Market Trends of Farm Animal Healthcare Industry
Vaccines Segment is Expected to Witness Significant Growth Over the Forecast Period
Vaccines are biological preparation formulated to provide acquired immunity for particular diseases. The vaccines are used to treat various diseases in farm animals, such as clostridial diseases, Marek's disease, Newcastle disease, infectious bronchitis, infectious laryngotracheitis, fowl pox, fowl cholera, classical swine fever, foot and mouth disease, porcine parvovirus and others. Furthermore, new advanced vaccines have been manufactured containing genetically engineered components derived from those disease agents, which can protect farm animals from various infectious diseases and enhances their productivity.
The vaccines segment is expected to witness significant growth in the farm animal healthcare market over the forecast period owing to factors such as the rising prevalence of zoonotic and chronic diseases, increasing product launches, growing awareness of animal health, rising investments by government bodies and associations, and increasing healthcare expenditure for farm animals.
For instance, according to an article published in Frontiers in Veterinary Science in August 2022, it has been observed that numerous outbreaks of lumpy skin disease (LSD) were reported in Thailand in 2021-2022, affecting cattle farms. In addition, as per the same source, 133 LSD outbreaks were found in Thailand in 152 dairy farms from May to July 2021. Thus, the high number of LSD cases raises the company's focus on developing effective vaccines, which is anticipated to boost the segment growth over the forecast period.
Moreover, market players are developing and launching new vaccines globally to enhance their market presence, contributing to the segment's growth. For instance, in May 2022, Boehringer Ingelheim launched TwistPak, a revolutionary mixing platform. It enables swine producers to combine two vaccines, Ingelvac CircoFLEX and Ingelvac MycoFLEX, conveniently, quickly, and flexibly. The positive outcome from the undergoing vaccine candidates is further expected to impact the growth of the studied segment positively.
Similarly, in December 2021, Indian Immunologicals Ltd (IIL) launched Goat Pox Vaccine (Raksha Goat Pox) to help control Goat Pox disease. Moreover, in August 2022, the Union Minister for Agriculture and Farmers Welfare, India, in collaboration with Indian Veterinary Research Institute, launched the indigenous vaccine Lumpi-ProVac to protect livestock from Lumpy Skin disease.
Therefore, owing to the rising incidences of lumpy skin disease among cattle and the new product launches, the studied segment is expected to grow over the forecast period.
North America is Expected to Have the Significant Market Share Over the Forecast Period
North America is expected to hold a significant share in the farm animal healthcare market over the forecast period owing to factors such as the rising burden of chronic and infectious diseases among farm animals, growing technological advancements, and the awareness of farm animal healthcare benefits.
Additionally, the growing government initiatives and investments in launching various projects for developing effective medicines and therapeutics products for farm animals are expected to increase market growth over the forecast period. For instance, in March 2022, the United States Department of Agriculture awarded USD 642,000 to Cornell University to develop more effective swine influenza vaccines. Similarly, in March 2022, the United States Department of Agriculture (USDA) National Institute of Food and Agriculture (NIFA) invested USD over 13 million to research novel therapies and prevention strategies for animal diseases. These funds are used to develop effective drugs and medicines to treat infectious diseases in calves to improve livestock health.
Furthermore, the high burden of various diseases among farm animals in the region raises the demand for effective vaccines for their protection. For instance, according to the data published by the government of Canada in January 2022, African swine fever (ASF) is deadly for pigs. It is expected to destroy swine farming, impacting the Canadian economy. As per the same source, Swine Innovation Porc received about USD 446,135 in 2021 under the Canadian Agricultural Strategic Priorities Program to develop strategies to mitigate the impact of an African swine fever outbreak on the pork sector.
Similarly, per an article published in Poultry Science, in October 2022, about 17 avian infectious bronchitis virus strains were obtained from chickens showing signs of illness in Mexico until 2021. Mexico's high genetic contagious bronchitis virus (IBV) diversity results from the co-circulation of divergent lineages belonging to different genotypes, and these lineages differ significantly from Massachusetts and Connecticut vaccine strains. This indicates the high demand for novel vaccines in the region, which is expected to propel the market growth over the forecast period.
Therefore, owing to the factors above, such as growing government initiatives and the high burden of diseases among farm animals, the studied market is expected to grow over the forecast period.
