Foot and Mouth Disease Vaccines Market is Projected to be Worth US$0.95 bn by 2020
Global Foot and Mouth Disease Vaccines Market: Snapshot
Foot and mouth disease (FMD) is a highly infectious viral disease that affects cloven-hoofed animals. The diseases is known to lead to high mortality rate among young livestock such as lambs and piglets and recurring endemics of the disease across the globe have a vast socioeconomic impact on the international trade related to livestock products. In the past few years, favorable government initiatives to control FMD outbreaks have significantly boosted the growth of the global FMD vaccines market. Moreover, the rising consumption of meat and dairy products across the globe has further fuelled the need for FMD vaccines.
The market features a highly fragmented competitive landscape and is largely controlled by various government bodies that purchase these vaccines in bulk directly from manufacturers. This scenario has made competition highly fierce in the market and is expected to bring about a significant dip in profit margins of companies operating in this market in the near future. Nevertheless, the budding and highly promising segment of DNA vaccines will open new opportunities for market players during the forecast period.
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Transparency Market Research projects that the global foot and mouth disease vaccines market will exhibit a promising 8.8% CAGR over the period between 2014 and 2020. As a result, the market is expected to rise from a valuation of US$0.51 bn in 2013 to US$0.95 bn by 2020.
Vast Demand for Oil-based Vaccines to Continue to Keep Conventional Vaccines Most Promising
Depending upon the type of vaccines, the report segments the global FMD vaccines market into conventional vaccines and emergency vaccines. The segment of conventional vaccines has been further categorized into aluminum hydroxide- or Saponin-based vaccines and oil-based vaccines. Of these, the segment of oil-based FMD vaccines dominated, accounting for a massive 63% in the global market in 2013. Thus, the conventional vaccine segment leads the global FMD vaccine market and is expected to remain the dominant product segment over the report’s forecast period. The increasing adoption of routine vaccination programs to eradicate or control the disease spread will help the segment of conventional FMD vaccines to gain increased demand in the near future.
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Asia Pacific to be Leading Regional Market for FMD Vaccines
From a geographical perspective, the report analyzes the market for FMD vaccines across region such as Asia Pacific, Europe, Africa, North America, and Latin America. Of these, the market across Asia Pacific is presently the dominant contributor of revenue to the global FMD vaccines market. The region is the leading consumer of FMD vaccines owing to the presence of some of countries such as South Korea, China, Bangladesh, Hong Kong, India, and Pakistan, which are most severely impacted by FMD endemics.
Apart from the promising demand across the Asia Pacific region, the demand for FMD vaccines is also expected to witness encouraging rise across countries such as Sudan, Egypt, and Brazil over the report’s forecast period owing to the rising outbreaks of FMD in these countries. Majority of countries in Western Europe, New Zealand, Australia, and countries in North America are FMD free and have no scope for FMD vaccines. As a result, the FMD vaccines market across these regions is expected to witness very low or no growth over the report’s forecast period.
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The report states that the global FMD vaccines market features a highly fragmented vendor landscape owing to the presence of a large number of domestic vendors presenting fierce competition for global vendors. Moreover, several FMD endemic countries have their own government-initiated or funded FMD vaccine manufacturing facilities, restraining the entry or expansion of international vendors across such regions. Some of the key vendors operating in the market are Brilliant Bio Pharma Ltd, Bayer AG, Agrovet Co., Biogenesis Bago, Inova Biotecnologia, and Indian Immunologicals Ltd.
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