Global Companion Animal Vaccine Market, By Product Type (Attenuated Live Vaccine, Conjugate Vaccine, Inactivated Vaccine, Subunit Vaccine, Toxoid Vaccine, DNA Vaccine, Recombinant Vaccine), By Species Type (Canine, Feline, Equine, Avians, 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$ 3.35 Billion in 2023 and is expected to exhibit a CAGR of 6.8 % during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Key market players are focusing on adopting growth strategies such as collaborations, which will drive the global companion animal vaccine market. For instance, in January 2022, Boehringer Ingelheim International GmbH, a pharmaceutical company, announced that they had collaborated with MabGenesis, a private biopharmaceutical company, to discover and develop novel monoclonal antibodies in canines.
Global Companion Animal Vaccine Market – Impact of Coronavirus (COVID-19) Pandemic
The rapid spread of COVID-19 across the globe is posing a challenge for veterinary healthcare worldwide. According to the U.S. Centers for Disease Control & Protection (CDC) and the American Veterinary Medical Association, there is no evidence at this point that companion animals or pets such as cats and dogs are transmitting the COVID-19 virus to other animals or human beings.
Due to social distancing policies, most veterinary physician visits are done through a telemedicine medium such as video calling from smart phones or tablet devices.
For instance, in April 2020, Boehringer Ingelheim U.K. collaborated with VetHelpDirect, that offered all U.K. veterinary practices free access to an online video consultation platform for a period of three months during the pandemic. By offering an alternative to face-to-face consultation, the online platform is a means of continuing care for animals while protecting both clients and staff from the spread of COVID-19.
Global Global Companion Animal Vaccine Market: Key Developments
- For instance, in January 2020, Boehringer Ingelheim International GmbH announced the launch of VAXXITEK HVT+IBD+ND, a vaccine that protects poultry from Marek’s disease, infectious bursal disease (classic and variant types), and Newcastle disease. Veterinarians and poultry producers have had to choose whether to use VAXXITEK HVT+IBD to vaccinate against Marek’s Disease and Infectious Bursal Disease or NEWXXITEK™ HVT+ND to prevent Marek’s Disease and Newcastle Disease.
Browse 34 Market Data Tables and 34 Figures spread through 170 Pages and in-depth TOC on “Global Companion Animal Vaccine Market”- Forecast to 2030, Global Companion Animal Vaccine Market, By Product Type (Attenuated Live Vaccine, Conjugate Vaccine, Inactivated Vaccine, Subunit Vaccine, Toxoid Vaccine, DNA Vaccine, Recombinant Vaccine), By Species Type (Canine, Feline, Equine, Avians, 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)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/companion-animal-vaccines-market-3387
Key Takeaways of the Global Companion Animal Vaccine Market:
- The global companion animal vaccine market is expected to exhibit a CAGR of 6.8% during the forecast period. The merger with emerging economies offers lucrative growth opportunities for players in the global companion animal vaccine market.
- Among species type, Feline segment to hold a dominant position in the global companion animal vaccine market during the forecast period, and this is attributed to the increasing launch of vaccine trials for canine species. For instance, University of Queensland veterinary researchers announced on July, 2023 that they had recruited pet dogs diagnosed with cancer to test an experimental vaccine. The aim is to stimulate a dog’s immune system to fight the spread of cancerous cells to other tissues of the body.
- Among regions, North America holds a 48.3% market share, owing to increasing investments by key market players in this region. For instance, in July 2020, the United States Department of Agriculture’s (USDA) Department of Agriculture provided leadership on food, agriculture, natural resources, and related issues. Animal and Plant Health Inspection Service (APHIS), the government agency, announced on July 2020, the initial purchase of vaccine for the National Animal Vaccine and Veterinary Countermeasures Bank (NAVVCB). APHIS invested US$ 27.1 million in a foot-and-mouth disease vaccine, which the agency would use in the event of an outbreak to protect animals and help stop the spread of disease. Vaccination helps control the spread of infection by reducing the amount of virus shed by animals and by controlling clinical signs of illness.
- Major players operating in the global companion animal vaccine market are Elanco Animal Health Incorporated, Boehringer Ingelheim GmbH, Ceva Ltd., Merck & Co. Inc., Virbac, Zoetis Inc., HIPRA, Biogénesis Bago, Ourofino Animal Health, Croda International Plc, KM Biologics, Indian Immunological Ltd., Sinovac, Kyoto Biken Laboratories, Inc., HESTER BIOSCIENCES LIMITED, Calier, Bioveta, a.s
