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Companion Animal Vaccine Market - Forecast(2024 - 2030)
Companion Animal Vaccine Market Overview
Companion Animal Vaccine Market Size is estimated to reach $5.4 billion by 2027 and is poised to grow at a CAGR of 6.2% over the forecast period of 2022-2027. Companion animal corresponds to household animals/pets kept by human beings for various purposes, primarily as a companion. Owing to the growing role of depression within the various societies’ spectrum, the adoption of animals has grown at a tremendous pace, which in turn has driven the demand for veterinary vaccines in 2021 and 2022. Critically, the disease associated with companion animals is more likely to spread to the human population, thereby, the need for vaccines has been one of the practices. Moreover, advancements performed by animal vaccine manufacturers such as curating 7-in-1 vaccines for dogs along with reducing the dog vaccine prices in the U.S. and other parts of the world have provided tremendous support to the companion animal vaccines industry. Owing to technological advancements in biotechnology and awareness pertinent to veterinary clinics globally, the market will offer tremendous opportunities to animal vaccine manufacturers in the forecast period of 2022-2027.
Companion Animal Vaccine Market Report Coverage
The report: “Companion Animal Vaccines Market Forecast (2022-2027)", by IndustryARC covers an in-depth analysis of the following segments in the Companion Animal Vaccine Market.
Key Takeaways
- Geographically, North America held a dominant market share in the year 2021. It is owing to tremendous growth in the companion animal populations, driven by the pandemic stress and other associated chronic illnesses. However, Asia-Pacific is estimated to offer lucrative growth opportunities owing to western norms of adopting pets and the increased number of veterinary clinics.
- The rise in the prevalence of diseases spread via animals proliferated by the growing adoptions in marketable regions has been a key market driver. However, poor infrastructure and the use of animals in vaccine production have been impeding the market growth.
- A detailed analysis of the strengths, weaknesses, opportunities and threats will be provided in the Companion Animal Vaccine Market Report.
Companion Animal Vaccines Market: Market Share by Region (%), 2021.
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Companion Animal Vaccines Market: by Product Type
Companion Animal Vaccine Market based on product type can be further segmented into Attenuated Live Vaccines, Conjugate Vaccines, Inactivated Vaccines, Subunit Vaccines, Toxoid Vaccines, DNA Vaccines and Recombinant Vaccines. Attenuated Live Vaccine held a dominant market share in the market of companion animal vaccines in 2021. The following form of the vaccine is made from a weakened form of bacteria that causes the target disease. Owing to a higher efficacy against other forms of vaccines, the following segment is estimated to be the fastest growing, with a CAGR of 7.4% over the forecast period of 2022-2027. As per WHO, attenuated vaccines provide a larger coverage over various forms of mutations, sometimes deadly for human beings. As per the report published in 2020 by WHO, there are over 150 zoonotic diseases worldwide, which are transmitted to humans by both wild and domestic animal populations, 13 of which are responsible for 2.2 million deaths per year.
Companion Animal Vaccines Market: by Species Type
Companion Animal Vaccine Market based on species type can be further segmented into Canine, Avian, Feline and Equine. Canine held a dominant market share in the year 2021 for the companion animal vaccine industry. According to the World Atlas Pet Ownership Statistics, dogs have ranked first in the list of popular pets within the U.S. and other prominent regions with the U.S. solely accounting for 48.3 million pet dogs in August 2020. However, the feline segment is estimated to be the fastest growing, with a CAGR of 8.2% over the forecast period of 2022-2027. As per Cornell University for Veterinary Science, petting a cat for nearly 10 minutes reduces the amount of cortisol (stress hormone) in the participants of the survey. Owing to growing cases of mental health issues in various regions, the adoption of felines will help drive the sales of companion animal vaccines.
Companion Animal Vaccines Market: by Geography
Companion Animal Vaccines Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America and the Rest of the World. North America held a dominant market share of 38% in 2021. The following hold over the market is owing to the availability of pet insurance in regions such as the U.S. and Canada. Moreover, the overall awareness of zoonotic diseases and government initiatives to curb anti-microbial resistance has uplifted the adoption of veterinary vaccines in 2022. The dog Attenuated Live Vaccines price in the U.S. ranges according to the type of vaccination selected. However, Asia-Pacific is estimated to be the fastest-growing region with a CAGR over the forecast period of 2022-2027. It is owing to the increasing influence of western culture, which has increased the pet-adoption rates in the countries such as India. For example, as per A-Z Animal, India will have more than 31 million pet dogs by 2023. The dog vaccine price in India is influenced by various factors, such as the type of vaccination, the place of vaccination and other factors in veterinary clinics. For example, the INTAS- 7 in 1 vaccine for dogs costs INR 750 or $10.
Companion Animal Vaccines Market Drivers
The rise in the Prevalence of Diseases Spread via Animals Proliferated by the Growing Adoptions in Marketable Regions has been a Key Market Driver.
Over the last century, an alarming increase in the number, frequency and diversity of zoonotic disease outbreaks has been noticed. It is owing to the spillover of pathogens from the animal hosts to people and as per WHO, the events have tripled in the last decade, viz, from 2000-10 to 2010-20. As per WHO, 2020, 60% of the emerging infectious diseases in humans are zoonotic. Animal pathogens can infect humans directly through contact with wild or domestic animals or indirectly by transmission through intermediate hosts.
Growing R&D Spending Within the Animal Health Industry has Provided the Necessary Impetus for Market Growth.
As per the article released by Health for Animals in 2021, the combined revenues of the top 20 animal health companies have increased by nearly 14.5% from 2019 levels to 2021 levels for pet insurance. Moreover, Attenuated Live Vaccines have been one of the key drivers of the growing revenue attributes in the categorical growth. Lastly, the number of veterinarians hire increased from 35% to 39% by corporates according to the data published by AVMA Org in 2021 in veterinary clinics. Owing to the following reasons, the demand for companion animal vaccines is growing.
Companion Animal Vaccine Market Challenge
Poor Infrastructure of the Veterinary Science Industry Ridiculed by Substantial Regulatory Challenges Impedes the Market Growth.
A large gap exists in the understanding of the epidemiology pattern of veterinary diseases due to variations in disease patterns for endemic countries. A typical example is Newcastle Disease for poultry and other birds, where the lack of epidemiological knowledge creates a serious economic loss. Between May 17, 2018; and May 31, 2020, USDA confirmed 476 positive premises in California as infected with v-ND, including 4 commercial premises.
Companion Animal Vaccines Industry Outlook
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Companion Animal Vaccines Market. The top 10 companies in the Companion Animal Vaccines Market are:
- Bayer Healthcare
- Vétoquinol S.A
- Boehringer Ingelheim
- Ceva Santé Animale
- Eli Lilly and Company (Elcano)
- Heska Corp.
- Merck Animal Health
- Merial (Sanofi)
- Virbac
- Zoetis (Pfizer)
Recent Developments
- In October 2021, Boehringer Ingelheim announced an investment of 100 million euros to expand its facility for animal vaccine production in France.
- In August 2021, Zoetis announced to the acquisition of Jurox- A private animal health company from Australia. Owing to the following acquisition, Zoetis can capitalize on the latter’s varied product range and expand the business in the Oceania region.
- In September 2020, Applied DNA Science and Evvirax SRL announced the veterinary clinical trial for Linea DNA vaccine candidates by receiving approval from the clinical plan from USDA.
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