Studies show that pet owners have a lower risk of heart problems by 40% and 30% less chances of suffering from fatal diseases. Fortune Business Insights predicts the increase in adoption of companion animals will boost the veterinary vaccines market in their new report, titled” Companion Animal Vaccines Market Size, Share and Global Trend By Animal Type (Canine, Feline, Equine, Avian), By Vaccine Type (Attenuated Live Vaccines, Inactivated Vaccines, Toxoid Vaccines, Recombinant, Conjugate & Sub-unit Vaccines), By Distribution Channel (Hospitals Pharmacy, Retail Pharmacy, Online Stores) and Geography Forecast till 2026.”
According to the report, the canine vaccine segment accounts for the major percentage of the companion animal vaccines market share in terms of animal type. This is attributable to the surge in the number of pet owners and the increasing prevalence of rabies among dogs. The American Pet Products Association states that between 2017-2018, about 60.2 million households in th U.S. adopted dogs, making it the most common pet in the nation. The above mentioned factor is anticipated to be a major factor fueling the demand for canine vaccines, thus, making it the most dominant segment of the companion animal vaccines market.
Increasing Demand for Biotechnology for Production of Recombinant Vaccines to Promote Market Growth
Major factor augmenting growth of the global companion animal vaccines market is the increasing adoption of animals as pets over the world. Besides increasing animal healthcare facilities, increased government support for research and development of novel drugs for companion animals, is a key factor supporting the global animal vaccines market growth. Additionally, the rise in demand for biotechnology for producing DNA vaccines, recombinant vaccines, and multivalent vaccines are likely to turn in favor of the global companion aniumal vaccines market.
On the contrary, high cost of vcaccines and lack of proper storage facility for animal vaccines may restrict market growth. This, accompanied by the inadequate availability of reporting and surveillance systems may hinder the growth of the global companion animal vaccines market in the forecast period.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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North America to Remain Dominant, Favorable Government Policies to Support Growth
Geographically, the global companion animal vaccines market is anticipated to be dominated by North America. This is on account of the rising ownership in the region, coupled with the active participation of animal health associations for research and development of novel veterinary therapeutics. As per the American Pets Products Association, about 393 Mn pets were adopted in the U.S. between 2017 to 2018, and this is most likley to fuel the dermand for animal therapeutic products in the region. In addition, government support in the form of animal vaccines guidelines, advancement in medical technology for animals, and strategic collaborations among companies are other factors helping the market in North America continue its dominance in the forthcoming years.
Meanwhile, the companion animal vaccines market in the Middle East and Africa, Latin America, and Asia Pacific, are anticipated to show significant growth. This is owing to the rising number of awareness programmes about animals and improving number of animal healthcare centres, veterinary physicians, and veterinary surgical equipment in these regions.
Elanco Acquired Vaccines Portfolio of Boehringer Ingelheim for Business Expansion
Major vendors in the global companion animal vaccines market are adopting various strategies in order to gain a competitive edge over the market. Such strategies include the launch of new products, collaborative research and others. For instance, Phibro Animal Health acquired the assets of KoVax in December 2018 for dstrengthening their position in fish vaccines. To cite another example, a subsidiary company of Eli Lily and Company namely, Elanco, acquired vaccines portfolio of Boehringer Ingelheim, for animal feline, rabines and canines in October 2016. Such innovations are likley to bode well for the global companion animal vaccines market in the foirecast period.
Some of the companies functioning in the global market are Ceva, Elanco, Vetoquinol S.A., Intervet Inc. (Merck Animal Health), Phibro Animal Health, Boehringer Ingelheim International GmbH, Zoetis, Virbac, Heska, Bayer AG, and others.