Overview:
The Veterinary/Animal Vaccines Market Insights By Type (Livestock Vaccines, Porcine Vaccines), Technology (Live Attenuated Vaccines, Inactivated Vaccines), and Region (Americas, Europe, Asia-Pacific, and the Middle East & Africa) - Forecast till 2030
Veterinary vaccines ensure improved health and increased production of the livestock and reduce cost substantially. At the same time, it prohibits the transmission of diseases to other animals or human beings. Climate is playing a crucial role in triggering growth in number of the cases registered with animals getting affected by diseases. The second factor constantly influencing the market is the increase in spending on companion animals. This makes the owners seek assistance to apply veterinary vaccines to their animals to ensure their healthy life as well as of people around the animal. The region has a huge number of unvaccinated livestock which is becoming a concern as the dairy and meat sectors are also burgeoning. Hygiene has always been a problem with this region, and this can result in animals getting affected by diseases. And factors can have a knock-down effect on the MEA veterinary vaccines market and aid it to inflate with CAGR 9.5% during the forecast period (2022-2030) to reach USD 550.84 million, asserts Market Research Future (MRFR) in a detailed study.
However, research and development in this sector can incur high investment which considering the end price of products may not seem beneficial. This can give the veterinary vaccines market an unwanted jolt. The market is also getting steep competition from its Chinese counterparts, and the animal industry is fairing poorly as Europe is gaining the upper hand in the region.
Segmentation:
The MEA for veterinary vaccines market trends can be segmented by technology, disease indication, composition, and animal type.
Technology-wise, the market can be segmented into attenuated, inactivated, toxoid, conjugate, subunit and recombinant DNA. Growing number of farms and animals as companions have given rise to attenuated segment which is currently dominating the market and the situation is expected to remain so in the foreseeable future.
Based on disease indication, the market includes foot & mouth disease, parvovirus, distemper, reproductive & respiratory syndrome and others.
Composition-based segmentation comprises mono vaccine and combination vaccines.
Based on animal type, the market consists poultry, bovine, porcine, companion and other. Poultry segment is accounted for the maximum market share followed by porcine. Meanwhile, companion section is witnessing significant market growth owing to the trend of adoption of pets.
Regional Analysis:
The MEA market for veterinary vaccines can be segmented into the UAE, Egypt, Saudi Arabia, Kuwait, Qatar, and Oman.
The UAE has the largest market for veterinary vaccines. The region has a well-formed healthcare setup that looks into the issue, and people with disposable income are also fond of pets which give the market considerable leverage in exploring significant possibilities.
Egypt is currently holding the second position. The local market here is driven by growing demand for meat and dairy product and to safeguard the source of such food and beverage, vaccines are necessary. Weather in the African continent is harsh but is ideal for diseases which spreads quite rapidly. Animals and human beings living in close proximity also increase chances of infection transmission which has to be taken into consideration for a better lifestyle.
Market Competition:
The market is getting some recognition from the concerned authorities as it can benefit from the associated industries significantly. Presence of several foreign companies in the region is also proving vital for the market.
Some of the key players in this market are Zoetis Inc., Boehringer Ingelheim GmbH, Merck Animal Health, MSD Animal Health, Elanco Animal Health, Bayer AG, Indian Immunologicals Limited, and others.
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