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Europe accounts for the largest share of the animal vaccines market, followed by North America. Both markets are reaching the maturity phase of their growth process, and will register mid single-digit growth rates for the next five years. The developing regions that include Asia, parts of Africa, and LATAM are expected to form the new revenue pockets for this market. These regions are poised to double their growth rates owing to the increasing investment opportunities for companies in these immature markets and the improving healthcare facilities for animals. Countries such as China, India, Australia, and Brazil will be major contributors to the growth of the market.
Owing to high growth prospects in the aquaculture, companion, and equine vaccine which are estimated to double their growth rates during the forecast period, will observe huge investments in these segments from major players. For example in late 2011, Pfizer Animal Health invested $75 million to open an R&D centre in the U.S.
The market is dominated by tier I players and is fairly consolidated with the top five players contributing close to 70% of the share. New entrants face high barriers in entering this market as it is a capital-intensive industry with strict regulations. The major players in the global animal vaccines market are Pfizer (Zoetis) (U.S.), Merck (U.S.), Sanofi-Aventis (France), Bayer HealthCare (Germany), Virbac (France), Novartis (Switzerland)
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