Albany, NY, April 24, 2018 (GLOBE NEWSWIRE) -- According to TMR, By the closure of 2024, the global veterinary vaccines market has been anticipated to expand to a US$11.40 bn valuation while registering a 6.9% CAGR during the completion of the forecast tenure 2016-2024. As per type of technology, the market could testify the rise of live attenuated vaccines as a dominant segment expected to post a 6.8% CAGR. By region, North America has been predicted to take a commanding position of the market. Nevertheless, Asia Pacific could impress with its 8.4% CAGR.
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Rising Acculturation and Resultant Increase in Pet Ownership Pave Way for Growth
Increasing acculturation and high rate of pet ownership, especially in the U.S., have been envisaged to significantly up the growth of the world veterinary vaccines market. Furthermore, according to a research, there has been a telling correlation between acculturation and pet ownership, which could also bode well for the market. Massive outbreaks such as avian flu and the need to control infectious diseases among animals and avoid the transfer of such ailments to human beings could be counted among key determining growth factors of the market.
Organizations offering incentives to certain customer segments and espousing different approaches for vaccination or treatment of animals could be another powerful factor augmenting the demand for veterinary vaccines.
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Insufficient Epidemiological Learning of Animal Diseases Throws Market into Tizzy
Revenue generation of the international veterinary vaccines market has been foreseen to face disruption due to lack of understanding of antigen/immunogenic structures and issues related to epidemiological learning of critical animal diseases. The market could also face challenges because of a dearth of qualified veterinarians.
However, high requirement of combination vaccines to deal with the growing prevalence of deadly animal infections has been foretold to provide a whole lot of relief to veterinary vaccine companies. Increasing dependability on such vaccines and their high precision could bring in more demand in the international market for veterinary vaccines. Death of domestic animals accounts for substantial financial misfortunes owing to its negative impact on the supply of poultry items including meat and dairy products. Thus, it becomes even more important to use veterinary vaccines to keep away severe maladies such as foot-and-mouth disease.
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The global veterinary vaccines market has been prognosticated in a report by Transparency Market Research (TMR) to hold a deeply solidified characteristic as top five players accounted for a weighty combined share in the recent past. Some of the leading players of the market are Sanofi Aventis, Zoetis, Inc., Merck & Co., Boehringer Ingelheim GmbH, and Bayer AG. Prominent companies operating in the industry may take to certain strategies such as larger ventures for innovative work exercises, expansion of global supply and assembling limits, and directed acquisitions and permitting. For instance, in June, 2016, Sanofi and Boehringer Ingelheim entered into definitive agreements to swap each other’s animal health and consumer healthcare businesses.
About TMR
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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