The latest market report published by Credence Research, Inc. “Foot and Mouth Disease (FMD) Vaccines Market – Growth, Future Prospects, Competitive Analysis, 2018 – 2026,” the global foot and mouth disease vaccines market was valued at US$ 1,444.1 Mn in 2017 expanding at a CAGR of 8.1% from 2018 to 2026.
Foot and mouth disease (FMD) is an extremely infectious viral disease affecting cloven-hoofed animals, and has potential for causing heavy economic losses. FMD is not a direct threat to human; however, lost trade opportunities and animal food insecurity for affected countries pose global burden on economy and barriers on human development. According to World Organization for Animal Health (OIE) and Food and Agriculture Organization of the United Nations (FAO), FMD is a major threat to the food security of the world, especially in the underdeveloped countries. However, many countries are FMD free with or without vaccination owing to the stringent control initiatives carried out by local governments, FAO and OIE aiming at the global eradication of FMD virus. Growing dairy industry globally is the major driver for the boost in the demand for FMD vaccines. High demand for meat and dairy in the western countries and have enforced the government to undertake progressive control measures for dealing with the risk of FMD virus and related diseases. Moreover, development of DNA vaccines would further drive the market during the forecast period. Bulk buying of vaccines by governmental bodies in low prices to cater the growing demand in underdeveloped countries has negatively impacted the revenue generation, acting as the restrain to the growth of FMD vaccines market.
In terms of vaccine type, conventional vaccines held the largest share in the global FMD vaccines market. Oil-based vaccines are anticipated to exhibit highest growth rate owing to the advantages over aluminum hydroxide/saponin based vaccines. Initiation of higher titers and longer antibody response are some of the benefits of oil-based vaccines, driving its demand. In terms of animal type, cattle held the largest segment in the global FMD vaccines market owing to high animal density and increasing livestock. Moreover, FMD infection in cattle results in significant drop in milk yield, reduced wool and meat production, increased mortality in calves and poor reproduction affecting the dairy, meat and agricultural industry as a whole. Growing population of pigs and sheep will further drive the FMD vaccines globally.
Asia Pacific held the dominant position in the global FMD vaccines market owing to number of FMD endemic prone countries in the region. Countries such as India, China, South Korea, Pakistan and others have high livestock density and are more susceptible for FMD infection. Supportive government initiative to control and eradicate FMD virus is also an important factor for the growth of this region. According to FAO, India is highly vulnerable to FMD due to circulation of serotypes of virus such as O, A and Asia1 in the country. Recent outbreak of FMD was witnessed in India in 2017, affecting livestock population and milk production from the affected areas. Lower number of FMD outbreaks in the countries such as U.S., U.K., Canada and other European countries have led to the sluggish growth of the FMD vaccines market in these region. The prominent players actively engaged in the FMD vaccines market include MSD Animal Health, Bayer Healthcare, Brilliant Bio Pharma Ltd., Agrovet Co., Indian Immunologics Limited, Merial S.A.S, Inova Biotecnologia, Intervac (Pvt). Ltd.
Browse the full report Foot and Mouth Disease (FMD) Vaccines Market – Growth, Future Prospects, Competitive Analysis, 2018 – 2026 report at https://www.credenceresearch.com/report/foot-and-mouth-disease-fmd-vaccines-market
Key Market Movements:
- Rising government initiatives by government to drive the demand for FMD vaccines
- Growing FMD outbreaks in Asia Pacific and other developing region to drive the market
- Growing dairy and agricultural industries globally to increase FMD vaccines demand