Albany, NY, April 24, 2015 (GLOBE NEWSWIRE) -- A recent report by Transparency Market Research projects moderate growth within the global foot and mouth disease (FMD) vaccines market through 2020. The report, titled, Foot and Mouth Disease (FMD) Vaccines Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020, predicts that the FMD vaccines market will chart a CAGR of 8.8% between 2014 and 2020. The FMD vaccines market approximated US$ 0.51 billion as of 2013 and will likely be worth US$ 0.95 billion by 2020, the study finds. The growing frequency of FMD outbreaks has necessitated the development of more effective vaccines to treat the disease; this is especially seen in endemic countries. The disease has been a gnawing concern for governments of several nations, prompting them to allocate more funding to eradicate the foot and mouth disease. The government's role has helped raise levels of awareness about the foot and mouth disease in general and about the FMD vaccines available in particular, causing a higher demand for routine FMD vaccination.
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Conversely, the market does face restraints in the form of unpredictable outbreaks of serotype. Governments are purchasing vaccines from private manufacturers, which, to some extent, limits the expansion of the FMD vaccines market.To study the market in detail, the report segments the foot and mouth disease vaccines market by type as: Conventional and emergency vaccines. The conventional FMD vaccines market has been further sub-segmented as: Aluminum hydroxide/saponin, and oil-based vaccines. The oil-based FMD vaccines segment held a 63% share in the overall FMD vaccines market as of 2013 thanks to its efficacy in treating the disease and its prolonged effect on different kinds of animals such as cattle, goat and sheep, and pigs.
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The report also studies the market for FMD vaccines based on application types as: Cattle, sheep and goats, pigs, and others. The cattle segment was observed to be the largest application segment in the FMD vaccines market in 2013. This is ascribed to the high number of cattle reared worldwide, especially as the demand for milk and meat reaches unprecedented levels. The demand for FMD vaccines for cattle will be especially high in the Middle East-where pork consumption is prohibited. From the global standpoint as well, the cattle segment will exhibit the highest CAGR through the forecast period of this report.The four regions of North America, Asia Pacific, Europe, and Rest of the World have been studied comprehensively to offer a narrower overview of the regional market dynamics.
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The findings of the report state that in 2013, the Asia Pacific region made up a whopping 70% share of the global FMD vaccines market. A high number of FMD endemic countries are present in this region, and outbreaks of FMD are still frequent here. Governments have been actively involved in the eradication of FMD diseases from their respective countries. Australia and New Zealand are exceptions to this because though they lie within the APAC region, the FMD disease is virtually non-existent here. Western Europe and North America are other geographical zones that are free of the FMD disease, which indicates practically no scope for the growth of the FMD disease market here.
Other Reports By Transparency Market Research:
- Capnography Equipment Market: http://www.transparencymarketresearch.com/capnography-market.html
- Cancer Diagnostics Market: http://www.transparencymarketresearch.com/cancer-diagnostics-market.html
The TMR report profiles FMD vaccine industry players such as Bayer AG, Agrovet Co., Brilliant Bio Pharma Limited, Biogenesis Bagó, and Indian Immunologicals Ltd.
Browse All Medical Market Research Reports: http://www.transparencymarketresearch.com/medical-devices-market-reports-6.html
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Source:Transparency Market Research