A new research report published by Transparency Market Research talks about the overall working dynamics of the global veterinary vaccines market and the factors influencing its growth. The research report states that the global veterinary vaccines market is primarily driven by the rapidly booming research in the field that has helped in providing greater insights about the pathogens that impact the animals. Moreover, these activities of research and development have also provided new ways and techniques to create therapeutics that will help in maintaining a strong immunity of farm and pet animals. The research community including veterinary and medical fraternity, and the key market players are making targeted efforts to develop new approaches in developing vaccines. Some of the leading companies in the global veterinary vaccines market are adopting platform technologies to bump up their marketing approvals, especially for the inactivated veterinary vaccines. This approach has helped these companies to develop several different types of veterinary vaccines that will cater to the growing demands from different parts of the world.
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The growth of the global veterinary vaccines market will depend on different other factors as well. Simply developing new vaccines and therapeutics will not suffice. These new vaccines need to be cost-efficient for mass products, affordable, and must be easily accessible to broader audiences. The leading companies in the global veterinary vaccines market are using targeted approaches to develop new vaccines that will fit the bill. Some of the leading companies in the global veterinary vaccines market include names such as Boehringer Ingelheim, Ceva Sante Animale, Neogen Corp, Zeotis Inc., and Merck Animal Health among others.
With such developments, the global veterinary vaccines market is expected to exhibit a promising CAGR of 6.5% for the forecast period of 2018 to 2026. The market was initially valued at US$6,100 mn in the year 2016. With the given rate of growth, the market valuation is expected to rise up to US$12,000 mn by the end of 2026.
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Targeted Efforts to Improve Animal Conditions are Helping Market Growth
A key driving factor for the development of the global veterinary vaccines market is the substantial growth in terms of efforts of animal owners and veterinarians to improve the health conditions of animals. Moreover, their concentrated efforts to cut down the diseases and infections affecting livestock across the globe, has also given the much needed impetus to the development of the global veterinary vaccines market. The growing pressure about the impact of such diseases on public as well as animal health is encouraging the development of new technologies. This too is helping the growth of the global market.
North America to Remain as Key Contributor
In terms of geographical segmentation, the global veterinary vaccines market is divided into five main regions namely Asia Pacific, Middle East and Africa, North America, Europe, and Latin America. Of these regional segments, the global market for veterinary vaccines is currently dominated by the North America region. The segment is expected to continue to lead over the course of the forecast period. Presence of key companies, increasing research and development activities, and early access to new therapeutics and technologies are some of the factors that are driving the growth of the market.
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Market Segmentation is as follows:
- Technology
- Inactivated Vaccines
- Conjugated Vaccines
- Live Attenuated Vaccines
- Toxoid Vaccines
- Application
- Livestock Animals
- Companion Animals
- Region
- North America
- Latin America
- Middle East and Africa
- Asia Pacific
- Europe
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