According to researchers at Future Market Insights, Inc., the global companion animal vaccines market is projected to experience significant growth over the next decade. The market is estimated at US$ 3.4 billion in 2023 and is expected to expand at a CAGR of 6.8%, reaching a valuation of US$ 6.7 billion by 2033.
Key Market Drivers:
- Rising Pet Ownership and Healthcare Awareness: Increasing adoption of companion animals and heightened awareness about their health are driving the demand for effective vaccines.
- Advances in Veterinary Science: Technological advancements are enabling the development of novel vaccines, improving disease prevention for companion animals.
- Global Focus on Zoonotic Disease Prevention: Vaccinating pets plays a vital role in minimizing the transmission of zoonotic diseases, boosting the demand for companion animal vaccines.
- Strong Growth in Emerging Markets: Rising disposable income and evolving attitudes toward pet care in emerging economies are fueling market expansion.
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Market Outlook:
The companion animal vaccines market is positioned for sustained growth as veterinary care becomes a priority among pet owners globally. With the increasing adoption of cutting-edge technologies and a focus on preventative care, the market offers lucrative opportunities for manufacturers and stakeholders.
Future Implications:
The projected 6.8% CAGR from 2023 to 2033 underscores the importance of companion animal health in the broader veterinary sector. As vaccination programs become more sophisticated, the market is expected to play a crucial role in enhancing animal health and reducing the risk of zoonotic diseases globally.
Growth Drivers
- Increasing Pet Ownership: The growing number of pet owners globally is leading to higher demand for veterinary care, including vaccinations.
- Awareness of Preventive Healthcare: There is a rising awareness among pet owners regarding the importance of vaccinations in preventing diseases, which is driving market growth.
- Routine Vaccination Programs: Successful vaccination campaigns in developed countries have significantly reduced the prevalence of certain diseases, encouraging more pet owners to vaccinate their animals.
- Emerging Markets: Countries in tropical and subtropical regions are seeing increased demand for veterinary vaccines, particularly for protozoan parasites, which further boosts market growth.
Regional Insights
- North America remains a dominant market due to high pet ownership rates and established veterinary healthcare practices.
- Emerging markets such as China are anticipated to grow rapidly, with an expected CAGR of 7.8% until 2033.
Manufacturers focus on Radiology to broaden their Portfolio
The key players operating in the market are taking steps to advance the comprehensive Radiology portfolio. This happens along with the development pipeline of new contrast agents as well as more partnerships in the digital business. In November 2022, Bayer Healthcare advanced its Radiology development portfolio and made use of AI.
Some of the recent developments in the companion animal vaccines market are:
- In November 2022, Bayer Healthcare acquired German biotech start-up Targenomix.
- In November 2021, Felpreva, Vetoquinol’s new three-monthly feline parasiticide received marketing authorization from the European Commission.
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)
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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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