Global Veterinary Vaccines Market Industry Analysis, Size, Share, Growth, Trends and Forecast 2021-2030

Veterinary Vaccines Market:

WiseGuyReports.com adds “Global Veterinary Vaccines Market Research Report 2021 Analysis and Forecast 2030” reports to its database.

Executive Summary

The veterinary vaccines market consists of sales of vaccines and related services which are used for the treatment and prevention of diseases in animals. These veterinary vaccines reduce animal suffering and transmission of microorganisms in the animal population. Veterinary vaccines are used to enhance the immunity power of animals by improving the animal health, which also prevents transmission of diseases from animals to humans. Veterinary vaccines industry includes entities that produce veterinary vaccines like livestock vaccines and companion animal vaccines.

The global veterinary vaccines market is expected to decline from $7.7 billion in 2019 to $7 billion in 2020 at a compound annual growth rate (CAGR) of -9.7%. The decline is mainly due to the COVID-19 outbreak and the measures to contain it. COVID-19 pandemic is affecting industries across the globe including the animal sector. The restrictions on non-essential medical services coupled with slowed production of veterinary pharmaceuticals due to extended factory closures in various countries, shortage of APIs and other chemicals, and rise in prices of key ingredients are the key factors for this decline. The market is then expected to recover and grow at a CAGR of 7.2% from 2021 and reach $10.4 billion in 2023.

Get Sample Copy of the Report @ https://www.wiseguyreports.com/sample-request/6004289-veterinary-vaccines-global-market-report-2020-30-covid

North America was the largest region in the veterinary vaccines market in 2018. This region is expected to remain the largest during the next five years. The veterinary vaccines market in Asia Pacific is forecasted to register the highest CAGR during 2018-2023.

The increase in the number of animals suffering from range of diseases is increasing the demand for vaccines to prevent and treat such diseases, thus driving the veterinary vaccines market. For instance, according to an article on Vetrecords published in BMJ journal in 2017, the prevalence and incidence of bovine tuberculosis in the UK increased from 5.7% in 2016 to 6% in 2017. Bovine tuberculosis is a chronic disease that usually affects animals such as cattle, but it can affect all mammals causing a general state of illness, coughing and eventually lead to death. However, the disease can be treated with specific antibiotics that kills the TB bacteria. This rising prevalence of diseases in animals is expected to drive the veterinary vaccines market during the forecast period.

High storage costs are acting as a major restraint for the growth of the veterinary vaccine market. Improper storage conditions and delay in the shipping can cause vaccines to lose their desired immune properties. For example, during transportation, vaccines can undergo biodegradation, if they are not transported within the required temperature limits. Thus, special care is required for the transportation of the vaccines in order to maintain the efficiency of the vaccines, which increases the storage and transportation cost for the vaccines. In 2016, according to report published by National Institute of Standards and Technology (NIST), approximately 35% of vaccines lost their potencies during the shipment, as they were stored at abnormal temperatures. Thus, high storage costs for vaccines are expected to result in additional costs for manufacturing companies and limit the growth of the market.

Companies in the veterinary vaccines market are increasingly looking for strategic partnerships and collaborations to enter into new geographies and to share the Research & Development projects. For example, In August 2018, PHARMAQ, a Norwegian firm, announced a long-term strategic collaboration with Vinh Hoan to improve their Research and Development activities. Vinh Hoan is leading producer and exporter of pangasius fish with headquarters in Vietnam. The collaboration involves large scale vaccination of pangasius and PHARMAQ will provide Vinh Hoan with fish health services, diagnostic testing, and the introduction of new technologies and R&D activities. Similarly, In June 2018, MSD Animal Health, a division of Merck & Co with headquarters in the US, made a strategic partnership with Vinovo. This partnership will help MSD Animal Health to combine its unique broad vaccine product line and Vinovo’s vaccine delivery system to vaccination process, thus improving bird welfare, and reducing vaccine reactions. In June 2018, Wageningen bio veterinary research made a strategic alliance Ceva with headquarters in Switzerland, to improve their Research on the global threat of emerging and reemerging diseases for animals.

The veterinary vaccines market is regulated by authorities such as European Medical Agency and the US Center for Veterinary Biologics. For instance, veterinary vaccine companies in Europe are required to adhere to European technical requirements mentioned in Annex 1, Title II, to Directive 2001/82/EC, as amended by Directive 2009/9/EC, and the European Pharmacopoeia (Ph. Eur.). According to these regulations, veterinary vaccines are required to undergo safety test before getting the approval, where vaccines are classified into activated vaccines and inactivated Vaccines. In activated vaccines, each batch of vaccines should have a dose that is double the standard dose. In inactivated vaccines, each batch of vaccines should be ten times the standard dose for the active vaccines. Activated vaccines are usually tested by in vitro titration, while serological tests are commonly used for inactivated vaccines.

Major players in the market are Boehringer Ingelheim GmbH, Merck Animal Health, Zoetis Inc., Eli Lilly and Company, and Bayer AG (Bayer Animal Health).

Continuous…

For further information on this report, visit – https://www.wiseguyreports.com/reports/6004289-veterinary-vaccines-global-market-report-2020-30-covid

Tags: Veterinary Vaccines Market, Veterinary Vaccines Industry, Veterinary Vaccines, Veterinary Vaccines Application, Veterinary Vaccines Trends, Veterinary Vaccines Share, Veterinary Vaccines Analysis, Veterinary Vaccines Growth, Veterinary Vaccines Segmentation, COVID-19 See Campaign: https://www.wiseguyreports.com/reports/6004289-veterinary-vaccines-global-market-report-2020-30-covi
Contact Information:
Wiseguy Research Consultants info@wiseguyreports.com sales@wiseguyreports.com +44 203 500 2763 +1 62 825 80070

Tags:
, Reportedtimes, iCN Internal Distribution, Research Newswire, English