PUBLISHER: The Business Research Company | PRODUCT CODE: 1387848
PUBLISHER: The Business Research Company | PRODUCT CODE: 1387848
“Companion Animal Veterinary Vaccines Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on companion animal veterinary vaccines market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for companion animal veterinary vaccines? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The companion animal veterinary vaccines market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Companion animal vaccines are substances designed to stimulate the production of antibodies and confer immunity against one or more diseases in pets, including dogs, birds, and cats. They serve not only to protect against diseases but also to enhance food digestion, boost immunity, promote weight gain, and generate high-quality meat for commercial purposes.
The primary types of companion animal veterinary vaccines are inactivated, live attenuated, recombinant, and other products. Recombinant vaccines are created using recombinant DNA technology, involving the insertion of DNA encoding an antigen (e.g., a bacterial surface protein) into bacterial or mammalian cells, expression of the antigen within these cells, and subsequent purification. These products can be administered through oral, parenteral, and other routes of administration and are distributed through various channels, including veterinary hospitals, veterinary clinics, pharmacies, drug stores, and other distribution channels.
The companion animal veterinary vaccines research report is one of a series of new reports from The Business Research Company that provides companion animal veterinary vaccines statistics, including companion animal veterinary vaccines industry global market size, regional shares, competitors with companion animal veterinary vaccines share, detailed companion animal veterinary vaccines segments, market trends and opportunities, and any further data you may need to thrive in the companion animal veterinary vaccines industry. This companion animal veterinary vaccines research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The companion animal veterinary vaccines market size has grown strongly in recent years. It will grow from $3.47 billion in 2023 to $3.7 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth observed during the historical period can be attributed to several factors, including the increase in pet ownership, the emphasis on preventive healthcare for companion animals, concerns related to zoonotic diseases (diseases that can be transmitted from animals to humans), and advancements in vaccine technology that have improved the effectiveness and safety of companion animal vaccines.
The companion animal veterinary vaccines market size is expected to see strong growth in the next few years. It will grow to $4.79 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The anticipated growth in the forecast period can be attributed to various factors, including the continuing increase in the pet population, growing awareness of preventive healthcare for companion animals, ongoing advancements in technology and vaccine development, and the adoption of customized vaccination plans tailored to individual animals' needs. Key trends expected in the forecast period encompass the implementation of comprehensive vaccination programs, the utilization of advanced vaccine technologies, efforts to control vector-borne diseases, and the provision of vaccination services through clinics and mobile services.
The growth of the companion animal veterinary vaccine market during the forecast period is attributed to the increasing pet ownership by Gen X and Gen Y adults. According to the APPA, millennials (Gen Y) represent the largest segment of pet owners across various pet types. Over 80% of Gen Y and Gen Z individuals own dogs, while 50% or less own cats as their pets. The trend of multiple pet ownership is also on the rise in various parts of the world. For instance, in February 2023, Chewy Inc., a US-based online retailer of pet products, reported a significant increase in pet adoptions in the United States in 2021, with the highest adoption rate in six years, resulting in approximately 977,202 pets finding new homes. This surge in pet ownership contributes to the growth of the companion animal veterinary vaccine market.
The growth of the companion animal veterinary vaccines market is further driven by the increasing expenditure on pet health. Pet health is vital for the overall well-being of animals, including dogs, cats, birds, small mammals, and other domesticated pets. Regular vaccinations are a cornerstone of preventive pet healthcare, benefiting not only individual pet health but also the broader pet community. In June 2023, the American Pet Products Association reported that Americans spent $136.8 billion on pet health in 2022, representing a 10.68% increase from 2021, when spending amounted to $123.6 billion. Additionally, sales of pet food and treats accounted for $58.1 billion. This upward trajectory in pet health spending is propelling the growth of the companion animal veterinary vaccines market.
