Bright Future Ahead for Veterinary Vaccines Market: Know the Drivers
Veterinary vaccines play a vital role improving the health of animals and boosting their immune system, thereby keeping them away from various infections and diseases. Increased adoption rate of pets has surged the demand for their vaccines in order to keep them healthy and disease-free. The market for veterinary vaccines has undergone a complete transformation from what it was in the past few years.
Pune, India, February 11, 2016 (Newswire.com) - Veterinary vaccines play a vital role improving the health of animals and boosting their immune system, thereby keeping them away from various infections and diseases. Increased adoption rate of pets has surged the demand for their vaccines in order to keep them healthy and disease-free. The market for veterinary vaccines has undergone a complete transformation from what it was in the past few years.
Know the Market
Poised to grow at a CAGR of 5.5% during the forecast period, the global veterinary vaccines market is expected to be valued at $7,197.9 Million by 2020 from $5507.3 Million in 2015. Among regions, Europe held the largest share of this market in 2014, followed by North America. However, Asia is expected to grow at a higher growth rate between 2015 and 2020 because of greater opportunities for investment, with China, India, and Thailand being the prime markets in this region.
Among product, the companion animal vaccines segment is expected to be the fastest growing, whereas among technology, while the live attenuated vaccines technology takes up the majority of the market share, currently, the DNA vaccines segment held the largest share in 2014.
Major players operating in the veterinary vaccines market are Zoetis (U.S.), Merck Animal Health (U.S.), Merial Inc. (Sanofi, France), Boehringer Ingelheim (Germany), and Elanco Animal Health (U.S.).
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What Drives the Market?
The global veterinary vaccines market is showing high growth opportunities for the key players involved in this market. The major factors triggering the growth of this market are:
- Increasing frequency of animal diseases
- Rising cases of zoonotic diseases
- More number of investments by government and other associations
- New launches and product developments by companies
- Increasing pet population
- Growing awareness about animal health
Furthermore, higher costs regarding storage and maintenance of vaccines, increasing usage of vegetarian food in major nations due to higher risk of obesity and other chronic disorders, and decline in economic activities may hamper the growth of this market. However, despite these dull spots, the market is predicted to showcase a healthy growth over the coming years.