Emergence of new strains of pathogens, coupled with global growth in livestock production and evolution of new technologies will help drive growth in the veterinary vaccine market, according to a report from Global Industry Analysts, Inc. (GIA).
The report, titled “Veterinary Vaccines: A Global Strategic Business Report,” provides a review of market trends, growth drivers, segmental analysis, regulations, mergers, acquisitions, and other strategic industry activities of major global players, according to GIA.
Livestock production represents the biggest market for animal vaccines, the report notes, and growing demand for animal proteins around the world will create increasing demand for vaccines, according to the report. The pet industry also is growing, particularly in developing countries as the economic status of their populations improve, creating more demand for vaccines in the companion-animal market. The report projects the global veterinary vaccine market will generate $9 billion in annual revenue by 2020.
The United States and Europe currently represent the largest markets for veterinary vaccines, but the report projects significant growth in the Asia-Pacific and Latin American markets. China is the fastest growing market for animal vaccines, with an annual growth rate of 10.8 percent. China is a major pork producer, and the authors note that porcine vaccines comprise the largest segment among livestock vaccines. Dogs represent the largest market globally for companion-animal vaccines.
The report also indicates the emergence of new technologies such as development of recombinant or bioengineered vaccines will contribute to growth in the market and allow production of more-effective vaccines.