Sales of Companion Animal Vaccines to Expand 2X During 2019-2029
Recent surveys suggest that about 30-50% of companion animals in developed countries are vaccinated. However, the proportion is much lesser in developing economies. This unmet gap continues to create worthwhile opportunity for companion animal drugs market players. Receiving a strong impetus from the swelling investments in animal healthcare, the global market value of companion animal vaccines will surpass a US$ 5 Bn mark by 2029 end. In its new report, Future Market Insights (FMI) analyzes the growth trail of the global companion animal vaccines market over the period of next 10 years and projects a promising growth outlook for the market during 2019 - 2029.
Key Factors Shaping Companion Animal Vaccines Market
Rising Prevalence of Zoonotic Diseases to Increase Demand for Companion Animal Vaccines
Rising incidence of zoonotic diseases has increased concerns for pet safety. Owners are more inclined towards proper care of their pets through effective vaccinations. As per the estimates of CDC, in 2017, more than 6 out of 10 infectious diseases in humans are spread by animals, and 3 out of every 4 new or emerging diseases in human are spread from animals. According to WHO, in 2019, at least 55,000 deaths were caused due to rabies in Asia and Africa, and costs identified with the aversion and control of this disease was evaluated at US$ 590 million every year in these two continents.
Growing Pet Insurance to Offer Lucrative Growth Opportunities
Increasing pet insurance coverage in the U.S and other developed countries is expected to act as a value driver to the global companion animal vaccines market growth. As per the Department of Clinical Veterinary Science and the Pet Food Institute, 30.0% of pets in Sweden and 23.0% of pets in the United Kingdom are insured by pet insurance policies. Just 0.7% of pets in the United States are covered under pet insurance, though over 20.0% of pets are safeguarded in few European markets. Insurance policies related to dogs dominate industry policy volumes and income. According to the North American Pet Health Insurance Association (NAPHIA), in 2014, canines represented 83.0% of protection premiums while felines represented 17.0%.
Shift towards Preventive Companion Healthcare Medications
Preventive companion healthcare is the utilization of screening to identify irregularities or diseases prior to development of symptoms. The vet industry is witnessing a shift from treatment medication to preventive medication. Preventive medicinal services incorporate at least one complete physically assessment of routine well care, fundamental immunizations, and certain diagnostics for example, heart worm test and internal parasite control. In 2011, AAHA and American Veterinary Medical Association (AVMA) together published canine preventive veterinary healthcare guidelines. The objectives were to improve health of companion animals and to place a higher accentuation on prevention and early diseases detection.
Companion Animal Vaccines Competition Analysis
- External partnerships and strategic collaborations between companies and academic institutions are expected to drive revenue growth of the companion animal vaccines market. For instance, in May 2016, Bayer and BioNTech AG entered into an agreement, to develop novel, first-in-class mRNA vaccines for both companion animals and production animals.
- Prominent players of the companion animal vaccines market focus on inorganic strategies, such as new product approvals and launches. For instance, in Oct 2019, Boehringer Ingelheim obtained EMA authorization for Reprocyc ParvoFLEX, a new porcine parvovirus vaccine.
- The companion animal vaccines market has been relatively moderate in size and is expected to remain dynamic, growing in steady pace during the forecast period.
Attenuated Live and Inactivated Vaccines Collectively Account for over 50% Share
While sales foreseen to reach around US$ 1.8 Bn by 2029 end, attenuated live vaccines will register a share of over 30% in the overall sales of companion animal vaccines. This is majorly attributed to their ability in delivering prolonged immunity with lesser doses. However, as attenuated live vaccines are not recommended for animals with weak immune systems, they continue to see fluctuating demand growth throughout the forecast period. On the other hand, inactivated vaccines represent rapid demand growth owing to their easy storage and will witness a sudden hike in revenues in 2021.
US Market Set to Cross US$ 1 Bn by 2029
The companion animal vaccines markets in North America and Europe continue to reflect significant opportunistic potential, primarily attributing to increasing veterinary healthcare expenditure as well as favorable pet reimbursements. The US represents the most lucrative market and will cross US$ 1 Bn towards the end of the projection period. On the other hand, the market in Germany would showcase a double-digit growth rate. Furthermore, stakeholders are viewing East Asia from target market perspective owing to significant portion of non-vaccinated companion animals in developing countries.
Manufacturers to Fill in Existing Knowledge Loopholes
The growth of companion animal vaccines market is hindered by the improper understanding of antigen/immunogenic structures due to variations in disease patterns for endemic countries. This leads to pitfalls in the logical representation of the epidemiology of disease transmission and its associated processes. Manufacturers should fill the knowledge gap by consistently collaborating with veterinary research institutes to take a deep-dive into host immune response, protective immunity, and immunogenetics.
Surging preference for attenuated live vaccines
Inactivated vaccines to gain traction
High application in canine
Increasing adoption in feline
Maximum sales through veterinary clinics
Sales via retail pharmacies speed up
How Growth will Unfold
Veterinary clinics and hospitals will remain key revenue generators for market players, where sales of companion animal vaccines will surpass US$ 2 Bn in 2019, collectively. In developed countries, manufacturers are reaping maximum profits through veterinary clinics and hospitals. However, introduction of certain regulations has disallowed vets to sell companion animal vaccines, as such, pet owners are moving to retailers. This has influenced market players to shift their focus towards retails pharmacies, where sales of companion animal vaccines would grow at a rapid CAGR of 8.5% through 2029.
