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Press Release: Companion Animal Vaccine Market to Surpass US$ 4,437.0 Million by 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Companion animal vaccines play a crucial role in ensuring longevity, good health and in improving overall productivity of pets in a cost-effective manner. Companion animal vaccines reduce transmission of various diseases from animals to humans. Companion animal vaccines are parenteral products that are used in prophylactic treatment of various diseases such as blastomycosis, psittacosis cat scratch disease and others.
The global companion animal vaccines market is expected to witness significant growth during the forecast period due to increasing pet ownership. For instance, according to the American Pet Products Association's 2017-2018 National Pet Owners Survey, around 89.7 million pets are owned in the U.S. According to the same source, in 2017-2018, around 63.4 million households owned pet dogs and around 42.7 million households owned pet cats in the U.S.
The global companion animal vaccine market is estimated to be valued at US$ 2,847.7 million in 2020 and is expected to exhibit a CAGR of 6.5% over the forecast period (2020-2027).
Figure 1. Global Companion Animal Vaccine Market Share (%) in Terms of Value, By Region, 2020
Increasing research and development of novel companion animal vaccines
Key players operating in the market such as Zoetis, Inc., Regeneron Pharmaceuticals, Boehringer Ingelheim, and Merck are conducting research projects to understand viral diseases and discover vaccination for efficiently treating animals suffering from infectious diseases. This is expected to drive the market growth over the forecast period.
For instance, in June 2018, Regeneron Pharmaceuticals, Inc. and Zoetis, Inc. entered a five-year research collaboration. As a result of this research collaboration, Zoetis, Inc. would use Regeneron's monoclonal antibody therapeutics in companion animals and discover new veterinary treatments for infectious diseases.
Furthermore, the rising funding for research and development of novel products is expected to drive the market growth during the forecast period.
For instance, in June 2017, Animal Cancer Foundation (ACF) received a funding of US$ 1 million from the Blue Buffalo Foundation to support comparative oncology research to study similarities between naturally occurring cancers in people and pets, and find effective treatment in people and pets.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2019 | Market Size in 2020: | US$ 2,847.7 Mn |
| Historical Data for: | 2016 to 2019 | Forecast Period: | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR: | 6.5% | 2027 Value Projection: | US$ 4,437.0 Mn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
Elanco Animal Health Incorporated, Boehringer Ingelheim GmbH, Ceva, Merck & Co., Inc., Virbac, Zoetis Inc., HIPRA, Biogénesis Bagó, and Ourofino Animal Health. |
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| Growth Drivers: |
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| Restraints & Challenges: |
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Figure 2. Global Companion Animal Vaccines Market Share (%), by Animal Type, 2020
Increasing approval and launch of novel products is expected to drive the market growth during the forecast period.
Key players operating in the market are focusing on approval and launch of novel vaccines for the treatment of companion animals which is expected to drive the market growth over the forecast period.
For instance, in October 2019, Zoetis, a global animal health company, announced the launch of Versican Plus Bb Oral – the first oral vaccine for dogs in Europe. The vaccine provides robust, long-lasting protection against Bordetella bronchiseptica, a primary component of the canine infectious respiratory disease complex (CIRDC), with new easy oral administration.
Moreover, in November 2017, AgriLabs, a biopharmaceutical company received the U.S. Department of Agriculture (USDA) approval of the first DNA vaccine ever licensed for chickens. The approval also represents a first for AgriLabs' ExactVac DNA technology with ENABL adjuvant, the first DNA vaccine approved for influenza for veterinary use, and among the first DNA vaccines approved in the U.S. for food animals.
Global Companion Animal Vaccine Market – Impact of Coronavirus (COVID-19) Pandemic
The rapid spread of COVID-19 across the globe is posing a challenge for veterinary healthcare worldwide. According to the U.S. Centers for Disease Control & Protection (CDC) and the American Veterinary Medical Association, there is no evidence at this point that companion animals or pets such as cats and dogs are transmitting the COVID-19 virus to other animals or human beings.
Due to social distancing policies, most veterinary physician visits are done through a telemedicine medium such as video calling from smart phones or tablet devices.
For instance, in April 2020, Boehringer Ingelheim U.K. collaborated with VetHelpDirect, that offered all U.K. veterinary practices free access to an online video consultation platform for a period of three months during the pandemic. By offering an alternative to face-to-face consultation, the online platform is a means of continuing care for animals while protecting both clients and staff from the spread of COVID-19.
Global Companion Animal Vaccine Market: Restraints
Vaccine development involves high cost and complex manufacturing methodology. For instance, some vaccines for poultry and fish need to be kept frozen; and technicians working with frozen vaccines need to contact the manufacturer for specific storage instructions that requires high expenditure for storage. These factors are expected to hinder the market growth over the forecast period.
Key Players
Major players operating in the global companion animal vaccine market are Elanco Animal Health Incorporated, Boehringer Ingelheim GmbH, Ceva, Merck & Co., Inc., Virbac, Zoetis Inc., HIPRA, Biogénesis Bagó, and Ourofino Animal Health.
Companion animal vaccines play an important role in improving the health of companion animals in a cost effective manner. These vaccines are also important for reducing viral diseases transmitted from animals to animals or animals to humans. The U.S. FDA Center for Veterinary Medicine (CVM) approves drugs for companion (pet) animals such as dogs, cats, and horses and for food-producing animals such as cattle, pigs, and chickens. Moreover, increasing initiatives from regulatory authorities for prevention of diseases such as viral diseases in companion animals are expected to boost the global companion animal market growth over the forecast period. For instance, in 2016, The American Animal Hospital Association (AAHA) has commissioned a task force of veterinary oncology experts to develop a set of guidelines that will help veterinary teams work with pet owners for tailored treatment plans that will improve the quality of life of pets with cancer.
Market Dynamics
The increasing approval and launch of novel companion vaccines, adoption of inorganic growth strategies such as acquisitions and collaborations by key players operating in the market, and rising research and development of novel vaccines are expected to drive the growth of global companion animal vaccine market over the forecast period. For instance, in March 2019, Virbac, a French animal care company, launched a vaccine called CANILEISH to prevent canine leishmaniosis, due to the increasing prevalence of canine leishmaniosis in several regions across the globe, especially in Southern Europe and South America.
Moreover, in June 2018, Zoetis received approval from the U.S. Department of Agriculture for marketing its first monovalent vaccine Fostera Gold PCV, used in the pork industry for swine that includes two genotypes of porcine circovirus type 2 (PCV2).
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
*Browse 35 market data tables and 39 figures on "Companion Animal Vaccine Market” - Global forecast to 2027
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