The global veterinary vaccines market is expected to reach USD 8,655.2 million by 2022 from USD 6,500.7 million in 2017, at a CAGR of 5.9% from 2017 to 2022. Factors such as growth in livestock population and repeated breakouts of livestock diseases; increasing adoption of companion animals; rising incidence of zoonotic diseases; initiatives by various government agencies, animal associations, and leading players; and the introduction of new types of vaccines are driving growth of the veterinary vaccines market. On the other hand, the high storage cost for vaccines is restraining market growth.
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How are technological advancements providing opportunities in Animal Vaccines market?
The veterinary vaccines technology has evolved significantly over the past decade. This is mainly due to the constant emergence of new diseases or the re-emergence of mutated diseases. Conventional live and inactivated vaccines are sometimes exposed to risks of mutation and have a short shelf life. Similarly, the challenge of strain/region specificity makes conventional vaccines ineffective. To combat these limitations, technologically advanced recombinant and DNA vaccines are being introduced in the market.
The introduction of new vaccines is expected to offer lucrative growth opportunities to animal vaccine manufacturers. These vaccines induce a wider range of immune responses; are easy to produce, store, and transport; can be rapidly developed to combat emerging diseases; and are highly stable as opposed to other vaccine types. DNA vaccines are capable of inducing potent cellular and humoral immune responses and display higher stability at a wider range of temperatures, which also reduces the cost incurred in maintaining the recommended temperature. After successful preclinical tests for H1N1 influenza, players such as VGX Animal Health are now increasing their focus on developing DNA vaccines. The healthy growth in this market is indicative of the opportunities available in this market segment.
Moreover, technological advancements in other areas are enabling real-time communication using mobiles to send information to pet owners/livestock farmers for timely vaccination and medication. This, in turn, is increasing the adherence to vaccination programs among pet owners and livestock farmers.
How inadequate surveillance and reporting systems pose challenges in Animal Vaccines market?
In many cases, despite initiatives to promote the use of vaccines, the overall vaccine coverage is found to be low. This is mainly due to the lack of awareness about vaccination and inadequate surveillance and reporting systems. Even when vaccines are available, a lack of data can complicate decisions about areas where vaccines are needed. Moreover, surveillance and reporting systems are still inadequate for many diseases and in many countries, which is resulting in the late diagnosis and reporting of disease outbreaks. This issue is primarily related to funding, as farmers are often reluctant to pay for diagnostic tests or surveillance and reporting. Investments and funding for improving surveillance and reporting systems are expected to ultimately transfer the benefits to human health by reducing the overall prevalence of zoonotic diseases. However, until such investments are made available, the presence of inadequate surveillance and reporting systems is expected to continue to hinder the large-scale use of vaccines.
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