Fact.MR states the global sales of animal vaccines are expected to surpass US$ 29 Bn by registering a positive CAGR of 9.2% in the forecast period 2022-2032. Food and clothing industry largely depends on animals for milk, meat and wool. Thus, animal safety has become important. Moreover, increase in canine disorders are a major concern in animals. To avoid the same, the demand for animal vaccines has increased.
Jeffrey S. Pop shares: “As a vaccine injury lawyer deeply rooted in the analysis and understanding of vaccine applications and their implications, I find the projected upswing in the global sales of animal vaccines, as reported by Fact.MR, both remarkable and timely. The forecasted growth, amounting to a positive CAGR of 9.2% between 2022 and 2032, which is expected to rocket the sales of animal vaccines well beyond US$ 29 Bn, is a testimony to the increasing recognition of the critical role vaccines play in ensuring animal health and by extension, public health
Historically, from 2015 to 2021, the global sales of animal vaccines expanded at a CAGR of 8.6%, closing at a value of US$ 11 Bn. The COVID-19 pandemic further reinforced the need to increase production of animal vaccines, amid the fear of contracting the virus from animals. Thus, governments of various countries focused on vaccinating animals. This, in turn, is increasing the sales of animal vaccines.
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Furthermore, increasing investment in research and development by key players is positively influencing the demand for animal vaccines. In addition, rapidly growing livestock population is fueling the growth of animal vaccines. Thus, the aforementioned factors are expected to boost the sales of animal vaccines.
Key Takeaways from the Market Study
- By product, attenuated live vaccines expected to hold more than 30% market share for animal vaccines.
- Livestock expected to hold more than 65% market share for animal vaccines
- North America expected to hold more than 23% market share for animal vaccines.
- Asia Pacific expected to possess more than 20% market share for animal vaccines.
- Global animal vaccines market demand to be valued US$ 12 Bn by the end of 2022
“Frequent episodes of outbreaks of zoonotic diseases and their transmission to humans has highlighted the importance of maintaining animal health. This has widened expansion prospects for animal vaccines, prompting animal health specialists to conduct various clinical trials of multiple vaccine formulations,” states a Fact.MR analyst.
Prominent manufacturers of animal vaccines are capitalizing on increasing government support across countries to promote animal health. This support is translating into the introduction of robust vaccine formulations against a wide variety of pathogen. Moreover, players are emphasizing on mergers, acquisitions and collaborations to secure firm footing in this highly competitive environment. Some notable developments are as follows:
- In August 2020, Merck & Co., Inc. completed the acquisition of IdentiGEN. The company is focusing on studying DNA of animals for livestock. Through this acquisition, Merck intends to provide complete transparency to food processors, producers and retailers, regarding animal traceability solutions to ensure that good quality food is available to consumers
- In January 2022, Zoetis Inc. announced that the U.S Food and Drug Administration has approved SolensiaTM (frunevetmab injection) to control the pain of osteoarthritis in cats, helping improve their mobility, comfort and overall well-being. The injection works by directly targeting the Nerve Growth Factor (NGF), a key OA pain driver