POULTRY VACCINE MARKET ANALYSIS

Market Challenges And Opportunities

Global Poultry Vaccine Market Drivers:

Rise in burden of zoonotic diseases to drive market growth

One of the key factors expected to augment the growth of the global poultry vaccine market during the forecast period is the rise in incidence of zoonotic diseases worldwide. For instance, zoonoses comprise a large percentage of all newly identified infectious diseases and many existing ones. According to the World Health Organization (WHO), there are over 150 zoonotic diseases around the world, which are transmitted to humans by both wild and domestic animal populations, 13 of which are responsible for 2.2 million deaths per year. This in turn is expected to increase demand for poultry vaccine, driving the growth of the market.

Growing poultry population to propel market growth

Another factor which is driving the growth of the global poultry vaccine market is the increasing poultry population around the world. With the increase in poultry population, the risk of zoonotic diseases as well as the demand for safe and effective poultry vaccine is also increasing rapidly. For instance, the number of chickens worldwide has more than doubled since 1990, according to the Food and Agriculture Organization (FAO) of the United Nations. The number of chickens, which was 14.38 billion in 2000, reached 25.9 billion in 2019. The largest share of this presence belongs to Asian countries. This in turn is also driving the market growth.

Global Poultry Vaccine Market Challenges And Opportunities:

Global Poultry Vaccine Market Opportunities:

Increase in demand for safe/effective poultry vaccine worldwide is expected to provide significant growth opportunities for players in the poultry vaccine market. For instance, with the increase in prevalence or incidence of poultry and zoonotic diseases, the demand for safe and effective vaccine is also increasing worldwide. In December 2022, Hester Biosciences signed an agreement to obtain indigenous technology, to develop and commercialize a poultry vaccine to prevent low pathogenic avian influenza. Hester acquired the technology from Indian Council of Agricultural Research-National Institute of High Security Animal Diseases (ICAR-NIHSAD).

Favorable initiatives taken by government agencies and animal associations is expected to provide significant growth opportunities for players in the global poultry vaccine market. For instance, The World Health Organization (WHO) has identified Antimicrobial resistance as public health threat. Many public health bodies and veterinary regulatory agencies such as the Committee for Medicinal Products for Veterinary Use (CVMP) are responsible for implementing the European Union’s One Health Action Plan against antimicrobial resistance by deploying several policies of the Veterinary Medicines Regulation. This in turn is driving the market growth.

Global Poultry Vaccine Market Restraints:

High cost of poultry vaccine to hinder market growth

One of the key factors expected to hamper growth of the global poultry vaccine market is the high cost of animal testing and veterinary services. Costs associated with vaccination have increased, as many indirect costs are associated with the vaccine production, which include personnel costs for placing orders, inventory, insurance against loss of the vaccines, recovery of costs attributable to inventory shrinkage, wastage, non-payment, and lost opportunity cost. Moreover, vaccines that are wasted due to equipment failures add up to a significant monetary and public health cost.

Use of counterfeit medicine to hamper market growth

Another factor which is hampering the growth of the global poultry vaccine market is the usage of counterfeit medicine. According to National Institute of Standards and Technology (NIST), around 35% of vaccines lost their potencies during their shipping around the world, as they were stored at temperatures, which were either too high or low. The cost of vaccine handling has also increased due to stringent guidelines, which is acting as a major barrier for the market growth. However, this in turn has increased the use of counterfeit products/medicine.

Global Poultry Vaccine Market: Restraints

High cost of poultry vaccine to hinder market growth

One of the key factors expected to hamper growth of the global poultry vaccine market is the high cost of animal testing and veterinary services. Costs associated with vaccination have increased, as many indirect costs are associated with the vaccine production, which include personnel costs for placing orders, inventory, insurance against loss of the vaccines, recovery of costs attributable to inventory shrinkage, wastage, non-payment, and lost opportunity cost. Moreover, vaccines that are wasted due to equipment failures add up to a significant monetary and public health cost.

Use of counterfeit medicine to hamper market growth

Another factor which is hampering the growth of the global poultry vaccine market is the usage of counterfeit medicine. According to National Institute of Standards and Technology (NIST), around 35% of vaccines lost their potencies during their shipping around the world, as they were stored at temperatures, which were either too high or low. The cost of vaccine handling has also increased due to stringent guidelines, which is acting as a major barrier for the market growth. However, this in turn has increased the use of counterfeit products/medicine.