December 9, 2022

ReportLinker

The companion animal vaccine market was valued at approximately USD 3,056. 76 million in the base year, and it is expected to register a CAGR of 5. 63% over the forecast period. The impact of the COVID-19 pandemic on the market is expected to be significant.

New York, Nov. 03, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Companion Animal Vaccine Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)” – https://www.reportlinker.com/p06360562/?utm_source=GNW
The CDC issued special instructions to veterinarians in July 2020 regarding managing companion animals during the COVID-19 outbreak. Additionally, many government authorities, such as the CDC, recommended veterinary hospitals and clinics prioritize urgent and emergency visits and procedures. Moreover, according to the OIE (World Organization for Animal Health), most veterinary laboratories were actively involved in testing COVID-19 in humans to overcome the shortage of healthcare facilities and COVID-19 testing laboratories globally. However, some hospitals and clinics were taking definite measures to avoid the transmission of the virus during this pandemic situation. For instance, Prestige Animal Hospitals took preventive measures to treat animals.

A “Drop Off Exams”service was also developed, enabling the owner to leave their pet for evaluation or treatment. The outcomes and treatment strategies are discussed over the phone or via email. Hence, a slight short-term negative impact is witnessed on the companion animal vaccine market, primarily due to the reduced veterinary visits during the COVID-19 outbreak.

Additionally, the coronavirus spreads from animal to animal with contact or aerosol transmission, thus infecting other animals. Incidents such as COVID-19-infected farmed minks were reported in numerous nations, such as the United States and Denmark, during late 2020. Thereby, such incidents have triggered the need for the COVID-19 animal vaccine. As a result, the market players are getting involved in manufacturing companion animal vaccines against COVID-19. For instance, Zoetis is in the process of donating over 11,000 doses of its experimental COVID-19 vaccine to help protect the health and well-being of animals. On the other hand, in April 2021, Russia registered the first global COVID-19 vaccine called Carnivac-Cov for animals. Thus, the growing cases of COVID-19 infections in domestic and wild animals promoted the acceptance of animal vaccines for safeguarding preventive animal health, thus soaring industry growth.

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 favorable government initiatives are expected to boost the size of the companion animal vaccines market.

Companion animals such as cats, horses, and dogs play an important role in people’s lives. The strengthening of the bond between animals and humans has led to an increased demand for animal products, including pharmaceuticals and vaccines, which contribute significantly to the health and well-being of animals. The animals provided various health benefits such as reduced cardiac arrhythmias, lower blood pressure, greater psychological stability, reduced anxiety, and improved well-being. The trend of keeping pet animals is anticipated to accelerate industry growth.

A high degree of public awareness about companion animals among the population has led to an increase in the adoption of these animals for social well-being and a healthy lifestyle, which in turn, led to an increase in pet ownership. For instance, the 2022 data published by the Der Deutsche Heimtiermarkt stated that 47% of the households in Germany had pets in 2021. Additionally, the data published by the European Pet Food Industry: Facts and Figures 2022 report showed that the estimated percentage of Spain households owing at least one cat was 27%, and one dog was 16% in 2021. Thus, the rising adoption of pets increases the vaccination programs for companion animals, which is expected to fuel the market growth over the forecast period.

Furthermore, the number of zoonotic disease cases in companion animals has risen significantly in recent years, contributing to market growth. For instance, as per the data published by USDA in May 2022, around 37.96 million birds were affected by the highly pathogenic avian influenza virus in 2022. The large bird population affected by the disease requiring efficient therapeutic measures is adding to the growth of the companion animal vaccine market in the region. Additionally, from the data published by the Government of Canada in January 2022, it has been observed that 709 cases of Lyme disease were reported in Quebec in 2021 compared to 274 cases in 2020. Thus, with the rise in the number of cases, the necessity to treat and prevent the disease from spreading has increased, which is anticipated to boost the demand for companion animal vaccines over the forecast period.

However, the high vaccine development cost and regulatory concerns are expected to restrain the market growth over the forecast period.

