Companion Animal Vaccines Market
Number of pages: 100 | Report Format: PDF | Published date: March 23, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 3.17 billion |
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Revenue Forecast in 2031 |
US$ 5.16 billion |
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CAGR |
5.57% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023-2031 |
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Historical Year |
2021 |
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Segments Covered |
Animal Type, Technology, Distribution Channel, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global companion animal vaccines market was valued at US$ 3.17 billion in 2022 and is expected to register a revenue CAGR of 5.57% to reach US$ 5.16 billion by 2031.
Companion Animal Vaccines Market Fundamentals
Companion animal vaccines are designed to protect pets from infectious diseases transmitted from other animals or the environment. Vaccines stimulate the immune system to produce antibodies against specific pathogens, which can protect against the disease if the animal is again exposed to it. There are several companion animal vaccines, including core vaccines, which are recommended for all pets regardless of their lifestyle or environment, and non-core vaccines, which are recommended based on the individual pet’s risk factors.
Core vaccines for dogs typically protect against rabies, canine distemper virus, canine adenovirus, and canine parvovirus. For cats, core vaccines protect against feline distemper virus, feline herpesvirus, feline calicivirus, and rabies in some regions. Non-core vaccines for dogs may include protection against canine influenza, Lyme disease, and leptospirosis. Non-core cat vaccines may include protection against feline leukemia, feline immunodeficiency virus, and feline infectious peritonitis.
The primary aim of companion animal vaccines is to enhance companion animal health and well-being, cost-effectively boost livestock production, and prevent animal-to-human transmission from domestic animals and wildlife. These goals have resulted in different companion animal vaccine development approaches, ranging from crude but effective whole-pathogen preparations to molecularly specified subunit vaccines, genetically modified organisms or chimeras, vector antigen formulations, and bare DNA injections.
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Companion Animal Vaccines Market Dynamics
A surge in pet health awareness among pet owners in developed and emerging nations will boost market revenue growth during the forecast period. Furthermore, various research on the interactions of humans and companion animals have shown that affiliation with companion animals leads to favorable health advantages. Since companion animals are the major source of zoonotic illnesses conveyed to people and vice versa, veterinarians and caregivers must pay close attention to companion animal health. This is projected to drive the substantial demand for companion animal vaccines throughout the forecast period.
The availability of reimbursement policies in insurance companies is another factor boosting the market revenue share. Moreover, many top players are offering some programs and resources that may help pet owners reduce the cost of veterinary care. For instance, Healthy Paws is a pet insurance provider that covers various veterinarian costs, including immunizations. Healthy Paws reimburses up to 90% of qualified veterinarian charges, including immunizations. Zoetis, Inc., the world’s largest manufacturer of medication and immunizations for pets and cattle, is offering a pet care savings program called PetcareRX. This program discounts veterinary products, including vaccines, and can help pet owners save money on their pet’s healthcare needs. Moreover, Zoetis offers discounts on some of its vaccines, which can help reduce the cost of immunizations for pet owners. These rebates are typically available through veterinarians and can vary depending on the vaccine and location.
However, the high cost of vaccine development and regulatory issues are likely to limit market expansion throughout the projection period.
Companion Animal Vaccines Market Ecosystem
The global companion animal vaccines market is analyzed from four perspectives: animal type, technology, distribution channel, and region.
Companion Animal Vaccines Market by Animal Type
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Based on type, the global companion animal vaccines market is segmented into canine, feline, and others.
The canine segment dominates the global companion animal vaccines market. Compared to cats, dogs have a higher adoption rate and healthcare expenditure than cats. Moreover, dogs tend to be more social animals with a higher risk of exposure to infectious diseases. Vaccination in dogs helps protect them from serious and potentially life-threatening infectious diseases and protects public health. Veterinarians recommend that dogs receive regular vaccinations as part of their overall healthcare to help maintain their health and well-being. Some vaccines, such as the rabies vaccine, are required in many states and countries.
The feline segment is expected to register significant revenue growth during the forecast period. Vaccinations are crucial in preventing deadly diseases in cats, such as feline leukemia, rabies, and distemper. Veterinarians highly recommend regular vaccinations in cats that help to protect the overall health of cats and prevent the spread of these diseases to other animals.
