The demand for high-quality veterinary services and growing awareness of preventive healthcare practices for pets have both contributed to the significant growth of the companion animal vaccine market in recent years. Around the world, many households have companion animals like dogs, cats, and other small animals. Consequently, it is now of utmost importance for both pet owners and veterinarians to safeguard these cherished furry friends from infectious diseases. In this article, the market for companion animal vaccines is examined, along with the market’s bright future.
Growing Pet Ownership and Human-Animal Bond: One of the primary drivers behind the growth of the companion animal vaccines market is the growing rate of pet ownership across the globe. As urbanization and changing lifestyles have led to smaller families and increased loneliness, more individuals and families are turning to pets for companionship and emotional support. The strong human-animal bond has led pet owners to invest in the well-being of their furry friends, fueling the demand for preventive measures like vaccinations to ensure their health and longevity.
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Rising Focus on Preventive Healthcare: Advancements in veterinary medicine have highlighted the importance of preventive healthcare in companion animals. Vaccinations play a crucial role in protecting animals from a wide range of infectious diseases, some of which can be potentially fatal. As veterinarians emphasize the significance of regular vaccinations, pet owners are becoming more proactive in seeking preventive care for their animals. This shift in attitude has significantly boosted the demand for companion animal vaccines, thereby driving the market growth.
Technological Innovations in Vaccine Development: The companion animal vaccines market has experienced notable innovations in recent years, with researchers and pharmaceutical companies investing in the development of novel and more effective vaccines. Advancements in biotechnology, genomics, and immunology have paved the way for the creation of vaccines that offer broader protection and longer-lasting immunity. Moreover, the introduction of advanced adjuvants and delivery systems has improved vaccine efficacy and reduced side effects, further encouraging pet owners to opt for vaccinations.
According to Future Market Insights, Inc, the global companion animal vaccines market is expected to grow at a 6.8% CAGR from 2023 to 2033. By 2033, the market is expected to exceed US$ 6.7 billion. The market is expected to be worth US$ 3.4 billion in 2023.
There has also been a surging awareness regarding pet insurance schemes, and a lot of pet owners are availing of them. Thanks to an increase in the number of cases where we get to see pet humanization.
There is also an increasing awareness regarding zoonotic diseases. In order to counter this, the manufacturers have developed top-notch vaccines. These vaccinations were manufactured as a result of huge investments that were made in research and development. During the pandemic. The manufacturers launched vaccines like Ancovax and Carnivac-Cov, which were specifically manufactured for canines. Apart from that, the key players had also developed Covid detection kits, like the CAN-CoV-2 ELISA kit. These factors are expected to surge the demand for companion animal vaccines during the forecast period.
There has been an increase in government initiatives which is supporting the market growth. Quite recently, the Australian government was seeking a Japanese encephalitis vaccine for pigs, horses, and various other live stocks. This goes on to show that the nations are proactively seeking animal vaccine solutions and are willing to collaborate with other nations as well. However, lack of awareness, coupled with high cost, is expected to hamper the market growth.
As per the findings of the FMI research team, it can be concluded that “Massive adoption of pet insurance, surging cases of pet humanization, massive investment in R&D, coupled with a lot of other factors are expected to surge the growth of companion animal vaccines market.”
Key Takeaways:
- In 2023, the market valuation is expected to stand at US$ 3.4 billion.
- During the forecast period, the market is expected to advance at 6.8%.
- The market is projected to cross US$ 6.7 billion by 2033.
- Based on the regional analysis, Europe is expected to be the largest market during the forecast period.
- The USA market is expected to grow at a CAGR of 7.9%.
- The UK market is projected to surge at a CAGR of 5.5%.
- China’s companion animal vaccines market is anticipated to advance at a CAGR of 7.4%.
- Japan’s market is projected to grow at a CAGR of 6.7%.
- The South Korean market is anticipated to surge at a CAGR of 4.9%.
- On the basis of product type, the attenuated live vaccines segment is expected to have the largest market share and is expected to grow at a CAGR of 6.9%.
- On the basis of species type, the canine segment is projected to have the highest market share and is anticipated to advance at a CAGR of 6.6%.
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Competitive Landscape :
The key players operating in the companion animal vaccines market are making strategic moves by being a part of profitable mergers and acquisitions. Furthermore, the players are also investing in partnerships with players from other niches. There are also technological upgrades, which are all about the implementation of AI in the value chain. The firms are also laying huge emphasis on selecting the right resource for the leadership role.
In October 2022, Bayer launched a new LifeHub in Monheim focused on the future of agriculture in Europe.
Companion Animal Vaccines Market Segmentation
By Product Type:
- Attenuated Live Vaccines
- Conjugate Vaccines
- Inactivated Vaccines
- Subunit Vaccines
- Toxoid Vaccines
- DNA Vaccines
- Recombinant Vaccines
By Distribution Channel:
- Veterinary Clinics
- Veterinary Hospitals
- Veterinary Research Institutes
- Retail Pharmacies
By Species Types:
- Canine
- Avian
- Feline
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East and Africa
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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