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.
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.
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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
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Swine Vaccines Market Segmentation
Grand View Research has segmented the global swine vaccines market on the basis of type, product, and region:
Swine Vaccines Type Outlook (Revenue, USD Million, 2016 – 2028)
Classical Swine Fever
Porcine Circovirus Type 2
Foot & Mouth Disease
Swine Vaccines Product Outlook (Revenue, USD Million, 2016 – 2028)
Attenuated Live Vaccines
Swine Vaccines Regional Outlook (Revenue, USD Million, 2016 – 2028)
Middle East and Africa (MEA)
List of Key Players of Swine Vaccines Market
Merck Animal Health
Boehringer Ingelheim GmbH
Indian Immunologicals Ltd.
Phibro Animal Health
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About Grand View Research
Grand View Research is a market research and consulting company that offers market research reports, syndicated and customized reports. The company is headquartered in San Francisco, California. It offers client engagement for business consulting and market intelligence from various domains. The clientele is based across various countries with queries coming from more than 50 industries worldwide.
Grand View Research helps its clients to make informed decisions by helping them understand current trends and scenarios. Every year Grand View Research accomplishes more than 300 multi-country market studies to optimize consulting for clients.
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