Global Companion Animal Vaccine Market, By Product Type (Live Attenuated Vaccine, Conjugated Vaccine, Inactivated Vaccine, Subunit Vaccine, Toxoid Vaccine, DNA Vaccine, and Recombinant Vaccine), By Animal Type (Canine, Feline, Equine, and Others), By Distribution Channel (Veterinary Clinics, Veterinary Hospitals, Veterinary Research Institutes, and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 2,847.7 million in 2020 and is expected to exhibit a CAGR of 6.5 % during the forecast period (2020-2027), as highlighted in a new report published by Coherent Market Insights.
Technological advancements and increasing research and development in the area of pathogenicity, immunology, and epidemiology, and introduction of genetic engineering have created growth opportunities for vaccine manufacturers to develop advanced vaccine for infectious diseases such as rabies, Lyme disease, cancer, and canine distemper in companion animals.
For instance, in December 2018, EVVIVAX, engineered veterinary vectored immunotherapy and vaccine developing company, offering novel therapeutic avenues to pet cancer patients, developed a novel vaccine called Tel-eVax that targets Telomerase, the enzyme that maintains telomeres and prevents them from shortening during cell division. Tel-eVax has shown efficacy for canine B-cell Lymphoma in three trials and is currently being evaluated in other tumor types in companion animals.
Global Companion Animal Vaccine Market – Impact of Coronavirus (COVID-19) Pandemic
Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization has declared it a public health emergency. According to the World Health Organization’s report, the manifestation of coronavirus disease (COVID-19) has resulted in more than 96.2 million infected individuals worldwide as of January 20, 2021.
COVID-19 can affect the economy in three main ways; by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, UAE, Egypt, and others are facing problems with regards to transportation of vaccine from one place to another.
Veterinary research centers are focused on developing a COVID-19 vaccine for companion animals as a preventive measure. In June 2020, the Indian Veterinary Research Institute (IVRI), in collaboration with IIT-Roorkee, India, announced that they are developing a vaccine and diagnostic kits to study the transmission dynamics of COVID-19 in pets and wild animals. Furthermore, in near future, the companion animal vaccines market is expected to witness significant growth owing to the increasing demand for these vaccines. Following the re-opening of manufacturing units, demand and supply is projected to meet expectations of customers whose pet vaccine schedules were delayed due to the pandemic.
Browse 35 Market Data Tables and 39 Figures spread through 208 Pages and in-depth TOC on “Companion Animal Vaccine Market” - Global Forecast to 2027, By Product Type (Live Attenuated Vaccine, Conjugated Vaccine, Inactivated Vaccine, Subunit Vaccine, Toxoid Vaccine, DNA Vaccine, and Recombinant Vaccine), By Animal Type (Canine, Feline, Equine, and Others), By Distribution Channel (Veterinary Clinics, Veterinary Hospitals, Veterinary Research Institutes, and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).
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The global companion animal vaccine market is expected to witness significant growth during the forecast period owing to rising healthcare expenditure for pets and for treatment of various diseases such as cancer, allergies, and diabetes is expected to accelerate the companion animal vaccines market growth over the forecast period. For instance, according to American Pet Products Association (APPA) report of March 2019, the pet care spending in 2018 has reached to US$ 72.5 billion compared to US$ 69.5 billion in 2017, an increase of over 4%
Key Takeaways of the Global Companion Animal Vaccine Market: