Future Market Insights, Inc. has forecasted robust growth in the global companion animal vaccines market, with a projected compound annual growth rate (CAGR) of 6.8% between 2023 and 2033. The market, currently valued at USD 3.4 billion in 2023, is expected to more than double, reaching an estimated USD 6.7 billion by 2033.
Several key factors are fueling this growth, including:
- Humanization of Pets: As pets are increasingly viewed as family members, owners are prioritizing their health and wellness, driving demand for advanced vaccines.
- Growing Awareness of Pet Insurance: With more pet owners opting for insurance, preventive healthcare, including vaccinations, has become a significant focus, ensuring pets lead longer, healthier lives.
- Rising Cases of Animal Diseases: An increase in the number of diseases affecting companion animals has heightened the need for effective vaccines, further propelling the market’s growth.
As companion animals play a growing role in households across the globe, the demand for vaccinations to prevent diseases is expected to remain strong, supporting the sustained expansion of the market in the coming decade.
The passage outlines two main restraining factors for the companion animal vaccines market:
Shift in Sales Channels:
- The Fairness to Pet Owners Act allows pet owners to purchase vaccines from retailers and pharmacies, bypassing veterinarians.
- This reduces the market share traditionally held by veterinarians and forces vaccine companies to adapt their sales strategies.
- The shift might also affect profit margins due to changes in distribution channels and consolidation of veterinary clinics.
Knowledge Gaps in Disease Epidemiology:
- Lack of understanding about the prevalence and spread of veterinary diseases, particularly in endemic countries, hinders vaccine development.
- The example of Newcastle Disease in poultry highlights this issue.
- Rapid mutations and variations in the virus make it difficult to develop effective vaccines, limiting the market potential.
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Competition Analysis:
- Bayer Healthcare
- Vétoquinol S.A
- Boehringer Ingelheim
- Ceva Santé Animale
- Eli Lilly and Company
- Heska Corp.
- Merck Animal Health
- Sanofi
- Virbac
- Pfizer
Companion Animal Vaccines Market Segmentation
By Product Type:
- Attenuated Live Vaccines
- Conjugate Vaccines
- Inactivated Vaccines
- Subunit Vaccines
- Toxoid Vaccines
- DNA Vaccines
- Recombinant Vaccines
By Distribution Channel:
- Veterinary Clinics
- Veterinary Hospitals
- Veterinary Research Institutes
- Retail Pharmacies
By Species Types:
- Canine
- Avian
- Feline
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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