Press Release
High Prevalence of Foot and Mouth Disease and Economic Loss from It to Propel Growth of the Foot and Mouth Disease Vaccine Market Beyond US$ 2.5 Billion by 2026 – Coherent Market Insights
The Global Foot and Mouth Disease Vaccine Market, by Vaccine Type (Conventional Vaccine (Aluminum Hydroxide-based Vaccine and Oil-based Vaccines) and Emergency Vaccines), by Animal Type (Cattle, Swine, Goat and Sheep, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) was valued at US$ 1.5 billion in 2017, and is estimated to exhibit a CAGR of 9.4% over the forecast period (2018-2026).
Foot and mouth disease (FMD) is transboundary disease, which affects cattle, swine at a higher rate, whereas it affects sheep, goats, and other animals relatively at a lower rate, and this leads to increasing demand for vaccination, as this disease affects food industry economically. Infected animals cannot be slaughtered for meat, skin, and dairy products, owing to stringent regulations for food and dairy products.
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Moreover, FMD in cattle affects milking quantity up to 80%, which thereby shortens domestic milk supply and hampers income opportunity for farmers especially in emerging economies such as India, where livestock sector contributed around 4.5% in 2015-16 through dairy and other products (As per National Dairy Development Board data) to national GDP. FMD outbreak prevention and related strategies are major factors driving growth of the FMD vaccine market.
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In addition, major market players are focusing on expanding their FMD vaccine production, in order to cater to increasing demand for FMD vaccine. For instance, in 2014, India Immunological Ltd started a new vaccine production facility in India, especially for FMD vaccine production, which is expected to produce 360 million doses annually.
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