Companion Animal Vaccines Market by Technology
Based on technology, the global companion animal vaccines market is segmented into live attenuated vaccines, inactivated vaccines, toxoid vaccines, recombinant vaccines, and other technologies.
The live attenuated vaccines segment dominates the global companion animal vaccines market. Some of the strongest vaccinations are live attenuated vaccines, which produce a powerful and long-lasting immune response. These vaccines have been successfully used in animals, such as dogs and cats, to prevent diseases, including rabies and feline leukemia. Additionally, the segment is anticipated to maintain its dominance in the forecast years due to its affordable price and easy administration through various routes, including oral or intranasal, making them ideal for mass vaccination campaigns.
Inactivated vaccines contain killed pathogens that cannot replicate but still stimulate an immune response. These vaccines are commonly used in livestock and pets, such as cows and pigs, to prevent the spreading of infectious diseases. Toxoid vaccines are widely used in animals to prevent diseases caused by bacterial toxins. These vaccines contain inactivated toxins that stimulate the immune system to produce antibodies, which can neutralize the toxins if the animal is exposed to them in the future. However, recombinant vaccines have shown promising results in protecting against various diseases. This technology can potentially revolutionize how vaccines prevent and treat infectious diseases in livestock and other animals.
Companion Animal Vaccines Market by Distribution Channel
Based on the distribution channel, the global companion animal vaccines market is segmented into veterinary hospitals & clinics, veterinary research hospitals, and retail pharmacies.
The veterinary hospitals & clinics segment accounted for most of the global companion animal vaccines market revenue share in 2022. This is because veterinarians and veterinary staff in veterinary hospitals and clinics are trained to provide guidance on which vaccines are necessary for animals based on their age, health status, lifestyle, and other factors. Veterinary hospitals and clinics maintain detailed records of vaccination history, which can be useful in providing proof of vaccination for boarding, traveling, or other purposes. Moreover, veterinary hospitals and clinics use high-quality, safe, and effective vaccines that regulatory agencies have tested and approved. They also ensure that the vaccines are stored and handled properly to maintain effectiveness.
Companion Animal Vaccines Market by Region
Based on the region, the global companion animal vaccines market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America dominated the companion animal vaccines market with the largest revenue share. The increased adoption of companion animals, such as dogs, cats, and other animals, the rising prevalence of zoonotic diseases, and the availability of improved veterinary healthcare infrastructure are driving market revenue growth in North America. Moreover, favorable coverage plans in North America for animal health are driving the global companion animal vaccines market.
Advancements in research and development for vaccine production, a rise in disposable income, and an increase in the adoption of companion animals in Europe characterize the regional market revenue growth. Moreover, the presence of many top players in the region and beneficial treatment plans are increasing the Europe companion animal market potential.
Asia Pacific is predicted to be the fastest-growing region in the global companion animal vaccines market over the forecast period. This growth can be majorly attributed to the rising veterinary healthcare standards and increased investments in animal health by public and private organizations.
Companion Animal Vaccines Market Competitive Landscape
The companion animal vaccines market is moderately competitive and is characterized by new product introductions, mergers, and acquisitions. Launching new products, securing rights, and participating in other activities, such as awareness initiatives, are primary development strategies many organizations focus on. Furthermore, the market segmented technological advancements and easy product accessibility as superior growth strategies.
The prominent companies with the largest revenue share in the global companion animal vaccines market are:
Companion Animal Vaccines Market Strategic Developments
The global companion animal vaccines market was valued at US$ 3173.69 million in 2022.
The live attenuated vaccines segment accounts for the largest global companion animal vaccines market revenue share.
The global companion animal vaccines market is expected to grow at a revenue CAGR of 5.57% during the forecast period.
Boehringer Ingelheim GmbH, Merck & Co. Inc., Zoetis Inc., and Bioveta AS are among the key players in the global companion animal vaccines market.
Asia Pacific is expected to observe the highest revenue growth in the global companion animal vaccines market during the forecast period.
*Insights on financial performance are subject to the availability of information in the public domain