SWINE FEVER VACCINE MARKET ANALYSIS

Swine Fever Vaccine MarketSize and Trends

The global swine fever vaccine market is estimated to be valued at USD 3,028.7 Mn in 2024 and is expected to exhibit a CAGR of 5.9% during the forecast period (2024-2031). 

Figure 1. Global Swine Fever Vaccine Market Value (USD MN), by Region, 2024

Increasing outbreaks of swine fever are expected to drive the swine fever vaccine market growth.

The increasing outbreaks of swine fever is expected to drive the market growth over the forecast period. For instance, as of May 9, 2022, 259 pigs have died in Meghalaya’s Ri-Bhoi district in India due to African Swine Fever (ASF), according to a senior official of the Veterinary and Animal Husbandry Department. The first outbreak was reported by the Veterinary department on April 13, 2022 following which instructions were issued under the Prevention and Control of Infectious and Contagious Diseases in Animals Act, 2009, banning movement of pigs, slaughter, and supplies at Umshorshor village, Meghalaya, India, and within 10 km of its vicinity.

Increasing research and development activities by government and non-government organizations and key players in the market are expected to drive the market growth during the forecast period.

Increasing efforts by the governments of various countries and key players in the market to develop swine fever vaccines are expected to drive the market growth over the forecast period. For instance, in June 2022, Vietnam had developed an African swine fever vaccine, NAVET-ASFVAC, for pigs in partnership with the U.S. The Vietnamese researchers worked with the U.S. scientists on the NAVET-ASFVAC jab since 2020.

Global Swine Fever Vaccine Market – Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.

The coronavirus pandemic had negatively impacted the development, production, and supply of medicines and the growth of the pharmaceutical businesses of various companies across the globe. The lockdown has resulted in the closure of industrial establishments, except for the manufacturing of essential commodities, and there has been a disruption in the supply chain of pharmaceuticals. Thus, the COVID-19 pandemic had affected the economy in three main ways: 1) by directly affecting the production and demand; 2) disrupting distribution channels; 3) causing a financial impact on firms and financial markets.

Supply chain and manufacturing activities in India, China, and the U.S. were disrupted due to the global lockdown, while many countries such as Saudi Arabia, the UAE, Egypt, and others are facing problems with regard to the transportation of drugs and vaccines from one place to another. Due to all these reasons, the growth of the global swine fever vaccine market was negatively hampered.

Global Swine Fever Vaccine Market: Restraint

The major factors that hinder the growth of the global swine fever vaccine market include stringent regulatory approvals. The federal agencies involved in the approval of animal medicines are the United States Department of Agriculture (USDA) (biologics such as vaccines), the U.S. Food and Drug Administration (pharmaceuticals), and the Environmental Protection Agency (EPA) (pesticides such as flea and tick medicine). While undergoing approval, animal medicines are vigorously researched and tested for safety, purity, and efficacy, a process that can take five to seven years and cost tens of millions of dollars. Thus, stringent regulatory approvals may act as a restraint for the market growth.