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| Global Foot And Mouth Disease Vaccine Market Size |
The Foot And Mouth Disease Vaccine Market is estimated to be valued at US$ 2621.55 Mn in 2023 and is expected
to exhibit a CAGR of 9.4% over the forecast period 2023 to 2030, as
highlighted in a new report published by Coherent Market Insights.
Market Overview:
Foot and mouth disease (FMD) is a highly contagious viral disease that affects
cloven-hoofed animals including cattle, pigs, sheep, goats, and deer. The FMD
virus causes fever and blister-like lesions in the mouth and on the feet of
infected animals. The main signs of FMD are lameness, reduced milk yield, and
reluctance to move in animals. Vaccination is the primary prevention method for
FMD, which works by activating the animal's immune system to produce antibodies
against the virus. Different types of vaccines available are conventionally
grown vaccines and recombinant vaccines.
Market Dynamics:
The increasing occurrences of foot and mouth disease outbreaks globally are
expected to drive the foot and mouth disease vaccine market growth over the
forecast period. According to the Food and Agriculture Organization (FAO), FMD
is endemic in parts of Asia, Africa, and the Middle East. With improving
surveillance systems and reporting, the number of FMD outbreaks reported
annually has increased from around 100 in 2004 to over 200 in 2016.
Additionally, supportive government initiatives and programs focused on
eradicating FMD are also promoting the adoption of vaccination campaigns. For
instance, in March 2022, the New South Wales government announced a AUD 50
million support package for its FMD readiness and response plan. However,
complex nature of the FMD virus and antigenic variations pose challenges in
developing universal effective vaccines. Different serotypes and topotypes have
been reported globally making long-term protection difficult. Continuous
research efforts are being made by key players for developing serotype
independent vaccines offering cross protection.
Segment Analysis
The Global
Foot And Mouth Disease Vaccine Market Size is dominated by trivalent vaccines segment.
Trivalent vaccines protect cattle against three serotypes and are widely used
across majority of countries. This segment holds the largest market share due
to high adoption of these vaccines for cattle population vaccination programs
across developing regions.
PEST Analysis
Political: Governments of various countries have implemented regulations and
programs to curb the spread of foot and mouth disease through vaccination. This
has promoted market growth.
Economic: The rising demand for animal proteins and adoption of livestock
insurance schemes have positively impacted the market growth. Additionally, the
economic losses from outbreaks have directed farmers and government invest more
in vaccinations.
Social: Increasing awareness about FMD, zoonotic diseases and animal welfare
has led farmers and population at large adopt vaccination programs.
Technological: Advancements in vaccine production technologies like virus
inactivation methods, adjuvants etc. have enhanced efficacy, safety and
thermo-stability of vaccines simplifying storage and logistic needs.
Key Takeaways
The global foot and mouth disease vaccine market is expected to witness high
growth, exhibiting CAGR of 9.4% over the forecast period, due to increasing
meat consumption and supportive government vaccination programs. The market
size for 2023 is estimated at US$
2621.55 Mn.
Regional analysis: Asia Pacific is the fastest growing as well as the largest
market for foot and mouth disease vaccines. The region accounts for more than
half of the global cattle population with countries like India, China, Pakistan
having huge cattle herd. Governments of these countries spend significantly on
vaccination programs for control of the disease.
Key players operating in the foot and mouth disease vaccine market include
Agrovet, Indian Immunologicals Ltd., MSD Animal Health, Vallee SA, Bayer HealthCare,
Brilliant Bio Pharma Ltd., Intervet, Biovet, Merial, China Animal Husbandry
Co., Ltd., Vetal Animal Health Products S.A.VETAL Animal Health Products, and
Vecol S.A. These players are focusing on expansion in Asian markets and
production capacity additions to cater rising demand.
Read More: https://www.rapidwebwire.com/foot-and-mouth-disease-vaccine-market-scope/