by The global 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 livestock including cattle, swine, sheep and goats. FMD vaccines play a crucial role in preventing the outbreak of this disease among livestock by boosting their immunity. These vaccines are available in different types including conventional vaccine and emergency vaccine which provides protection for 4 to 6 months and up to 12 months respectively.
Market key trends:
Growing consumption of meat and dairy products has increased the population of livestock globally which makes them more prone to infectious diseases like FMD. This has fueled the demand for advanced FMD vaccines with longer protection. Moreover, the regular FMD outbreaks in developing countries have enforced authorities to administer mandatory FMD vaccination programs which is driving the market growth. Also, key manufacturers are engaged in developing thermostable FMD vaccines that do not require cold chain management during transportation and storage, in order to increase their applications in tropical countries.
Segment Analysis
Foot and Mouth Disease Vaccine Market is segmented by type, end-user and region. Based on type, inactivated vaccines segment dominated the market in 2023, accounting for around 60% of the market share. Factors such as easy accessibility, usage convenience and high efficacy rate have contributed to its leading position. However, the live-attenuated vaccine segment is expected to witness higher growth over the forecast period supported by its ability to provide long lasting immunity against FMD virus and feasibility in mass vaccination programs.
Key Takeaways
The Global Foot And Mouth Disease Vaccine Market Size is expected to witness high growth, exhibiting CAGR of 9.4% over the forecast period, due to increasing prevalence of foot and mouth disease in cattle and outbreaks of the disease in various parts of the world.
Regional analysis
Asia Pacific dominates the global market and is expected to continue its leading position over the forecast period. Rapid expansion of livestock farming in countries like India and China has augmented the risk of foot and mouth disease outbreaks in the region. North America and Europe are other major markets owing to implementation of active vaccination programs.
Key players
Key players operating in the Foot and Mouth Disease Vaccine market are 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. Agrovet and Indian Immunologicals Ltd occupy a significant share in the global market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
