The global animal vaccines market will be worth $US8.6 billion a year by 2018, a new report suggests.
The global animal vaccines market was valued at $US5.4 billion in 2012, the report by US-based international market research firm MarketsandMarkets said.
The livestock vaccines segment dominates the market, with a 37 percent share, followed by the pork and poultry industries.
The company said the large share of these segments was attributed to the major use of animals in the food industry.
It predicted that the aquaculture and companion vaccine segments will witness a healthy growth rate in the near future.
The company said the animal vaccines market was primarily driven by factors such as the growing prevalence of animal diseases, increasing incidences of zoonotic diseases in humans, increasing investments by government bodies and animal welfare associations, and continuous innovations and introductions of new products.
However, factors such as increasing maintenance costs for vaccines and consumers’ increasing preference for vegetarian food to avoid obesity will restrict the growth of the market.
Europe accounts for the largest share in the animal vaccines market, followed by North America.
Europe and North America collectively hold around 70 percent share of the global animal vaccines market, and are fast reaching maturity.
Asia, Africa, and Latin America are poised to grow at double-digit rates owing to increasing investments by companies in these markets and due to improving healthcare facilities for animals, MarketsandMarkets predicted.
It named Pfizer (US), Merck (US), Sanofi-Aventis (France), Bayer HealthCare (Germany), Virbac (France), Novartis (Switzerland), Boehringer Ingelheim (Germany), Heska Corporation (U.S.), Bioniche Animal Health Canada, Inc. (Canada), and Ceva (France) as the key players in the global animal vaccines market.
“Most of these companies have established their foothold in the market and new entrants will face challenges as far as making a mark in the industry is concerned.
“Additionally, stringent regulatory guidelines and the capital-intensive nature of the industry will make entry more difficult for new companies.”