The animal vaccine market is a growing industry that has witnessed steady growth primarily due to increase incidences of animal diseases. In 2012, the global market for veterinary vaccine was valued at 5.4 billion USD. By 2018, the market is expected to reach a value of 8.6 billion USD growing at a compound annual growth rate of 8.1 percent. The health of animals whether livestock or companion is closely related to human health. Approximately 70 percent of diseases that affect humans are zoonotic, i.e. they can be transmitted between animals and humans. The increase prevalence of zoonotic diseases in humans is a driving factor that is fueling the growth in the global animal vaccine market. Technological advancement, increase in research for the development of new products and increased investment by government bodies are some other factors which is contributing to the growth in the industry.
Livestock and Porcine Vaccine Leads the Market
Animal vaccines are vital for both livestock and companion animals to keep their health at an optimum level and prevent any diseases. Veterinary vaccine also helps to increase the production of livestock and prevent transmission of diseases among animals. The global market for veterinary vaccine can be segmented on the basis of animal diseases, products and technologies that are involved in developing the vaccines. On the basis of products the animal vaccine market is divided into seven categories which are livestock vaccine, companion animal vaccine, poultry vaccine, equine vaccine, aquaculture and other vaccine. Livestock vaccine segment can be further categorized into small ruminant vaccine and bovine vaccine. The companion animal vaccine market is categorized into feline vaccine and canine vaccine. On the basis of technology the veterinary vaccine market is segmented into DNA vaccine, attenuated vaccine, toxoid vaccine, inactivated vaccine, conjugate vaccine, subunit vaccine and recombinant vaccine.
In 2012, the animal vaccine market was dominated by livestock vaccine and porcine vaccine and these two segments accounted for nearly 63 percent of the market share. The high demand of livestock and porcine vaccine is attributed to the increase demand of meat products in the food industry. Key players in the animal vaccine market are Sanofi SA, Novartis Animal Health Inc., Bioniche Animal Health Canada Inc., Zoetis Inc., Boehringer Ingelheim, Bayer HealthCare, Merck and Virbac Group. Europe represents the largest market for animal vaccine followed closely by North America. With improving healthcare facilities for animals and better government regulations, countries such as China, Brazil and India will contribute to the growth of the animal vaccine market in the future.