The high cost of veterinary vaccines is expected to hinder the market's growth. Data from Harris Interactive reveals that households with pets in the USA spend approximately $1,000 on pet care. While around 70% of households own pets, only 39% have sufficient savings to cover the high costs associated with pet care. A report by PET IQ indicates that nearly 28% of households in the USA have encountered barriers to accessing veterinary care in the past two years. Financial constraints have prevented 80% of pet owners from obtaining preventative care for their pets. In some cases, pet owners cannot afford costly animal treatments, posing a restraint on the growth of the companion animal veterinary vaccines market. Typically, the average cost of a rabies vaccine varies, ranging from approximately $1,200 to $6,500. Therefore, the high cost of companion animal veterinary vaccines is expected to limit market growth over the forecast period.
Companies operating in the companion animal veterinary vaccine industry are increasingly engaging in collaborations and partnerships to drive product innovations. To thrive in the competitive veterinary market, these companies are expanding into new geographic regions and developing innovative products by leveraging their skills and expertise through partnerships with other players. For example, Merck & Co.'s subsidiary, MSD Animal Health, has established a strategic partnership with Vinovo B.V., a division of Viscon Hatchery Automation, a leading hatchery automation company. This partnership aims to set a new standard in safe and effective Vinovo vaccination, enhancing bird welfare and reducing vaccine reactions.
Major companies in the companion animal vaccine market are introducing new vaccines like Feligen RCPCh to boost their revenues. Feligen RCPCh is a veterinary vaccine for cats that provides protection against several infectious diseases, including feline viral rhinotracheitis, feline calicivirus, feline panleukopenia, and feline Chlamydophila infections. Boehringer Ingelheim, a Germany-based pharmaceutical company, launched Feligen RCPCh in April 2021. This vaccine includes attenuated feline rhinotracheitis herpesvirus, inactivated calicivirosis antigens, attenuated Chlamydophila Felis, and attenuated feline panleukopenia virus. It is administered subcutaneously, with a recommended primary vaccination regimen that includes an initial injection and a second injection typically given 3-4 weeks apart.
In September 2021, NEOGEN Corporation, a US-based manufacturer of animal safety products, acquired CAPInnoVet Inc for an undisclosed amount. This acquisition is part of NEOGEN Corporation's strategy to expand its animal safety business and enhance its presence in the companion animal health market. It provides NEOGEN Corporation access to CAPInnoVet's product portfolio, which includes medications for treating allergies, arthritis, and other common conditions in companion animals, such as dogs and cats. CAPInnoVet Inc is a US-based company that offers pet vaccines to the veterinary market and provides a range of products for companion animals.
Major companies operating in the companion animal veterinary vaccines market include C.H. Boehringer Sohn AG & Co. KG, Eli Lilly and Company, Heska Corp., Merck and Co. Inc., Elanco Animal Health Incorporated, Zoetis Inc., Ceva Sante Animale SA, Bayer AG, Neogen Corporation, ImmuCell Corporation, Intervet Inc., Vetoquinol SA, IDEXX Laboratories Inc., Merial Inc., Biogenesis Bago SA, Hipra India Pvt. Ltd., Bimeda Animal Health Limited, Phibro Animal Health Corporation, Nexvet Biopharma plc, Bioniche Animal Health Canada Inc., Bioiberica S.A., Laboratorios Hipra S.A., Norbrook Laboratories Ltd., Dechra Pharmaceuticals PLC, Kyoritsu Seiyaku Corporation, VDS Pharma Animal Health, Kepro Technologies Private Limited, ECO Animal Health Group plc, Biostadt India Limited, bio-pharmaceutical company, Choong Ang Vaccine Laboratories Co. Ltd., CZ Veterinaria S.A.
North America was the largest region in the companion animal veterinary vaccines market in 2023. Asia-Pacific was the second-largest region in the companion animal veterinary vaccines market. The regions covered in the companion animal veterinary vaccines market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the companion animal veterinary vaccines market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada
The companion animal veterinary vaccine market consists of sales of toxoid vaccines, viral vector vaccines, messenger RNA vaccines, and conjugated vaccines. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.