SEATTLE--(BUSINESS WIRE)--According to Coherent Market Insights, the global companion animal vaccine market value 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).
Key Trends and Analysis of the Global Companion Animal Vaccine Market:
Key trends in the market include increasing approval and launch of novel products, collaborations and acquisitions among key players, and rising animal healthcare expenditure. These are expected to aid in growth of the market over the forecast period.
For instance, in May 2020, MSD Animal Health, a division of Merck & Co., Inc., launched NOBIVAC Myxo-RHD PLUS vaccine to reduce mortality and clinical signs of the two most common viral diseases in rabbits: myxomatosis and rabbit hemorrhagic disease (RHD) caused by both classic (RHDV1) and variant (RHDV2) strains.
Key players operating in the global companion animal vaccine market are adopting inorganic growth strategies such as acquisition and collaboration in order to increase their market presence globally.
For instance, in July 2019, Elanco Animal Health Incorporated announced the acquisition of Aratana Therapeutics, a veterinary oncology company focused on developing and commercializing innovative therapeutics for dogs and cats, and developer of the first-of-its-kind canine NSAID Galliprant for osteoarthritis. Moreover in April 2019. Elanco has also signed a development and commercialization agreement with VetDC for Tanovea-CA1.
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Moreover, significant rise in animal healthcare expenditure for prevention of diseases such as allergies, cancer, and diabetes is expected to drive the companion animal vaccines market growth during the forecast period.
For instance, according to the American Pet Products Association’s report published in March 2019, spending on pet care in 2018 reached US$ 72.5 billion compared to US$ 69.5 billion in 2017. Similarly, according to the same source, in 2019, total US$ 72.5 billion was spent on pet animals out of which around US$ 34.2 billion were spent on health and wellness of pets which included medical supplies, over-the-counter medicines, and veterinary care services.
Furthermore, initiatives taken by private and government organizations are expected to create lucrative growth opportunities for players operating in the market.
Key Market Takeaways:
The global companion animal vaccine market is expected to exhibit a CAGR of 6.5% during the forecast period owing to increasing research and development activities by key players and veterinary research institutes for the development of novel companion animal vaccines. For instance, in December 2017, Indian Immunologicals Ltd. launched India’s first nasal vaccine against Parvo virus for dogs. It is branded as Megavac-P-Nasal, and the vaccine protects pups aged 4-6 weeks old. It is an intranasal vaccine containing live attenuated canine Parvo virus grown in a cell culture.
Among product type, the attenuated live vaccine segment is expected to hold a dominant position in the market in 2020, owing to advantages offer by attenuated live vaccines such as it helps to reduce the shedding of pathogens that may contaminate animal products for human consumption.
Among animal type, canine segment is expected to hold a dominant position in the market in 2020, owing to increasing incidence of rabies in dogs globally.
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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.
Market Segmentation: (Global Companion Animal Vaccine Market)
By Product Type:
- Attenuated Live Vaccine
- Conjugate Vaccine
- Inactivated Vaccine
- Subunit Vaccine
- Toxoid Vaccine
- DNA Vaccine
- Recombinant Vaccine
By Animal Type:
By Distribution Channel:
- Veterinary Clinics
- Veterinary Hospitals
- Veterinary Research Institute
- Rest of Latin America
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- Rest of Middle East
- South Africa
- Central Africa
- North Africa
- North America
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. Our client base includes players from across various business verticals in over 57 countries worldwide.