Companion Animal Vaccine Market will grow at 6.5% CAGR, to be valued at US$ 4,437.0 Million by 2027, Impact of Coronavirus (COVID-19) Pandemic
Global Companion Animal Vaccine Market, by Product Type (Live Attenuated Vaccine, Conjugated Vaccine, Inactivated Vaccine, Subunit Vaccine, Toxoid Vaccine, DNA Vaccine, and Recombinant Vaccine), By Animal Type (Canine, Feline, Equine, and Others), By Distribution Channel (Veterinary Clinics, Veterinary Hospitals, and Veterinary Research Institutes), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 2,847.7 million in 2020 and is expected to exhibit a CAGR of 6.5 % during the forecast period (2020-2027), as highlighted in a new report published by Coherent Market Insights.
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The companion animal vaccines market is expected to witness significant growth during the forecast period due to launch of vaccines for companion animals. For instance, in December 2017, Zoetis Inc. announced the launch of Vanguard CIV H3N2/H3N8, the latest vaccine in the company’s canine influenza virus (CIV) portfolio. The new bivalent vaccine helps protect dogs against the two strains of the virus known to be circulating in the U.S.
Moreover, the global companion animal vaccine market growth is driven by the rising focus of key players on research centered on viral diseases in animals and developing efficient companion animal vaccines. In June 2018, Regeneron Pharmaceuticals, Inc. and Zoetis, Inc. Inc. announced a five-year collaboration to research monoclonal antibody therapeutics in animals and discover new veterinary treatments.
Furthermore, in May 2018, Boehringer Ingelheim inaugurated a new integrated Asian Veterinary Research & Development Centre in China to enhance its research and innovation capacity.
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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 systems worldwide. According to the U.S. Centers for Disease Control & Protection (CDC) and the American Veterinary Medical Association, there is no evidence that companion animals or pets can transmit the COVID-19 virus to other animals or human beings.
- Due to implementation of social distancing policies, veterinary check-up is conducted with the help of mediums such as video calling. In March 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.
- Veterinary research centers are focused on developing a COVID-19 vaccine for companion animals as a preventive measure. In June 2020, the Indian Veterinary Research Institute (IVRI) in collaboration with IIT-Roorkee, India, announced that they are developing a vaccine and diagnostic kits to study the transmission dynamics of COVID-19 in pets and wild animals.
- Furthermore, in the near future, the companion animal vaccines market is expected witness significant growth owing to the increasing demand for these vaccines. Following the re-opening of manufacturing units, demand and supply is projected to meet expectations of customers whose pet vaccine schedules were delayed due to the pandemic.
Browse 35 Market Data Tables and 39 Figures spread through 208 Pages and in-depth TOC on “Global Companion Animal Vaccine Market, by Product Type (Live Attenuated Vaccine, Conjugated Vaccine, Inactivated Vaccine, Subunit Vaccine, Toxoid Vaccine, DNA Vaccine, and Recombinant Vaccine), By Animal Type (Canine, Feline, Equine, and Others), By Distribution Channel (Veterinary Clinics, Veterinary Hospitals, and Veterinary Research Institutes), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).
To know the latest trends and insights prevalent in the Global Companion Animal Vaccine Market press release, click the link below: https://www.coherentmarketinsights.com/press-release/companion-animal-vaccines-market-2751
The global companion animal vaccine market is expected to gain significant traction during the forecast period owing to technological advancements. Moreover, improved understanding of pathogenicity, epidemiology, introduction of genetic engineering immunology and epidemiology has opened up new opportunities for preventing infectious diseases such as rabies, cancer, canine distemper, and cancer. For instance, in December 2018, EvviVax, a European technological company which offers novel therapeutics for cancer in pet animals, developed a novel vaccine called Tel-eVax that targets Telomerase, the enzyme that maintains telomeres and prevents them from shortening during cell division.
Key Takeaways of the Global Companion Animal Vaccine Market:
- The global companion animal vaccine market is expected to exhibit a CAGR of 6.5% during the forecast period owing to increasing research by veterinary research institutes and approvals of new companion animal vaccines.
- Among product type, the attenuated live vaccine companion animal vaccine market segment is expected to hold a dominant position in the companion animal vaccine market in 2020 owing to research and development of attenuated live vaccines due to their application in treatment of various diseases such as Hepatitis B, tetanus, and HPV.
- Among animal type, canine companion animal vaccine market segment is expected to hold a dominant position in the companion animal vaccine market in 2020, increasing incidence of rabies in dogs globally.
- Among distribution channel, the veterinary clinic market segment is expected to hold dominant position in the companion animal vaccine market 2020 due to the increasing prevalence of zoonotic diseases in companion animals which is favoring demand for vaccination through veterinary clinics.
- Key players operating in the global companion animal vaccine market are Elanco Animal Health Incorporated, Boehringer Ingelheim GmbH, Ceva, Merck & Co., Inc, Virbac, Zoetis Inc, HIPRA, Biogénesis Bagó, and Ourofino Animal Health.
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- Global Companion Animal Vaccine Market, By Product Type:
- Attenuated Live Vaccine
- Conjugate Vaccine
- Inactivated Vaccine
- Subunit Vaccine
- Toxoid Vaccine
- DNA Vaccine
- Recombinant Vaccine
- Global Companion Animal Vaccine Market, By Animal Type:
- Global Companion Animal Vaccine Market, By Distribution Channel:
- Veterinary Clinics
- Veterinary Hospitals
- Veterinary Research Institute
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