Understanding Impact of COVID-19 on Veterinary Biologics Market

TMR

4 years ago

Global Veterinary Biologics Market: Overview

Immunity is a biological defense mechanism to avoid infection or disease. When the autoimmune system fails, biologic drugs play a vital role in defending against diseases or infections by boosting the immune system. Veterinary biologics are products derived from living organisms and biological processes. These are used to prevent, diagnose, or treat animal diseases and function through an immunological process.

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Global Veterinary Biologics Market: Key Trends

Rise in prevalence of animal diseases, increase in disposable income, focus of major players in the research and development of new vet biologic products to combat new animal diseases are projected to drive demand for veterinary biologics products. Moreover, increase in investments by government bodies and rise in demand for milk, meat, eggs, and fish are the other factors anticipated to propel the global veterinary biologics market during the forecast period.

Global Veterinary Biologics Market: Segmentation

The global veterinary biologics market can be segmented based on product, disease type, animal type, distribution channel, and region. In terms of product, the global market can be classified into vaccines, diagnostic kits, immunomodulators, antiserums & antibodies, and others. The vaccines segment can be categorized into inactivated vaccines, conjugate vaccines, live attenuated, and toxoid vaccines. The vaccines segment is projected to account for significant share of the market in the near future. This is because of technological advances in vaccine development, continuous development of drug resistance by pathogens, and emergence of new diseases. Moreover, veterinary vaccine development generally has less stringent regulatory and preclinical trial requirements. Therefore, new players have the opportunity to enter the market through new product development. Based on animal type, the global veterinary biologics market can be bifurcated into livestock animals and companion animals. Usage of veterinary biologics is higher in livestock animals. Hence, the livestock animals segment is anticipated to dominate the market. Livestock animals are more prone to new diseases. Hence, proper vaccination is required. In terms of disease type, the market can be divided into bluetongue, foot & mouth disease, brucellosis & tuberculosis, and others. Based on distribution channel, the global veterinary biologics market can be classified into veterinary hospitals, veterinary clinics, and others. The veterinary hospitals segment dominated the market in 2017 due to favorable government support and availability of all types of vet treatment.

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Global Veterinary Biologics Market: Regional Analysis

In terms of region, the global veterinary biologics market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global market in 2017. The region is projected to account for significant share of the global veterinary biologics market during the forecast period, owing to increase in concerns about pet health and high cost of products. Favorable government support for the development of new biologic drugs is anticipated to drive the market in Europe. In December 2015, the Biotechnology and Biological Sciences Research Council (BBSRC) funded GBP 5.7 Mn for the development of poultry vaccines to the London School of Hygiene and Tropical Medicine. A rising trend of zoonotics, mandatory government requirement for immunization of animals, and trend of keeping companion animals are the major factors that drive the veterinary biologics market in Asia Pacific.

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Global Veterinary Biologics Market: Competitive Landscape

Major players operating in the global veterinary biologics market include Zoetis, Inc., Merck Animal Health, Boehringer Ingelheim GmbH, Bayer AG, Eli Lilly & Company, Abaxis, OMEGA, and Hebei Veyong Animal Pharmaceutical Co., Ltd.