PUBLISHER: Grand View Research | PRODUCT CODE: 1726193
PUBLISHER: Grand View Research | PRODUCT CODE: 1726193
The global companion animal vaccines market size is expected to reach USD 6.27 billion by 2030, growing at a CAGR of 8.25% during the forecast period, according to a new report by Grand View Research, Inc. The growing trend of pet ownership, along with the increasing humanization of pets where they are treated as beloved family members continues to fuel market growth. According to the 2023-2024 APPA National Pet Owners Survey, 66% of U.S. households, or approximately 86.9 million, own a pet. As pets are seen as integral family members, owners are more inclined to invest in their health through vaccinations and veterinary care, boosting demand for both core and non-core vaccines. Pet humanization also results in more knowledgeable pet owners who recognize the importance of adhering to vaccination schedules, ensuring their dogs receive timely and essential immunizations.
Pet insurance companies have a valuable opportunity to stimulate growth in the companion animal vaccines market by expanding their coverage to include a wider range of veterinary services. By incorporating wellness care, routine vaccinations, dental treatments, behavioral therapy, and alternative therapies such as acupuncture, laser therapy, and chiropractic care into their insurance plans, these companies can appeal to a growing segment of pet owners who prioritize holistic and preventative healthcare for their animals.
This shift toward more comprehensive coverage encourages pet owners to engage more frequently in regular veterinary visits, where vaccines both core and non-core are often administered as part of routine care. As a result, demand for companion animal vaccines increases. For instance, MetLife Pet Insurance already supports this trend by reimbursing policyholders for vaccinations, and other alternative treatments, provided they are veterinarian-administered and covered under the policy. This type of coverage promotes early intervention and preventive healthcare, which includes vaccinations, ultimately driving growth in the vaccine segment by making such services more accessible and affordable.
Market players play a critical role in driving the growth of the companion animal vaccines market by investing in research and development, expanding product portfolios, forming strategic partnerships, and entering new geographic markets. These efforts help meet the rising demand for effective and innovative vaccines as pet ownership and awareness about animal health increase globally. For instance, Merck Animal Health (MSD), in 2024, received USDA approval for NOBIVAC(R) NXT Canine Flu H3N2, the first canine influenza vaccine using RNA-particle technology. This is a major technological milestone, providing enhanced immune response with low-volume, adjuvant-free doses.