OREANDA-NEWS. Veterinary/Animal Vaccines Market Product (Porcine, (Companion-Canine), (Livestock-Bovine), Poultry, Aquaculture), Diseases (Rabies, FMD, Swine Influenza, Strangles, Furunculous), Technology (DNA, Recombinant, Inactivated, Conjugate) - Forecast to 2021..., Market Research Report: MarketsandMarkets

The global animal vaccines market is poised to reach USD 7.68 Billion by 2021 from USD 5.81 Billion in 2016, at a CAGR of 5.8% from 2016 to 2021.

The increase in livestock population and repeated breakouts of livestock diseases; increasing incidence of zoonotic diseases; initiatives by various government agencies, animal associations, and leading players; and the introduction of new vaccine types are the major factors responsible for growth of the global animal vaccines market. In line with these growth factors, technological innovations such as DNA vaccines and growing awareness of animal health in emerging economies provide opportunities in this market. However, the rising costs of storage and maintenance of vaccines and the increasing price of meat, which promotes the adoption of vegetarian diets, are the major restraining factors in the veterinary vaccines market.

The animal vaccines market, by product, is segmented into companion animal, livestock, poultry, porcine, equine, aquaculture, and other animal vaccines. In this market, companion animal vaccines form the fastest-growing market segment. Its high growth is attributed to increasing awareness about vaccination, the increasing number of zoonotic diseases in human population, and the growth in the number of pets and pet owners.

The animal vaccines market, by technology, is categorized into inactivated vaccines, live attenuated vaccines, toxoid vaccines, conjugate vaccines, DNA vaccines, recombinant vaccines, and subunit vaccines. Live attenuated vaccines form the dominant technology segment in this market. The large share of this segment is mainly attributed to factors such as the increasing prevalence of diseases among porcine and poultry animals as well as the ease of administration and long-term immunity offered by these vaccines.

Geographically, the animal vaccines market is dominated by Europe, followed by North America. Asia is expected to grow at the highest CAGR during the forecast period. Technological innovations such as DNA vaccines, growing awareness of animal health in emerging economies, and increasing investment opportunities in emerging and immature markets are the major factors fueling the growth of the animal vaccines market in Asia.

Key players operating in the animal vaccines market are Zoetis Inc. (U.S.), Merck Animal Health (U.S.), Merial Inc. (Sanofi) (France), Boehringer Ingelheim (Germany), and Elanco Animal Health (U.S.).