermatophyte fungi are one of the most common zoonotic diseases that cause significant diseases in domestic animals and are on the increase, especially in developing countries. Indeed, this has increased the demand for fungal vaccines worldwide. Segment growth will continue to be driven by robust technological advances in veterinary vaccines and the expansion of government support initiatives.
Because of these factors, the Fungal Vaccines segment had a market share of more than 141 million in 2020.
Growing demand for animal protein in China
According to industry experts, China will become a hotspot for the veterinary vaccine market, largely due to the growing demand for animal protein in human food and a growing population. In 2019, almost 21.2 million tons of meat were produced in the country, which is almost 50.90% of total poultry meat production. Regarding seafood production, the USDA Foreign Agricultural Service reported that total production exceeded 64.5 million tons nationwide in 2019.
As a result of these statistics, analysts predict that the Chinese veterinary vaccine industry will grow at a CAGR of 7.7% through 2027.
New innovations from industrial conglomerates
Various players in the veterinary vaccine market leave no stone unturned in innovating in this area just to improve animal health. These market vendors have implemented vigorous strategic initiatives over the years to also gain a competitive advantage in the marketplace and increase revenue generation.
One of the top minds, Boehringer Ingelheim Animal Health, introduced VAXXITEK HVT + IBD + ILT in 2020 to provide protection against various infections such as laryngotracheitis, bursitis and Marek’s disease. The strategic move helped the company to strengthen its product portfolio.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, USA, is a global market research and advisory service provider that provides syndicated and custom research reports and growth advisory services. Our business intelligence and industry research reports provide customers with penetrating insights and actionable market data that is specifically designed and presented to aid strategic decisions. These comprehensive reports have been generated using a proprietary research methodology and are available for key industries such as chemistry, advanced materials, technology, renewable energies and biotechnology.