Companion Animal Veterinary Vaccines Global Market Report 2023

NEW YORK, Feb. 16, 2023 /PRNewswire/ -- Major players in the companion animal veterinary vaccines market are Boehringer Ingelheim, Eli Lilly and Company (Elcano), Heska Co., Merck Animal Health, Virbac, Zoetis, ElancoCevaSante Animal S.A., Bayer Healthcare, NEOGEN CORPORATION, and ImmuCell Corporation.

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The global companion animal veterinary vaccines market will grow from $3.25 billion in 2022 to $3.47 billion in 2023 at a compound annual growth rate (CAGR) of 6.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The companion animal veterinary vaccines market is expected to grow to $4.48 billion in 2027 at a CAGR of 6.6%.

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.

Companion animal vaccines are substances that are used to stimulate the production of antibodies and provide immunity against one or several diseases in pets such as dogs, birds, and cats. They are also used to improve food digestion, enhance immunity, enable animals to gain fat and weight, and generate good quality meat that is harvested for commercial purposes.

North America was the largest region in the companion animal veterinary vaccines market in 2022.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, and Africa.

The main products of companion animal veterinary vaccines are inactivated, live attenuated, recombinant, and other products.A recombinant vaccine is one that was created using recombinant DNA technology.

This entails inserting DNA encoding an antigen (such as a bacterial surface protein) that triggers an immunological response into bacterial or mammalian cells, expressing the antigen in these cells, and then purifying it from them. The products are administered through oral, parenteral, and other routes of administration and are distributed through veterinary hospitals, veterinary clinics, pharmacies, drug stores, and other distribution channels.

Increased pet ownership by Gen X and Gen Y adults contributed to the growth of the companion animal veterinary vaccine market during the historic period.According to the APPA, millennials, or Gen Y, represent the largest segment of pet owners for all types of pets.

More than 80% of Gen Y and Gen Z own a dog, and 50% or less own a cat as a pet.Multiple pet ownership is also on the rise in some parts of the world.

According to the 2019-2020 APPA National Pet Owners Survey, 67% of US households own pets, which is equal to 84.9 million homes. Pet owners are well aware of advanced facilities and are willing to spend a large amount of money on the health of their pets. Therefore, the rise in pet ownership aids in the growth of the companion animal veterinary vaccine market.

The high cost of veterinary vaccines is expected to restrain the growth of the market.According to data from Harris Interactive, in the USA, households with pets spend about $1,000 on pet care.

There are around 70% of households in the USA who own a pet and only 39% have enough in their savings to cover high spending related to pet care. According to a report by PET IQ, in the USA, nearly 28% of households experienced barriers to veterinary care in the past two years. 80% of pet owners are unable to obtain preventative care due to financial constraints. There are several instances when it happens that the pet owners cannot afford expensive animal treatment and this factor restrained the growth of the companion animal veterinary vaccines market. Usually, the average cost of the rabies vaccine varies, typically from about $1,200 to $6,500. Thus, the high cost of companion animal veterinary vaccines will restrain the growth of the market over the forecast period.

Companies in the companion animal veterinary vaccine industry are increasingly collaborating and partnering with other players to drive product innovations.To succeed in the increasingly competitive veterinary market, companion animal veterinary vaccine companies are entering into new geographies and developing innovative products through sharing skills and expertise with other players.

For instance, Merck & Co.'s subsidiary MSD Animal Health announced a strategic partnership with Vinovo B.V., a division of Viscon Hatchery Automation, the leading hatchery automation company, to provide a new standard in safe and effective Vinovo vaccination to improve bird welfare and reduce vaccine reactions.

In February 2020, Zoetis, Inc., a US-based animal health company specializing in the discovery, development, production, and marketing of animal health drugs, acquired Ethos Diagnostic Science for an undisclosed amount. Through this acquisition, Zoetis continues to expand its diagnostics presence in order to provide American veterinarians with comprehensive services at an improved value. Ethos Diagnostic Science is a US-based veterinary diagnostic company pioneering in various types of diagnostic testing and clinical chemistry.

The countries covered in the companion animal veterinary vaccines market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).

The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.

The companion animal veterinary vaccines research report is one of a series of new reports 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.

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