Foot and Mouth Disease (FMD) causes repetitive outbreak around world thereby causing economic and social damage. Preventing foot and mouth disease is the only sustainable and viable options, which can be done only though the vaccination for FMD, which is expected to drive growth of the foot and mouth disease vaccine market. According to paper published by the Food and Agricultural Organization (FAO) and World Organization for Animal Health (OIE), in 2012, foot and mouth disease accounted for annual loss of US$ 5 billion worldwide.

FMB outbreaks affects food industry as it negatively impacts the export of milk, meat, and other animal products due to viral infection. 23 countries from Africa, Asia Pacific, Europe and Middle East reported outbreak of the FMD to the World Organization for Animal Health (OIE) in 2015 - 16. In India, annual loss of more than US$ 85 billion is reported each year due to FMD outbreak, which is negatively affecting dairy sector GDP of India.

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Although foot and mouth disease is eradicated from North America and Western Europe, various economies of Asia Pacific, Africa and Latin America witnessed high incidences of epidemic in recent past, which is propelling demand for vaccines against foot and mouth disease in these regions. Various economies such as China, India, Brazil, Thailand etc. are at high risk of FMD outbreak, according to Monthly Report- Foot and Mouth Disease Situation by Food and Agricultural Organization published in February 2018.

However, vaccination against FMD may not prove to be effective by the antigenic diversity of the virus, the short-lived nature of protective immunity developed after vaccination and the temperature sensitivity that alters stability of FMD vaccines, which may restrain growth of the FMD vaccine market.

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