The rising adoption of domestic animals such as dogs and cats, as well as the rising reports of zoonotic diseases, are driving the global companion animal vaccines industry. Companion animals are currently among the most common domesticated animals, with dogs, cats, and horses dominating the market. For instance, according to the annual report of the European Pet Food Industry Association (FEDIAF) for 2020, dogs and cats are the most common pets in Europe. Furthermore, at least one domestic animal is owned by an estimated 85 million European households. During the forecast period, the trend is estimated to continue. In addition, The COVID-19 pandemic is projected to have a major effect on the industry under consideration. In July 2020, the Centers for Disease Control and Prevention issued detailed and precautionary recommendations to veterinary practitioners for the care of domestic animals during the COVID-19 pandemic. For instance, Veterinary hospitals and clinics should prioritize immediate and emergency visits and services, according to several health bodies, including the Centers for Disease Control and Prevention. This effort by national bodies is intended to reduce veterinary healthcare management’s reliance on and use of diagnostic equipment. In addition, several veterinary laboratories are currently engaged in COVID-19 research in humans, according to the OIE: World Organization for Animal Welfare, in order to address the global lack of healthcare facilities and COVID-19 testing laboratories. However, the high storage cost of vaccines may impede market growth over the forecast period of 2021-2027.
Global Companion Animal Vaccine Market is valued at approximately USD 8.0 billion in 2020 and is anticipated to grow with a healthy growth rate of more than 7.2 % over the forecast period 2021-2027 and is estimated to reach USD 13.0 billion by 2027.
The regional analysis of the global Companion Animal Vaccine Market is considered for the key regions such as Europe, North America, Asia Pacific, Latin America, and the Rest of the World. North America is the leading region across the world in terms of market share due to the growing pet population, along with an increase in spending on pet care. Whereas the Asia Pacific is also estimated to show the highest growth rate over the forecast period 2021-2027. Factors such as rising pet adoption, expansion of key vaccine players, product availability, and investments in manufacturing facilities in various Asia Pacific countries, particularly in India, China, and Thailand, are driving the market’s growth.
Major market players included in this report are Elanco Animal Health Incorporated, Boehringer Ingelheim GmbH, Brilliant Bio Pharma, Merck & Co. Inc, Virbac, Zoetis Inc, Indian Immunologicals Ltd, Bioveta AS, Vetoquinol S.A., and Merial (Sanofi).
The detailed segments and sub-segment of the market are explained below:
By Technology: Live Attenuated Vaccines, Inactivated Vaccines, Toxoid Vaccines, Recombinant Vaccines, Other By Animal Type: Dogs, Cats, Other Animal Types
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