Toxoid Vaccines Segment is Expected to be Fastest Growing During Forecast Period for MEA Region

According to a new market research study on “MEA Veterinary Vaccines Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Vaccine Type and Technology” is expected to reach US$ 599.21 million by 2028 from US$ 424.56 million in 2021. The market is estimated to grow at a CAGR of 5.0% from 2021 to 2028. The report provides trends prevailing in the MEA veterinary vaccines market along with the drivers and restraints pertaining to the market growth. Market expansion in untapped economies and awareness of diagnosis and treatment of variety of infectious diseases are the major factor driving the growth of the MEA veterinary vaccines market. However, strict government rules related to usage of veterinary vaccines hinders the growth of MEA veterinary vaccines market.  

In case of COVID-19, MEA is highly affected especially South Africa. The demand for veterinary vaccines decreased for a certain period until the new spread of the virus in animals hasn’t been confirmed. When the cases of several animals tested positive for the virus were reported in various parts of the region, a mix of established pharmaceutical companies involved in veterinary vaccines have mounted up R&D and manufacturing efforts to produce and develop vaccines, and drugs against the SARS-CoV-2 virus. The demand for veterinary vaccines has been increasing due to increasing incidences of zoonotic diseases, but the supply chain and service providers cannot satisfy the needs and have impacted largely. Supply disruption and medicine shortages of veterinary medicines have been observed in several countries, primarily due to the temporary lockdowns of manufacturing sites, export bans, and growing demand for medicine, for the treatment of COVID-19. Governments took measures to alleviate the supply of medicines. For instance, the South African Health Products Regulatory Authority issued guidance for companies responsible for veterinary medicines, with respect to the adaptations to the regulatory framework, primarily to address the challenges faced during this pandemic situation. The current veterinary vaccines markets in the MENA region differ considerably between the various nations. For example, high purchasing power and a cultural predilection for expensive foreign brands in Saudi Arabia have resulted in 85% of pharmaceuticals being imported.

The MEA veterinary vaccines market is segmented based on vaccine type, technology, and country. Based on vaccine type, the market is segmented into livestock vaccines, companion animal vaccines, and others. The livestock vaccines segment dominated the market in 2020 and companion animal vaccines segment is expected to be fastest growing during forecast period. The livestock vaccines segment is further bifurcated into bovine vaccines and small ruminant vaccines. Similarly, the companion animal vaccines segment is divided into feline vaccines, canine vaccines, and others. Based on technology, the market is segmented into live attenuated vaccines, inactivated vaccines, toxoid vaccines, recombinant vaccines, conjugate vaccines, and others. The live attenuated vaccines segment dominated the market in 2020 and toxoid vaccines segment is expected to be fastest growing during forecast period. Based on country, the market has been segmented into the UAE, Saudi Arabia, South Africa, and rest of MEA.

BIOVAC; Boehringer Ingelheim International GmbH; Ceva; Elanco; Hester Biosciences Limited; HIPRA; Merck & Co., Inc.; NEOGEN Corporation; Virbac; and Zoetis Inc. are among the leading companies in the MEA veterinary vaccines market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, Hester Biosciences has entered into an agreement to acquire a 50 percent stake in Tanzania-based animal health products distribution firm Thrishool Exim Ltd, for a cost of about USD 2.25 million. 

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