Published: Jun, 2017
The presence of a large number of local players has rendered the global foot and mouth diseases (FMD) vaccines market highly fragmented. However, a handful of international companies, including MSD Animal Health (Merck), Merial, and Bayer AG, account for a substantial share in the overall market revenue, reports Transparency Market Research (TMR) in a new study. “Manufacturers are competing not only with private players, but also several governments who have set up their own FMD vaccines manufacturing units,” says the author of the report.
The global FMD vaccines market is anticipated to reach a valuation of US$954.5 mn by the end of 2020, progressing at a CAGR of 8.8% between 2014 and 2020.
Asia Pacific to Lead Revenue Generation through 2020 owing to Presence of FMD Endemic Countries
On the basis of application, the cattle segment will continue to lead the market in terms of revenue until 2020. The growing population of cattle across the globe and the increasing dependence of humans on animal products such as meat and milk are supplementing the growth of the segment. Owing to these factors, it will also be the most promising segment during the review period.
Geographically, Asia Pacific will continue to account for the lion’s share in the global market until 2020. The presence of FMD endemic countries, including China, India, Bangladesh, Hong Kong, South Korea, and Pakistan, is contributing to the growth of the region. On the other hand, developed countries such as New Zealand, Australia, and countries in Western Europe and North America are FMD free and therefore, will register little or no growth during the forecast period.
Development of DNA Vaccines Impacts Market Growth Positively
India, China, and Hong Kong are the top three exporters of beef and pork in Asia. Denmark, France, and Spain import most of their meat products from Asia. Thus, the increasing export of meat products is translating into the greater need for healthy livestock, thereby boosting the demand for FMD vaccines.
Developing and less developed countries in Asia and Africa encounter FMD outbreaks at an alarming rate. These outbreaks are on the radar of their governments and thus, they are taking certain initiatives to address this situation. Hence, favorable government initiatives are working in favor of the growth of the overall market. In recent times, manufacturers are investing large sums in the development of DNA vaccines. These vaccines provide better results and have a longer lasting effect than the conventional vaccines. Therefore, the rising demand for DNA vaccines is stoking the growth of the global market.
Reduced Costs Due to Government Interventions Adversely Affect Profit Margins
Despite some favorable initiatives, government interventions in the distribution of FMD vaccines are acting as a stumbling block for the global market. “They purchase vaccines directly from manufacturers in bulk and supply it to various farms, vet clinics, and animal husbandries at a subsidized rate. These rates restrict manufacturers from making significant profits,” says a TMR analyst. For instance, Government of India buys FMD vaccines from manufacturers in bulk during outbreaks and supplies it in different regions of the country.
There are seven different types of serotypes that can cause FMD. The vaccines presently available are antigen specific and are ineffective on any other serotypes. Thus, increasing outbreak of any particular type can inhibit the growth of the market for remaining serotypes.
The information presented in this review is based on a TMR report, titled, “Foot and Mouth Disease Vaccines Market (Types- Conventional (Aluminum Hydroxide/Saponin and Oil Based Vaccines) and Emergency Vaccines; Application - Cattle, Pigs, Sheep, Goat, and Deer, Camel, and Giraffe) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020.”
The global foot and mouth disease vaccines market is segmented as follows:
Global Foot and Mouth Disease Vaccines Market, by Types
- Conventional Vaccines
- Aluminum Hydroxide/Saponin
- Oil Based
- Emergency Vaccines
Global Foot and Mouth Disease Vaccines Market, by Applications
- Sheep and Goats
Global Foot and Mouth Disease Vaccines Market, by Geography
- North America
- South Korea
- Rest of APAC
- Rest of the World
- Latin America
- South Africa
- Rest of Africa
- Rest of RoW
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