DUBAI, United Arab Emirates, Remarkable increase in the companion animal ownership and strong growth of development of the veterinary healthcare infrastructure collectively push the sales of companion animal vaccines in global market.
DUBAI, United Arab Emirates, Remarkable increase in the companion animal ownership and strong growth of development of the veterinary healthcare infrastructure collectively push the sales of companion animal vaccines in global market. Surpassing the revenues worth US$ 3.3 Bn in 2022, global companion animal vaccines market is projected to exhibit a robust CAGR of 6.9% during 2022 – 2028. Measurable rise in the zoonotic disease prevalence will remain a key factor fueling the demand for companion animal vaccines and drugs.
FDA approvals for novel and innovative companion animal vaccines continue to present potential growth opportunities to R&D of companion animal vaccines. For instance, Zoetis received regulatory approval for ProHeart, used for prevention of heartworm diseases caused by Dirofilaria immitis in dogs.
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Key Takeaways – Companion Animal Vaccines Market Study
- Attenuated live vaccines currently account for more than a third of total market value, and will continue to witness a healthy CAGR through 2029. This demand growth is attributed to their improved effectivity and enhanced long-term preventive action.
- North America is witnessing lucrative market growth compared to other regions attributed to increase in the adoption rate of companion animals, increase in veterinary healthcare expenditure, and increasing awareness about pet health.
- Veterinary animal hospitals and clinics offering better service support for animal care are expected to have significant market share during the forecast period
- As large number of people are in close contact with canine animals as a preference for companion animal, demand will be prominent among canine species.
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Increasing R&D Investments to Widen Market Growth Prospects
Elanco, Ceva Sante Animale and Boehringer Ingelheim are among the leading players in the veterinary vaccine market. These manufacturers continue to dominate the pet vaccine market and invest heavily in research and development to develop and commercialize therapeutic vaccines to prevent and treat various animal diseases. Increased investment in research and development of vaccines that inhibit the growth of antibiotic-resistant organisms stimulates growth in the veterinary vaccine market.
For example, in August 2018, Elanco invested two-thirds of its budget per unit of animal feed to develop vaccines and reduce the use of antibiotics. In addition, the increasing demand for veterinary vaccines has led to the development of many new vaccines. For example, Cevac IBron, a new vaccine, was launched by Ceva in February 2017 for the prevention of infectious bronchitis virus (IBV) in animals.
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Know More About Companion Animal Vaccines Market Report
Future Market Insight brings the comprehensive research report on forecast revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2029. The global companion animal vaccines is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader. The study provides compelling insights of the companion animal vaccines market on basis of product type (attenuated live vaccines, conjugated vaccines, inactivated vaccines, subunit vaccines, toxoid vaccines, DNA vaccines, recombinant vaccines), species type (canine, avian, feline) and distribution channel (companion animal hospitals, companion animal hospitals, companion animal research institutes) across seven major regions.
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