Key Market Trends

Inactivated Vaccines Segment is Expected to Hold a Major Share in the Companion Animal Vaccine Over the Forecast Period

Inactivated vaccines are extensively used in companion animal health. Although inactivated vaccines provide good protection, they are relatively expensive to produce. Furthermore, there are numerous inactivated vaccines produced by animal health companies. These are used in routine vaccination protocols for companion animals.

Inactivated type does not require huge storage costs, as it is stable and does not lose its efficacy easily. These advantages led to the increased adoption rate of vaccines in various regions. Hence, the segment is expected to witness the fastest growth during the forecast period. Additionally, the advantages of the inactivated vaccine include stability, safety, and easy conservation without the requirement of refrigeration. These benefits are anticipated to fuel the market growth over the forecast period.

Furthermore, major companies in the inactivated vaccine market provide widely recognized, accessible vaccines such as canine parvovirus vaccines and are effective at immunizing companion animals, particularly dogs. However, inactivated vaccinations only offer transient protection against the virus. Dogs may develop subclinical infections while immune to the disease for several months.

Moreover, the vaccine launches to prevent COVID-19 infection in companion animals also contribute to the market growth. For instance, in June 2022, the Union Minister of Agriculture and Farmers’ Welfare, India, launched Anocovax, India’s first homegrown Covid-19 vaccine for animals. Anocovax is an inactivated SARS-CoV-2 Delta vaccine for animals that is safe for dogs, lions, leopards, mice, and rabbits, and it is effective against both the Delta and Omicron variants.

Therefore, owing to the factors mentioned above, the studied segment is expected to grow over the forecast period.

North America is Expected to Have the Significant Market Share in the Companion Animal Vaccine Market Over the Forecast Period

North America is anticipated to witness significant hairy cell leukemia market growth over the forecast period. The major factors driving the market growth are the rising adoption of companion animals such as dogs, cats, and other animals, the increasing number of zoonotic diseases, and the availability of advanced veterinary healthcare infrastructure.

The rising number of pet insurance in the country is also expected to increase the market growth. For instance, according to the 2022 statistics published by the Insurance Information Institute, it has been observed that in the United States, 3.9 million pets were insured at the end of 2021, with an increase of 20% compared to 2020. In addition, California (19.3%), New York (8.4%), and Florida (6.1%) are the three states with the highest percentage of insured pets. Thus, the growing pet adoption increases the availability of pet insurance, due to which pet owners are spending more on pet health care. This creates opportunities for developing and available advanced and innovative vaccines for better treatment of pets.

Additionally, the growing number of pet adoption in the region contributes to the market growth over the forecast period. For instance, the 2021 Pet Population Survey published showed that the number of dogs in Canada increased from 7.6 million to 7.7 million (from 2019 to 2021). Additionally, 8.1 million cats were kept as family pets in 2021.

Furthermore, the high spending on pet health is expected to fuel market growth. For instance, as per the American Pet Products Association Survey 2021-2022, it was estimated that in 2021 around USD 109.6 billion was spent on pets in the United States, up from USD 103.6 billion in 2020. The high spending on pets is creating opportunities for the development of effective vaccines, which is anticipated to fuel market growth over the forecast period.

Moreover, the market players are adopting various strategies, such as product launches, product developments, collaborations, mergers, acquisitions, and expansions to increase their market positions, thereby propelling the market growth. For instance, in September 2022, Merck Animal Health launched NobivacIntra-Trac Oral BbPifor dual prevention of two major canine respiratory pathogens. Additionally, in October 2020, Elanco signed an agreement with Bayer’s Animal Health Business to acquire its Animal Health business in a transaction valued at USD 7.6 billion.

Therefore, owing to the factors mentioned above, the studied market is expected to grow over the forecast period.

Competitive Landscape

The companion animal vaccine market is moderately competitive. Regarding market share, major players, such as Elanco Animal Health Incorporated, Boehringer Ingelheim GmbH, Merck & Co. Inc., Zoetis Inc., and Bioveta AS, among others, hold the largest market shares. Key players are evolving through various strategic alliances, such as acquisitions, collaborations, and new product launches, to expand their global product portfolios and secure their positions in the global market.

Additional Benefits:

The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06360562/?utm_source=GNW

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