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Tuesday, February 7, 2017

Global Veterinary Vaccine Market May Hit $20 Billion in 2021 by TVR Staff

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Global Veterinary Vaccine Market May Hit $20 Billion in 2021

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The livestock market accounts for a much greater share of the veterinary vaccine market at over 62 percent, with more than 30 percent of that for porcine (pig) virus vaccines.
Veterinary vaccines are the most profitable part of the growing animal medicine market. Profitability in the veterinary vaccine market is fueled by the drive for food safety and the high cost of treating contagious diseases in livestock animals, increasing investment in vaccines by government agencies, and rising demand for companion pets in countries around the world.
Given the preventive focus of veterinary health care for both commercial animals and human companion animals, the veterinary vaccine market is expected to see considerable growth in revenue over the next five years,” from a reported value of $12.1 billion in 2015 to an anticipated value of $20.6 billion by 2021.1 2
According to a report published by Zion Market Research of Sarasota, FL, factors influencing the market growth include “rising maintenance cost of vaccine storage,” chronic diseases in food animals, and economic downturns that could be offset by increasing the demands for human consumption of animal products, such as milk, eggs, and meat. 1 2
The veterinary vaccine market is broken down into two main segments: vaccines for livestock and those for companion animals. The livestock market accounts for a much greater share of the veterinary vaccine market at over 62 percent, with more than 30 percent of that for porcine (pig) virus vaccines. Pet vaccines account for 38 percent of the global market, broken down into equine (horse), canine (dog) and feline (cat) vaccines. Within the pet segment, vaccines for dogs represent the most lucrative market, growing at a rate of about six percent per year.1 2
The worldwide veterinary vaccine market encompasses North America, Europe, Asia Pacific, Latin America, the Middle East and Africa. Currently, North America and Europe dominate the veterinary vaccine trade, commanding more than 68 percent of the market. The U.S. is expected to continue to account for nearly 38 percent of that market, primarily because of increasing pet ownership and the great demand for dairy products. 1 2
Pharmaceutical companies producing veterinary vaccines, which compete with each other for market share, include Bayer, Bimeda, Boehringer Ingelheim, Ceva Santé Animale, Eli Lilly (Elanco Animal Health), Heska, Merck Animal Health, Sanofi (Merial Animal Health), Virbac, and Zoetis. 1 2


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