Foot and Mouth Disease Vaccines Market: Introduction
Transparency Market Research has published a new report titled ‘Global Foot and Mouth Disease Vaccines Market ’. According to the report, the global foot and mouth disease vaccines market was valued at US$ 5.5 Bn in 2019 and is projected to expand at a CAGR of ~7% from 2020 to 2030. Foot and mouth disease (FMD) is an acute viral and highly contagious disease, affecting various economically important livestock species. The FMD virus affects pigs, cows, goats, sheep, and deer. Animals with FMD develop fever and blisters on the lips and tongue in the mouth, on the mammary glands, and around the hooves. The foot and mouth disease is a highly contagious disease of cloven-hoofed animals. In countries where food and farm animals are essential for subsistence agriculture, outbreaks of FMD seriously affect food security and development. Substantial progress in FMD virus research at the molecular, cellular, and live animal levels has been made in the last few decades.
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In terms of type, the global foot and mouth disease vaccines market has been bifurcated into conventional vaccines and emergency vaccines. The conventional vaccines segment has been divided into aluminum hydroxide/saponin-based vaccines and oil-based vaccines. The conventional vaccines segment accounted for major share of the global foot and mouth disease vaccines market in 2019. The segment is anticipated to expand at a high CAGR during the forecast period, owing to the rise in the need & demand for prevention of the disease across the world.
Based on application, the global foot and mouth disease vaccines market has been classified into cattle, sheep & goat, pigs and others (antelope, deer, bison, and camelids). The cattle segment held a significant share of the global foot and mouth disease vaccines market in 2019.
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Foot and Mouth Disease Vaccines Market: Prominent Regions
North America held major share of the global foot and mouth disease vaccines market in 2019. Highly structured animal healthcare industry, presence of key players, and growth strategies adopted by these players are the major factors driving the foot and mouth disease vaccines market in the region. Rise in awareness about the benefits of prevention of diseases and increase in animal healthcare expenditure augments the foot and mouth disease vaccines market in North America. Asia Pacific held the second largest share of the global foot and mouth disease vaccines market in 2019. The growth of the foot and mouth disease vaccines market in Asia Pacific can be attributed to rise in acute viral diseases and well-developed animal healthcare sector. The foot and mouth disease vaccines market in Asia Pacific is likely to grow at a rapid pace during the forecast period.
The development of vaccines and other pharma products to cope with zoonotic disease concerns and a rise in awareness leading to routine checkup and diagnosis are the major factors anticipated to fuel the growth of the foot and mouth disease vaccines market in the region.
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Foot and Mouth Disease Vaccines Market: Key Players
Key players are expanding their footprint to consolidate their positions in the global foot and mouth disease vaccines market. Greater emphasis on prevention and wellness by veterinarians and owners presents lucrative opportunities to key players to increase their share in the global foot and mouth disease vaccines market. Hence, manufacturers are engaging in new product development, collaborations, and distribution to gain market share. Leading players operating in the global foot and mouth disease vaccines market include India Immunological Ltd., Merck Animal Health, Brilliant Bio Pharma Ltd., Ceva Santé Animale, Boehringer Ingelheim GmbH, Biovet Private Limited, Biovencer Healthcare Private Limited, Vetal Animal Health Products S.A., and Biogenesis Bago SA.
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