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
Animals refer to the fragment of animals that can be housed in a society.
Thereby, pet animals and companion animals are interchangeable terms adopted in
the market. A critical growth propeller for Companion Vaccines across the globe
is the rising adoption of pets, highly propelled by various chronic conditions
such as mental health disorders or other ailments which can be mitigated, or their
seriousness can be levitated by adopting a pet. However, pet adopters by law
are required to follow certain vaccination terms and conditions which are
necessitated by the society and government at veterinary clinics, while also helping in protecting the
owner from various forms of fatal diseases and death. Owing routine vaccine
programs for companion animals have allowed for the elimination of some of the common
scrouges from developed countries. Moreover, the increased focus on vaccination
campaigns and higher awareness of pet care are fueling the demand for
companion animal vaccines.
Companion Animal Vaccines Market - Drivers
The Increasing Pet Population Across The World Has Created Immense Demand For Companion Animal Vaccines.
Pet adoption across the world has skyrocketed in the last decade, primarily in the last two years owing to COVID-19. As per Pet Food Industry, 2021, within Europe the pet-ownership number stands at 88 million households, or nearly 38% of the entire household population owning a pet. Moreover, the recent surge in the adoption of pets has been backed by research and the benefits of owning a pet. Apart from the appreciated friendship with humans, research and insights have provided that pet insurance ownership alleviates some of the detrimental psychological effects of lockdowns and social restrictions. Research undertaken during the pandemic has shown that 74% of pet owners believe their pet has helped their mental health and 86.5% agreed their animals had provided emotional support.
The Advancing Research And Development Activities Pertinent To Veterinary Science Has Alleviated The Market
The development of resistance to various chemotherapeutic agents is contributing to increased demand for vaccines over anti-parasitic drugs. In this regard, scientists have noted that the production of third-generation DNA vaccines against protozoan parasites could prove largely helpful. These vaccines are safe as they do not contain any pathogen, are more stable as compared to live attenuated and killed virus in the vaccine and are also cost-effective. A critical type of vaccine known as live or attenuated vaccine provides long-lasting immunity against a range of viruses and bacteria, which in turn are effective against mutations. Moreover, an increase in the pet insurance is allowing to an increase in the overall coverage and research pertinent activities, As per North America Pet Health Insurance Association, 2021, the total number of pets insured in the U.S. stands at 3.1 million in 2020 as against 2.5 million in 2019. Owing to the following reasons, the growth of companion animal vaccines is assured in veterinary clinics.
Collaboration and Product Launch
In September 2022, Embrace Pet Insurance company teamed with Otsego County Animal Shelter to offer free-parvo vaccines across the region of the United States. The following move comes under the purview of CSR responsibility for the former company in Michigan. 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.
The Major Players in the Market Include:
The major players in the Companion Animal Vaccines Market include Bayer Healthcare, Boehringer Ingelheim, Heska Group, Virbac, Zoetis, Merck Animal Health, Eli Lily and Company, Ceva Sante Animale and Vétoquinol S.A.
Over the years, major market players have focused on different forms of product launches and technology advancements to increase the potency and capability of animal vaccines. Moreover, various companies are following CSR and other reachable practices to increase their overall presence in the marketplace by providing proper pet insurance. The continuous development along with government support and private-player funding will drive the Companion Animal Vaccines Market in the forecast period of 2022-2027.
Mr. Venkat Reddy
Email: [email protected]
Contact Sales: +1-970-236-3677