PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1378523
PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1378523
The global companion animal vaccine market is estimated to be valued at US$ 3.35 Billion in 2023 and is expected to exhibit a CAGR of 6.8% during the forecast period (2023-2030).
Report Coverage | Report Details | ||
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Base Year: | 2022 | Market Size in 2023: | US$ 3.35 Bn |
Historical Data for: | 2018 to 2021 | Forecast Period: | 2023 - 2030 |
Forecast Period 2023 to 2030 CAGR: | 6.80% | 2030 Value Projection: | US$ 5.31 Bn |
Companion animal vaccinations are those administered to pets (such as dogs and cats) to stimulate their immune responses. Companion animal vaccines, in other words, are used to improve the functioning of the immune system in pets and other animals. Moreover, vaccination can protect companion animals or pets from a variety of diseases, including parvovirus, distemper, leptospirosis, lastomycosis, psittacosis, cat scratch disease, kennel cough, and others. Routine vaccination is a vital part of animal healthcare that ensures companion animals health and well-being. Key players operating in the market are focusing on research and development activities, clinical trials, approval, and the launch of novel vaccines for the treatment of companion animals, which is expected to drive market growth globally.
The key players in the vaccine industry are focusing on the development of novel vaccines for prevention against new diseases such as rift valley fever, Bluetongue Virus (BTV), etc. Moreover, major players in the market are focusing on inorganic stratergies such as mergers, acquisitions, and collaboration for vaccine developments for veterinary applications. Increasing investments by governments to support manufacturing and distribution of vaccines is expected to propel market growth for companion animal vaccine. For instane, In June 2022, ARTES Biotechnology, a globally active Research and development company specializing in developing biopharmaceutical production processes, Q-Biologicals NV, a Belgium-based biotechnology company, and instrAction GmbH, a Germany-based multimodal chromatography technology company, partnered to collaborate on the development of a virus-like particle (VLP)-based vaccine platform and stable formulation especially suited for veterinary applications. The intent of "Plurivax" is to develop a stable production platform and an adapted, high-quality process to have an effective and usable integrated best practice suitable for several veterinary vaccines. Thus, the availability of the product in the market, which includes virus-like particles (VLP), is expected to offer opportunities for vaccine manufacturers to develop novel vaccines for veterinary use.