* This data is only a representation. Actual data may vary and will be available in report.Click Here To Know How The Growth Will Unfold
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Companion Animal Vaccines Analysis 2019-2029
A recent market study published by Future Market Insights (FMI) on the companion animal vaccines including global industry analysis for 2014-2018 & opportunity assessment for 2019-2029, delivers a comprehensive assessment of the most important market dynamics. After conducting a thorough research on the historical as well as current growth parameters of the companion animal vaccines market, growth prospects are obtained with maximum precision.
Companion Animal Vaccines Market Taxonomy
The global companion animal vaccines is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.
- Attenuated Live Vaccines
- Conjugate Vaccines
- Inactivated Vaccines
- Subunit Vaccines
- Toxoid Vaccines
- DNA Vaccines
- Recombinant Vaccines
- Veterinary Clinics
- Veterinary Hospitals
- Veterinary Research Institutes
- Retail Pharmacies
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan
- Middle East & Africa
The report initiates with the executive summary of the companion animal vaccines market, which includes a summary of key findings and statistics of the market. It also includes market size and revenue distribution of market segment of the companion animal vaccines market.
Readers can find the definition and a detailed segmentation of the companion animal vaccines market in this chapter, which will help them understand the basic information about the market.
This chapter explains the key macroeconomic factors, drivers, restraints, trends and opportunity analysis that are expected to influence the growth of the companion animal vaccines market over the forecast period. Moreover, in-depth information about the market dynamics and their impact analysis on the market have been provided in the successive section.
This section includes premium insights such as regulatory scenario of stages of vaccine development and approval, European regulations of veterinary biologics, mechanism of veterinary product approval, value chain analysis and list of animal vaccine manufacturers. This section helps readers understand the key factors associated with the companion animal vaccines market.
This section explains the global market value analysis and forecast for the companion animal vaccines during the forecast period. This chapter includes a detailed analysis of the historical companion animal vaccines market, along with an opportunity analysis of the future. Readers can also find the absolute $ opportunity for the current year (2019), and an incremental $ opportunity for the forecast period (2019–2029).
Based on Product type, the companion animal vaccines market is segmented into attenuated live vaccines, conjugated vaccines, inactivated vaccines, subunit vaccines, toxoid vaccines, DNA vaccines and recombinant vaccines. In this chapter, readers can find information about the key trends and developments in the companion animal vaccines and market attractiveness analysis based on product type.
This chapter provides details about the companion animal vaccines based on species, and has been classified into canine, avian and feline. In this chapter, readers can understand the market attractiveness analysis based on species type.
This chapter provides details about the companion animal vaccines market based on distribution channel, and has been classified into veterinary clinics, veterinary hospitals, veterinary research and institutes and retail pharmacies. In this chapter, readers can understand the market attractiveness analysis based on distribution channel.
This chapter explains how the companion animal vaccines market will grow across various geographic regions such as North America, Latin America, Europe, South Asia, East Asia, Oceania, and Middle East & Africa (MEA).
This chapter includes a detailed analysis of growth of the North America companion animal vaccines market, along with a country-wise assessment that includes the U.S. and Canada. Readers can also find the pricing analysis, regional trends, and market growth based on the application and countries in North America.
This chapter provides the growth scenario of the companion animal vaccines market in Latin American countries such as Argentina, Brazil, Mexico, and the Rest of Latin America. Along with this, assessment of the market across target segments has been provided.
Important growth prospects of the companion animal vaccines market based on its distribution channels in several countries such as Germany, the U.K., France, Spain, Italy, NORDIC Countries, BENELUX and the Rest of Europe are included in this chapter.
Important growth prospects of the companion animal vaccines market based on its distribution channels in several countries such as Thailand, Indonesia, Malaysia, India and the Rest of South Asia are included in this chapter.
This chapter highlights the growth of the companion animal vaccines in Asia Pacific excluding Japan by focusing on Japan, South Korea and China. This section also help readers understand the key factors that are responsible for the growth of the companion animal vaccines market in the East Asia region.
This chapter highlights the growth of the companion animal vaccines in Oceania. This section also help readers understand the key factors that are responsible for the growth of the companion animal vaccines market in Oceania.
This chapter provides information about how the companion animal vaccines market will grow in major countries in the MEA region such as GCC Countries, South Africa, and the Rest of MEA, during the forecast period (2019-2029).
This chapter provides information about how the companion animal vaccines market will grow in major countries in the emerging countries such as Mexico, China and Russia, during the forecast period (2019-2029).
In this chapter, readers can find a comprehensive list of all the prominent stakeholders in the companion animal vaccines market, along with a detailed information about each company, which includes company overview, revenue shares, strategic overview, and recent company developments. Some of the market players featured in the report are Merck & Co., Inc ,Elanco, Zoetis, Bayer, Merial and among others.
This chapter includes a list of acronyms and assumptions that provides a base to the information and statistics included in the companion animal vaccines report.
This chapter help readers understand the research methodology followed to obtain various conclusions as well as important qualitative and quantitative information about the companion animal vaccines.
How the research was conducted?
- Marketing Directors
- Product Managers
- Business Development Officers
- Production Managers
- Sales Executives
- Industry Experts
- Current Market Dynamics and Challenges
- Yesteryear Trends
- Market Characteristics
- Market Performance and Growth Quadrants
- Strategic Growth Initiatives
- Near-term and long-Term Market Growth Prospects
- Market Segment Splits and Authenticity
- Opinions on Market Projections and Validity of Assumptions
- American Pet Products Association (APPA)
- American Veterinary Medical Association (AVMA)
- Europe Pet Association
- Company Press Releases
- Annual Reports and Investor Presentations
- Research Papers
- Government Websites and Publications
Primary Interview Splits