Veterinary Vaccines Market Is Set to Garner Staggering Revenues by 2026
Rising incidence of food borne and zoonotic diseases in MEA countries is fuelling the demand in the attenuated live vaccines segment in the region.
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Valley Cottage, NY — (SBWIRE) — 11/20/2017 — Animal breeding remains to be one of the most fundamental agricultural activity facilitating the growth of food & beverage industry in the Middle East. Milk and meat are some of the common raw materials derived from animal husbandry activities carried out in the MEA region. Future Market Insights recently published its research report on the veterinary vaccines market in the Middle East, which stated that – rising demand for food security in the Middle East, collaborative manufacturing measures witnessed among foodmakers and suppliers, and the absence of appropriate health tracking facilities for animals are factoring the growth in demand for veterinary vaccines.
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Future Market Insights projects that the MEA veterinary vaccines market, which is presently valued at US$ 267.3 million, will soar below average to reach US$ 422.9 million value by 2026-end and register a moderate CAGR of 4.7%. The report estimates that lack of resources for collection of samples, questionable potency of vaccines, and absence of harmonised vaccination procedures are limiting the supply and production of veterinary vaccines in the MEA region. Furthermore, ineffectiveness of veterinary vaccines in curing virulent animal diseases indicates shortcomings on epidemiological knowledge faced by MEA's virology research institutes.
Highest Veterinary Vaccine Sales recorded in Jordan
A regional analysis of the veterinary vaccines market in the Middle East identified Jordan as the most lucrative country for sales of veterinary serums. By the end of 2026, Jordan's veterinary vaccine market is expected to dominate the MEA region by reaching value of US$ 88 million. The demand for veterinary vaccines will be equally higher in Turkey, while Sudan will witness moderate growth in terms of revenues. Meanwhile, countries such as the United Arab Emirates, Kingdom of Saudi Arabia and Egypt will witness revenue growth at more than 4% CAGR throughout the forecast period.
Based in Jordan, JOVAC is being recognised as one of the leading manufacturers of veterinary vaccines in the Middle East. The veterinary vaccines market in MEA region is also witnessing fervent involvement of European companies such as Bioveta, Inc., Merial, Bayer Healthcare AG, and Ceva. Other key players in the MEA veterinary vaccines market include, Intervac Pvt. Ltd., Zoetis, Elanco, and Merck & Co, Inc.
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Surging Demand for Food & Mouth Disease Vaccination
Prevalence of oral and digestion-related disorders among animals is shaping up the growth in demand for veterinary vaccines across the Middle East. More than 25% of veterinary vaccines revenues amassed from the MEA region during the projection period will be accounted by food and mouth diseases. New Castle disease has also been observed as prominent indicator for administering veterinary vaccines in this region. Moreover, outbreak of Avian influenza in the MEA region is anticipated to attribute more than US$ 80 million revenues by 2026-end.
In the report, titled "Veterinary Vaccines Market: Middle East Industry Analysis and Opportunity Assessment, 2016-2026," the demand for attenuated live vaccines is predicted to remain high throughout the forecast period. Inactivated vaccines will also gain traction, while revenues garnered from sales of recombinant vaccines, DNA vaccines and toxoid vaccines will grow at a sluggish CAGR. Almost three-fourth of gross revenues amassed from sales of veterinary vaccines in the Middle East will continue to be used for treatment of livestock animals. And, these vaccines are likely to enter the market through veterinary clinics and private veterinary pharmacies. Distribution of veterinary vaccines in the Middle East will also be carried out by hospitals, revenues from which are estimated to surpass US$ 100 million by the end of 2026.