Newark, New Castle, USA, April 06, 2023 (GLOBE NEWSWIRE) -- According to a recent Growth Plus Reports assessment, the companion animal vaccines market is estimated to reach US$ 5,169.27 million by 2031, with a revenue CAGR of 5.57%. The report examines the vital growth strategies, factors and prospects, competitive scenarios, shifting industry trends, market dynamics, data and forecasts, and ideal investment regions.
Key Takeaways:
- Increased prevalence of zoonotic diseases will drive market revenue growth.
- North America will register the fastest revenue growth in the global companion animal vaccines market.
- Increasing awareness of animal health will fuel the growth of the market.
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Companion Animal Vaccines Market Scope
| Report Attribute | Details |
| Market size value in 2022 | US$ 3,173.69 million |
| Revenue forecast in 2031 | US$ 5,169.27 million |
| Growth Rate | CAGR of 5.57% from 2023 to 2031 |
| Base year for estimation | 2022 |
| Forecast Period | 2023-2031 |
| Historical Year | 2021 |
| Segments covered | Animal Type, Technology, Distribution Channel, and Region. |
| Regional scope | North America, Europe, Asia Pacific, and the Rest of the World (ROW) |
Market Drivers
Increased awareness of pet health among pet parents is the major factor driving the revenue growth of the global companion animal vaccines market. Furthermore, higher zoonotic disease prevalence, significant demand for companion animal vaccines, favourable reimbursement policies, and increased research and development activities contribute to the market's revenue growth rate.
Market Segmentation
Growth Plus Reports has analyzed the global companion animal vaccines market from four perspectives: Animal Type, Technology, Distribution Channel, and Region.
Animal Type Segmentation: Based on the animal type, the global companion animal vaccines market is segmented into canine, feline and others. The canine segment dominates the market with the largest revenue share because dogs are more social than cats and have higher adoption rates and healthcare costs. They also have a greater chance of contracting infectious diseases.
Technology Segmentation: Based on the technology, the global companion animal vaccines market is segmented into live attenuated vaccines, inactivated vaccines, toxoid vaccines, recombinant vaccines, and other technologies. The live attenuated segment dominates the market because these vaccines are among the best available and effectively prevent diseases like rabies and feline leukaemia in animals like dogs and cats by generating a strong and long-lasting immune reaction.
Distribution Channel Segmentation: Based on the distribution channel, the global companion animal vaccines market is segmented into veterinary hospitals & clinics, veterinary research hospitals, and retail pharmacies. The veterinary hospitals & clinics segment dominates the market because the vaccines used in veterinarian facilities and clinics are of the highest caliber, are secure, and are efficient. Additionally, they make sure the vaccines are handled and kept correctly to preserve their efficacy.
Regional Growth Dynamics
Based on the region, the global companion animal vaccines market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America is expected to dominate the global companion animal vaccines market with the largest revenue share. The dominance of North America can be attributed to the rising prevalence of zoonotic diseases, the availability of better veterinary healthcare infrastructure, and the existence of favourable reimbursement policies for animal health; and the increased adoption of pet animals like dogs, cats, and other animals.
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Competitive Landscape
The prominent players in the global companion animal vaccines market are:
- Elanco Animal Health Incorporated
- Boehringer Ingelheim GmbH
- Merck & Co. Inc.
- Zoetis Inc.
- Bioveta AS
- Durvet Inc.
- Indian Immunologicals Ltd.
- Phibro Animal Health Corporation
- Hester Biosciences Limited
- HIPRA
- Ceva Santé Animale
The companion animal vaccines market is extremely competitive, with many players involved. Market leaders increasingly use mergers, collaborations, and acquisitions to increase their market share and launch new drugs and products.
Recent developments:
- More than five million doses of the NOBIVAC rabies vaccine from Merck Animal Health were distributed to Mission Rabies and Rabies Free Africa in September 2022 as part of the Afya Program to help with the elimination of canine-mediated rabies.
- Artemis Technologies Inc., a Canadian manufacturer of oral rabies vaccines, was acquired by Ceva Santé Animale (Ceva) in May 2022. As a result of this acquisition, Ceva's market share in North America will increase.
Table of Content
- INTRODUCTION
- Market Ecosystem
- Timeline Under Consideration
- Historical Years – 2021
- Base Year – 2022
- Forecast Years – 2023 to 2031
- Currency Used in the Report
- RESEARCH METHODOLOGY
- Research Approach
- Data Collection Methodology
- Data Sources
- Secondary Sources
- Primary Sources
- Market Estimation Approach
- Bottom Up
- Top Down
- Market Forecasting Model
- Limitations and Assumptions
- PREMIUM INSIGHTS
- Current Market Trends (COVID-19 Perspective)
- Key Players & Competitive Positioning (2022)
- Regulatory Landscape
- MARKET DYNAMICS
- Drivers
- Restraints/Challenges
- Opportunities
- GLOBAL COMPANION ANIMAL VACCINES MARKET - ANALYSIS & FORECAST, BY ANIMAL TYPE
- Canine
- Feline
- Other Animal Types
- GLOBAL COMPANION ANIMAL VACCINES MARKET - ANALYSIS & FORECAST, BY TECHNOLOGY
- Live Attenuated Vaccines
- Inactivated Vaccines
- Toxoid Vaccines
- Recombinant Vaccines
- Other Technologies
COMPANION ANIMAL VACCINES MARKET TOC
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VALUE PROPOSITIONS RELATED TO THE REPORT:
- Powered with Complimentary Analyst Hours and Expert Interviews with Each Report
- Comprehensive quantitative and qualitative insights at segment and sub-segment level
- Covid 19 impact trends and perspective
- Granular insights at global/regional/country level
- Deep-rooted insights on market dynamics (drivers, restraints, opportunities) and business environment
- Blanket coverage on competitive landscape
- Winning imperatives
- Exhaustive coverage on 'Strategic Developments' registered by leading players of the market
CUSTOMIZATION OPTIONS:
- Distributor Landscape Assessment
- Pricing Intelligence
- Customer Base Assessment
- Investment & Initiatives Analysis
- 'Business Profile' of Key Players
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