Companion Animal Vaccines Market to Surpass US$ 4,682.2 Million by 2027 - Coherent Market Insights

Core vaccines such as feline calicivirus (FCV), feline herpesvirus-1 (FHV-1), feline leukemia virus (FeLV), feline parvovirus (panleukopenia) (FPV), and rabies virus are administered to all cats and dogs. Rabies vaccinations are inoculated in the right hind leg, whereas canine distemper-parvovirus and feline upper respiratory-panleukopenia (FVRCP) vaccines are injected in the right foreleg.

Statistics:

The global Companion Animal Vaccines Market is estimated to be valued at US$ 4,682.2 Mn in terms of value by the end of 2027.

Global Companion Animal Vaccines Market: Drivers

The growth of the global companion animal vaccines market is attributed to increasing burden of zoonotic diseases, across the globe. For instance, according to GALVmed, a not-for-profit livestock health product development and access partnership, Rift Valley Fever, an endemic zoonotic disease throughout Africa and the Middle East, accounts for an expenditure of US$ 427 million, annually.

Global Companion Animal Vaccines Market: Opportunities

The government and private organizations of various economies are focusing on initiatives related to animal vaccination and this is expected to offer lucrative growth opportunities for players in the market. For instance, in January 2020, the United States Department of Agriculture’s (USDA) Animal and Plant Health Inspection Service (APHIS) announced to award US$ 10.2 million to support disease prevention and emergency response training and to develop the National Animal Vaccine and Veterinary Countermeasures Bank (NAVVCB).

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Global Companion Animal Vaccines Market: Restraints

However, misuse of the vaccine or over vaccination can lead to adverse vaccine reactions such as type I and type III hypersensitivities, vaccine-associated fibrosarcoma, vaccine-associated disease enhancement, and formation of autoimmune disease, which are expected to hinder growth of the market over the forecast period.

Key Takeaways:

On the basis of product type, attenuated live vaccines segment is expected to be valued at US$ 930.6 Mn in 2019 and is expected to reach US$ 1,655.9 Mn by 2027, exhibiting a CAGR of 7.5% over the forecast period. The growth of the segment is attributed to increasing incidence of zoonotic diseases in companion animals.

Among distribution channel, veterinary clinics segment is expected to account for major market share accounting of 41.4%, in 2019, in terms of value, followed by veterinary hospitals and retail pharmacies & others segment, respectively. The growth of the segment is attributed to increasing animal healthcare expenditure in developed and emerging economies.

Among species type, canine segment is expected to account for major market share of 50.9% in 2019, in terms of value, followed by feline and avian segments respectively. The growth of the canine segment is attributed increasing number of canine pet ownership, globally.

Market Trends

Major market players are engaged on developing effective vaccines against African swine fever. For instance, in January 2020, researchers from the U.S. Department of Agriculture reported development of a vaccine against African swine fever that appears to be far more effective than previously developed vaccines.

Moreover, government and private organizations are focusing on increasing vaccination against rabies. For instance, in January 2020, Caring for Creatures, Green Dogs Unleashed, Cat Action Team, and the Fluvanna SPCA collectively organized free rabies vaccination in Virginia, U.S.

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Regulations

Europe

The EU’s Committee for Medicinal Products for Veterinary Use (CVMP) is responsible for veterinary biologic manufacturing and product testing and approval oversight

Veterinary vaccines are manufactured in accordance with good manufacturing practices listed under standards (GMP Directive 200/94/Ec and Annex 16) and Directive 91/412/EEC

Availability of centralized procedures for scientific review and approval of license applications and lot release post-licensure facilitate vaccine manufacture and disbursement within the EU

Additionally countries within the EU have separate consideration for commercialization of the veterinary vaccines

Global Companion Animal Vaccines Market: Competitive Landscape

Key players operating in the global companion animal vaccines market include Bayer Healthcare, Vétoquinol S.A, Boehringer Ingelheim, Ceva Sante Animal S.A., Eli Lilly and Company (Elcano), Heska Co., Merck Animal Health, Merial (Boehringer Ingelheim), Virbac, and Zoetis.

Global Companion Animal Vaccines Market: Key Developments

November 2019: Zoetis launched Versican Plus Bb Oral, the first oral vaccine for dogs in Europe

September 2019: Boehringer Ingelheim announced its plans to donate 60,000 doses of its IMRAB rabies vaccine for dogs over the next three years to fight rabies in Puerto Rico

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