Selbyville, Delaware, Sept. 07, 2021 (GLOBE NEWSWIRE) --
The veterinary vaccines market size is anticipated to record a valuation of USD 11.5 billion by 2027, according to the most recent study by Global Market Insights Inc. The market space is dynamically transforming over recent years. This can be ascribed to the rising incidences of animal diseases and associated fatalities. According to Global Animal Health Association, 20% of animals lose their lives to preventable diseases, posing a great challenge for veterinarians, animal medicine providers, and farmers. Besides, 1 out of 5 farm animals is lost to disease every year, as cited by the World Organization for Animal Health.
In such conditions, veterinary vaccines have played an eminent role in protecting animal health, reducing their suffering, and greatly cutting down the need for antibiotics to treat companion animals. When taken in spray or immersion form, vaccines are estimated to induce innate and specific immune responses to infection, enable effective delivery of inactive vaccines, and enhance the efficacy of vaccines.
Enumerated below are some trends influencing the overall veterinary vaccines market value:
Favorable government initiatives promoting animal health awareness
Given the rising cases of animal fatalities due to chronic diseases, various governments have been implementing constructive initiatives that emphasize on promoting animal adoption and animal health awareness. Attesting to the aforementioned fact, the UK government had in 2020 announced investing about USD 2 billion for redeveloping specialty research and laboratory facilities for animal health science. Apparently, the investment is known to have bolstered the research capabilities to enhance overall animal health nationwide.
Meanwhile, the Government of Spain has as well incorporated the OIE’s animal welfare standards into law and country policies to support animal welfare across the country.
Request for a sample of this research report @ https://www.gminsights.com/request-sample/detail/3117
Growing popularity of toxoid vaccines
Speaking on the technology front, toxoid vaccines are projected to gain massive traction in the overall animal healthcare sector. This can be ascribed to the product’s impeccable benefits, like long-lasting immunity and high stability, immune response to original toxin, and less susceptibility to changes in humidity and temperature. In fact, it was recently revealed that toxoid vaccines are being largely used against bacterial diseases such as diphtheria and tetanus to augment the immune response.
Under such factors, it would be imperative to mention that the toxoid veterinary vaccines market would account for a valuation of USD 704 million by 2027.
Increasing prevalence of fungal infections in animals
The cases of fungal infections in animals are massively rising over years. Dermatophyte fungi are deemed to be one of the most common zoonotic diseases that cause considerable illness among domestic animals and continue to increase especially in developing economies. This has indeed raised the demand for fungal vaccines globally. The segment growth is further propelled by robust technological advancements in veterinary vaccines and expanding supportive government initiatives.
Owing to these factors, the fungal vaccines segment, had in 2020, captured veterinary vaccines market share of more than USD 141 million and is now looking forward to offering significant impetus in the coming years.
Surging demand for animal protein in China
As per the industry experts, China is poised to emerge as a hotspot for veterinary vaccines market, mainly due to the growing demand for animal protein in human food and increasing population. As of 2019, nearly 21.2 million tons of meat were produced in the country, accounting for nearly 50.90% of the total production of poultry meat. Considering the production of seafood, USDA Foreign Agricultural Service reported that in 2019, the overall production surpassed 64.5 million metric tons nationwide.
As a result of these statistics, analysts predict the China veterinary vaccines industry to expand at a CAGR of 7.7% through 2027.
Novel innovations by industry conglomerates
Various players operating in the veterinary vaccines market space are leaving no stone unturned to bring up novel innovations in the space, just to improve the health of animals. These market vendors have been, over the years, implementing vivid strategic initiatives, also to gain a competitive edge in the market and drive revenue generation.
One of the prominent leaders, Boehringer Ingelheim Animal Health had in 2020 rolled out VAXXITEK HVT+IBD+ILT to offer protection against different infections including laryngotracheitis, bursal disease, and Marek’s disease. The strategic move has helped the company in strengthening its product portfolio.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
