The new report by Expert Market Research titled, ‘Global Companion Animal Vaccine Market Price, Report and Forecast 2023-2028’, gives an in-depth analysis of the global companion animal vaccine market, assessing the market based on its segments like vaccines, animal types, diseases, distribution channels, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028):6.2%
The increased popularity of companion animals, such as rabbits, dogs, and cats, will likely drive the global companion animal vaccination market. In recent years, pet adoption has increased significantly in some European countries. The industry will be driven by the rising prevalence of animal diseases, technological advancements in biotechnology, and increasing awareness of animal diseases. Rising incidents of animal bites, animal welfare campaigns and favourable government initiatives are expected to aid the companion animal vaccines market. Increased demand for animal products, such as medications and vaccines, which contribute significantly to animal health and well-being, has resulted from the development of the relationship between animals and humans. Less cardiac arrhythmias, lower blood pressure, increased psychological stability, reduced anxiety, and improved well-being appeared to be among the health benefits provided by the animals. The growing popularity of keeping pets is expected to augment the industry growth.
Industry Definition and Major Segments
The vaccines given to pets (dogs, cats, and other animals) to stimulate their immune response are known as companion animal vaccines. In other words, companion animal vaccines are used to help pets and other animals’ immune systems work better.
By vaccines, the market is segmented into:
• Live Attenuated Vaccines
• Inactivated Vaccines
• Toxoid Vaccines
• Recombinant Vaccines
• Subunit Vaccine
• Conjugate Vaccine
• DNA Vaccine
• Others
Based on animal type, the market is divided into:
• Feline
• Canine
• Bovine
• Others
By disease, the market is classified into:
• Rabies
• Hepatitis
• Leukemia
• Others
The several distribution channels of the market are:
• Veterinary Clinics
• Veterinary Hospitals
• Veterinary Research Institutes
• Retail Pharmacies
• Others
On the basis of region, the market is segmented into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Market Trends
Growth in the companion animal vaccine industry is propelled by an increase in disposable income, economic development, a growing number of veterinaries in the developing economies and increasing investment for the development of advanced governmental support in approving the medical technology, and a rise in pet ownership and expenditure on pet care. Companion animals are living longer due to advancements in animal health medicine, immunisations, and diagnostics. Continual research, innovation, and development of safe, efficacious, and high-quality vaccines have improved pet and farm animal safety. The global companion animal vaccine market is projected to benefit from these advances. The increase in funding by the federal government is also expected to drive the market growth rate. Moreover, the growth and expansion of the healthcare industry are driven by both public and private players, especially in the developing economies, which will create lucrative market growth opportunities.
Key Market Players
The major players in the market are Boehringer Ingelheim, Intervet Inc. (Merck Animal Health), Zoetis Services LLC, Bioveta, a.s., Elanco Animal Health Incorporated, and Zoetis Inc, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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