Market Challenges And Opportunities

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 declared it a public health emergency on January 30, 2020.

COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, 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, the U.A.E., Egypt, and others, faced problems with the transportation of things from one place to another.

However, The effects of COVID-19 on the market are expected to be substantial. According to the PDSA’s June 2021 “PDSA Animal Wellbeing” report, 2 million individuals in the U.K. adopted pets between March 2020 and May 2021. Of those, 10% adopted dogs, 8% adopted cats, and 13% adopted rabbits. This high adoption rate in different parts of the world has led to a rise in animal health concerns, This, in turn, increased demand for veterinary vaccinations, driving the expansion of the market under consideration.

Global Companion Animal Vaccine Market - Key Trends

Introduction of companion animal vaccine with advanced technology: Introduction of companion animal vaccine with advanced technology in the market is expected to drive the growth of the global companion animal vaccine market over the forecast period. For instance, in November 2021, Stryker Corporation, a multinational medical technology corporation based in the U.S., launched the Prophecy Infinity Resect-Through Guides for use in total ankle replacement surgeries. The system represents the refinement of Stryker’s industry gold standard technique, allowing surgeons to improve or efficiency by reducing potentially time-consuming interoperative steps in a streamlined surgical process.

Global Companion Animal Vaccine Market : Restraint

High cost and complex manufacturing methodology : Vaccine development involves high costs and complex manufacturing methodologies. 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 A high expenditure for storage. These factors are expected to hinder market growth over the forecast period.

However, Receiving marketing approval for new vaccines and product launches is driving the market.

Global Companion Animal Vaccine Market : Opportunities

Increased Strategic Partnership and Collaboration for Production of Novel veterinary Vaccine: Key market players are focusing on strategies such as partnership and collaboration to increase production and innovation in companion animal vaccine, which is providing opportunities for new vaccine launches, which is expected to drive demand during the forecast period. For instance, on March 1, 2023, the Biotechnology and Biological Sciences Research Council (BBSRC), a part of UK Research and Innovation (UKRI), and the Bill & Melinda Gates Foundation, a U.S.-based private foundation, announced the creation of a new center at The Pirbright Institute to accelerate the development of animal vaccines to combat emerging and urgent infectious diseases.