Market Overview:
The global market for rabies vaccines is anticipated to record a 5 percent CAGR growth rate over the forecast period from 2018 to 2023. Rabies is a disease that can spread through the animal s bite or scratch and can affect both national and wild animals. Rabies symptoms include fever, frequent pain, or abnormal tingling around the wound. According to key facts published by the World Health Organization WHO, every year 59,000 people die of rabies and 95% of cases of human rabies occur in Asia and Africa. Government is also taking measures towards a rabies-free globe, for example, United Against Rabies, a partnership of four partners from the World Health Organization WHO, the United Nations Food and Agriculture Organization FAO, the World Organization for Animal Health OIE and the Global Alliance for Rabies Control GARC has established a worldwide strategic plan Zero by 30 to attain zero rabies.
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Increase in Incidences of Animal Bite to Propel the Rabies Vaccine Market:
The bites of animals are the major cause of morbidity and mortality. Approximately 4.5 million individuals are killed by dogs every year, according to projections by the World Health Organization WHO in the US. The dog bite fatality rate is high in low- and middle-income nations compared to high-income countries, however, 55 000 individuals die each year from rabies, and the vast majority of these fatalities are caused by bites from rabid dogs. Thus, the increase in animal bite incidences to propel market development over the forecast period. Other factors driving this market s development are low pet vaccination rates and increasing numbers of stray livestock in developing nations.
Rising Maintenance Costs for Vaccine Storage to Reduce the Growth of the Rabies Vaccine Market:
Vaccines instability and increasing maintenance costs are the main constraints on the market for rabies vaccines. The vaccine s cold supply chain consists of distinct concentrations called levels, this level performs various tasks in the vaccine supply chain. There are two primary features, such as storage function and distribution/transportation function, that are regarded in the costing instrument. The expense can be split into labor, cold chain machinery, recurrent cold chain expenses power and maintenance, cars, and storage space in these two tasks. The cost of storing and transporting the vaccine is enormous. Thus, the vaccine s increasing maintenance costs during storage and transportation were anticipated to limit market growth over the forecast period. Other factors that restrict market development include a lack of understanding among the population about preventive measures.
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North America Dominates the Rabies Vaccine Market:
Due to the increasing adoption of companion animals, increasing pet health insurance, and improved veterinary healthcare infrastructure, North America dominates the global rabies vaccine market. According to the American Society for the Prevention of Cruelty to Animals ASPCA estimates, about 6.5 million accompanying pets join the U.S. animal shelters nationwide each year. As a result, the growing animal population is anticipated to drive market growth over the forecast period. Additionally, government agencies such as WHO, One Health Commission and the World Organization for Animal Health OIE are taking measures, among others, to free the world from rabies.
Rabies Vaccine Market Trends:
In October 2017: Biopharma and Kamada Ltd., two major protein therapy businesses, announced the launch of KEDRAB Rabies Immune Globulin Human in the US and original shipments are now reaching healthcare professionals across the country.
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Key Players in the Rabies Vaccine Market:
- Cadila Pharmaceuticals
- Novartis AG
- SANOFI PASTEUR, INC.
- Serum Institute of India Pvt. Ltd.
- Merck & Co., Inc.
Most government agencies focus on partnerships to decrease rabies instances across the globe and can help increase the future market growth. For example, WHO, FAO, OIE, and GARC s global strategic plan Zero by 30
Table of Content Covers the Topics mentioned below
- Introduction
- Research Methodology
- Global Market Analysis
- Market Dynamics
- Market – by Product Type
- Global Vaccine Market – by End User
- Industry – by Application
- Rabies Vaccine Market – by Geography
- Rabies Vaccine Market – Company Profiles
- Market Competitive Landscape
- Market Insights
- Appendix
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