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/
Global Foot and Mouth Disease (FMD) Vaccine Market is anticipated to reach USD 3.0 billion by 2025.
Foot-and-Mouth disease, also termed as “Hoof-and-Mouth Disease” implies an infectious and contagious viral disease that affects cloven-hoofed animals, involving wild and domestic bovids.
The symptoms include blisters on the feet and inside the mouth. Foot and Mouth Disease (FMD) Vaccine has significant economic impact.
The factors that propel the growth of the market include changing lifestyle coupled with change in food preference, increasing awareness among people, and increased acceptance of oil-based vaccines due to their developed effectiveness.
On the other hand, there are factors that may hamper the growth of the market such as less immunity, high cost, and instability at room temperature (3-8 ° C).
Global Foot and Mouth Disease (FMD) Vaccine Market Forecast to 2026 encompasses crucial data about the global Foot and Mouth Disease (FMD) Vaccine market and includes a thorough examination of technological development, market drivers, market share, market size, and regional segmentation.
The report also provides a comprehensive evaluation of the market trends, vital statistical data, accurate market estimations, and the key suppliers and manufacturers of the Foot and Mouth Disease (FMD) Vaccine market.The report is also attuned with the currently ongoing COVID-19 pandemic and its effect on the key segments of the market.
The pandemic resulted in an economic slowdown and has directly affected the business sector by impacting the supply chains and availability of raw materials.
It also offers strategic recommendations to the key players of the market to assist them in overcoming the negative impacts of the pandemic.Get a sample of the report @ https://www.reportsanddata.com/sample-enquiry-form/1608The report provides a complete analysis of the global Foot and Mouth Disease (FMD) Vaccine market with important details about the key market players from insightful primary and secondary research data.
The report also aims to benefit the user by providing constructive data to gain insight into the market growth, size, and investment approaches.The key companies profiled in the market are: AgrovetBiogénesis BagoEmpresa Colombiana de Productos Veterinarios S.A. Vecol S.AFGBI - Federal Centre for Animal Health, Indian Immunologicals LimitedMerialVeterinary Serum and Vaccine Research InstituteFMD Center and Limor de ColombiaThe report also covers a comprehensive analysis of the strategic alliances such as mergers and acquisitions, joint ventures, partnerships, collaborations, agreements, government and corporate deals, and product launches and brand promotions.
Furthermore, it also covers SWOT analysis and Porter’s Five Forces Analysis to offer a deeper insight into the competitive landscape of the market.Market has been divided by Product as:Conventional VaccinesEmergency VaccinesMarket has been divided by Product as:Conventional VaccinesEmergency VaccinesMarket has been divided by application as: CattleSheepGoatsPigsAntelopeDeersBisonGazellesCamelidsBrowse Complete Report “Foot and Mouth Disease (FMD) Vaccine Market” @ https://www.reportsanddata.com/report-detail/foot-and-mouth-disease-fmd-vaccine-marketThe report further segments the market on the basis of key regions of the world and offers an assessment of the production and manufacturing capacity, import and export, production and consumption patterns, supply and demand ratio, and the presence of key players in each region.
