With the presence of a large pool of participants, the global veterinary vaccine market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Heska Corporation, Merck Animal Health, Boehringer Ingelheim GmbH, Bayer AG, Eli Lilly and Company, and Sanofi are some of the key vendors of veterinary vaccine across the world. These players are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the veterinary vaccine market study.
Citing an instance, in July 2018, BioVetKZ announced that it will build a veterinary vaccine unit in Zhambyl region of Kazakhstan. Reportedly, the US$ 5 million Kordai-based bioplant is designed to manufacture nearly 25 million doses of veterinary vaccines each year with the future capacity of the plant projected to expand by nearly three-folds.
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As estimated in this report, the global veterinary vaccine market stood at US$ 12.10 billion in 2015. Witnessing a tremendous rise during the period from 2015 to 2021, the revenue in this veterinary vaccine market is expected to reach US$ 20.60 billion by the end of the forecast period. The key products available in this market are live stock vaccine, canine vaccine, companion vaccine, poultry vaccine, feline vaccine, equine vaccine, porcine vaccine, and aquaculture vaccine. Among them, the demand for porcine vaccine is relatively higher and the trend is anticipated to remain so over the next few years, notes the veterinary vaccine market research report.
High Awareness Pertaining To Animal Healthcare To Soar Market Growth
“New technologies used for developing vaccines and increase in the levels of awareness pertaining to animal care activities is anticipated to hoist the growth of veterinary vaccine market in the years ahead,” says the author of this study. Apart from this, evolution of new ailments in animals and growing cases of microorganisms developing resistance to the medicines in animals is predicted to further contribute towards the rampant expansion of veterinary vaccine market over the ensuing years. In addition, launching of new veterinary vaccines by the leading industry participants for combating protozoa, virus, and bacteria are anticipated to further impel veterinary vaccine market demand.
Escalating costs of vaccine storage maintenance and bioethical issues related to the business, however, are projected to hinder the industry progression over the ensuing years. Nevertheless, rise in the occurrence of various ailments in animals and massive government funding for the product in the emerging economies will further enhance the scope of the business, normalizing the impact of hindrances on the veterinary vaccine market, reports the veterinary vaccine market study.
Mammoth Demand For Dairy Products To Help North America Maintain Dominance
Regionally, North America has been leading the worldwide veterinary vaccine market and is anticipated to continue on the dominant position in the years to come, states the veterinary vaccine market study. The burgeoning demand for dairy items and pet ownership in countries such as the U.S. are the key factors behind the dominance of the North America veterinary vaccine market.
The global veterinary vaccine market is segmented as follows:
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