Global Canine Influenza Vaccine Market Size and Trends

The global canine influenza vaccine market is estimated to be valued at USD 1,805.7 Mn in 2024, and is expected to reach USD 2,562.1 Mn by 2031, exhibiting a compound annual growth rate (CAGR) of 5.1% from 2024 to 2031.

Global Canine Influenza Vaccine Market Key Factors

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Increasing pet adoption and rising awareness about animal health is expected to fuel the demand for canine influenza vaccines. Additionally, growth in R&D activities to develop effective and novel vaccines and rising government support for pet immunization will further aid market expansion. Vaccination has become an important practice to control the spread of canine influenza virus among the pet dog population. Wide distribution network of key players ensures broad availability and accessibility of vaccines which is also supporting the market growth.

Increasing Animal Healthcare Expenditure

Increasing animal healthcare expenditure is expected to drive the global canine influenza vaccine market growth over the forecast period. For instance, in May 2023, the North American Pet Health Insurance Association (NAPHIA) released its 2023 State of the Industry (SOI) report, indicating that the North American pet health insurance sector grew by 23.5% in In-Force GWP over 2022.

Growing Pet Ownership

Pet ownership has been steadily increasing, with more people considering their pets as family members and seeking quality healthcare for them. This trend has led to a rise in the demand for veterinary services and treatments, including for canine influenza vaccine. Pet owners are increasingly willing to spend on their pets' healthcare, driving the market for effective treatment. According to American Pet Products Association statistics, in April 2023, over the past three decades, pet ownership in the U.S. has experienced a notable surge. As of 2023, approximately 66% of households (equivalent to 86.9 million homes) are pet owners, compared to 56% in 1988, as indicated by pet ownership statistics. Pets hold a crucial role in their owners' lives, providing companionship and emotional support. Remarkably, 85% of dog owners and 76% of cat owners consider their pets to be integral members of their families.