COMPANION ANIMAL VACCINE MARKET ANALYSIS

Companion Animal Vaccine MarketSize and Trends

The global companion animal vaccine market is estimated to be valued at US$ 3.35 Billion in 2023 and is expected to exhibit a CAGR of 6.8% during the forecast period (2023-2030).

Rising funding for revolutionary product research and development is likely to provide lucrative growth prospects for industry leaders. Increased knowledge of animal health and well-being is one significant factor driving market growth. Rising development, such as clinical research to develop vaccines for many animal diseases using new vaccine technologies such as split-product, separated protein or peptide, manufacturer vaccine, and nucleic acid approaches, as well as an increase in global demand for animal vaccination.

Global Companion Animal Vaccine Market – Drivers

Increasing Zoonatic Diseases cause Public Health Threats

There are several advantages to having a companion animal. Pet popularity of stroking cats and dogs is expanding globally, however pets can occasionally carry hazardous germs that can transmit to people and cause sickness; these are known as zoonotic illnesses. As per data for zoonotic diseases in Eastern Europe published on July 2020, by the World Health Organization (WHO), it is estimated that globally, about one billion cases of illness and millions of deaths occur every year from zoonoses. Over 30 new human pathogens have been detected in the last three decades, 75% of which have originated in animals.

Increasing investment in research and development of companion animal vaccines

Major players in the market are focusing on investing in research and development to understand viral diseases and discover vaccinations for efficiently treating animals suffering from infectious diseases. This is expected to fuel overall market growth. For instance, in October 2021, Boehringer Ingelheim, a German-based global pharmaceutical company, announced an investment of US$105.355 million in veterinary public health capabilities to aid the emergence of transboundary diseases and an earlier investment of US$210 million in a new veterinary public health (VPH) strategic production center.

Global Companion Animal Vaccine Market - Cross Sectional Analysis:

Among product type, the Attenuated Live Vaccine segment is dominant during the forecast period in the North America region due to the key players focusing on organic strategies such as the launch of new products, which is expected to drive segment growth over the forecast period. For instance, on June 12, 2023, MSD Animal Health announced approval INNOVAX-ILT-IBD from the U.S. Food and Drug Administration and the European Commission for the Innovax vaccine a dual-construct HVT vaccine that provides long-term protection against infectious laryngotracheitis. Such predicted approvals and launches are fueling the global companion animal vaccines market in North America.