The global swine vaccines market size is expected to reach USD 2.09 billion by 2028, registering a CAGR of 4.9% over the forecast period, according to a new report by Grand View Research, Inc. Increasing prevalence of diseases, a surge in the demand for animal protein, and growth in R&D expenditure for vaccines innovation are driving the market growth. Porcine Parvovirus (PPV), Porcine Reproductive and Respiratory Syndrome (PRRS), Porcine circovirus type 2 (PCV2), Foot & Mouth Disease, Classical Swine Fever, and others remain to be extremely prevalent diseases in pig farms affecting economic losses.
The COVID-19 pandemic directly or indirectly impacted the business, results of operations, and financial conditions of market players. The Animal Health business was confronted with various production and supply bottlenecks because of the COVID-19 pandemic; this consists of delays in the delivery of raw materials and active ingredients and capacity constraints in freight transport (especially air and sea freight). While on the other side, the industry has expanded its research at an unprecedented pace in animal health. Thereby, the COVID-19 pandemic significantly impacted the market growth.
Free Report Sample: https://www.grandviewresearch.com/industry-analysis/swine-vaccines-market-report/request
In addition, the growing investments by key players to develop advanced products for better diagnosis are likely to propel market growth. For instance, in May 2020, Indian Immunologicals Ltd. introduced the Classical Swine Fever vaccine. Stating that it has introduced the product under the brand name ‘Raksha Class’. This is a unique cell culture technology-based vaccine developed in cooperation with the Indian Veterinary Research Institute, Bareilly.
Key players are involved in strategic initiatives, such as joint ventures, mergers, acquisitions, and new product launches to gain a higher market share. For instance, in February 2020, the new vaccine created by ICAR, Indian Veterinary Research Institute (IVRI), based in Uttar Pradesh, was much cheaper than an already existing one. It costs only Rs 2 for each dose over the present vaccine’s rate of Rs 15-20 for each dose and an imported Korean vaccine rate of Rs 30 for each dose.
Swine Vaccines Market Report Highlights
- The inactivated vaccines segment dominated the market in 2020 owing to its easy availability and low cost over others
- A recombinant vaccine is expected to register the fastest CAGR over the forecast period owing to the benefits, such as enhanced effectiveness, technology advancement, and increased long-standing prevention
- The Porcine circovirus type 2 segment dominated the market in 2020 due to the increased prevalence of the disease. Moreover, this is the quickly mutating of all single-stranded DNA (ssDNA) viruses, therefore it has a great mutation and recombination rate
- Asia Pacific is expected to register the fastest CAGR over the forecast period due to the growing cases of infectious diseases in swine, increasing awareness about animal health, rising demand for animal protein, and rapid urbanization
Key Companies & Market Share Insights
The market is highly competitive and marked by the existence of several small- and large-scale manufacturers. These players are constantly involved in strategic initiatives, such as new product launches, regional expansions, joint ventures, mergers, and acquisitions, to gain deeper market penetration. For instance, in February 2021, Algenex SL and Virbac proclaimed that they have entered an international licensing agreement for the development and commercialization of a CrisBio-based vaccine in a key swine indication.
The vaccine will be created together and manufactured using CrisBio, Algenex’s patented protected Baculovirus vector-mediated expression platform, which leverages the power of insects to function as natural single-use bioreactors. In June 2020, Boehringer Ingelheim received a New Veterinary Drug Registration Certificate from the Ministry of Agriculture and Rural Affairs of China for Ingelvac CSF MLV. This is the first CSF live vaccine developed jointly by Chinese research institutes and multinational companies. Some of the prominent players in the global swine vaccines market include: Merck Animal Health, Ceva, Zoetis, Boehringer Ingelheim GmbH, Elanco, Indian Immunologicals Ltd., BiogénesisBagó, Phibro Animal Health, KM Biologics, HIPRA
Buy Full Report: https://www.grandviewresearch.com/industry-analysis/swine-vaccines-market-report