The global companion animal vaccines market was valued at more than US$ 2,100 Mn in 2015 and is projected to register a CAGR of 6.8% during the forecast period. The market is expected to be valued at nearly US$ 4,500 Mn by the end of 2026.
The Global Companion Animal Vaccines Market is segmented on the basis of species type, product type, distribution channel and region.
The Canine species segment is anticipated to register a 6.9% CAGR over the forecast period and be valued at nearly US$ 2,500 Mn by 2026 end.
Attenuated Live Vaccines will Continue to Witness Highest Demand. Nearly US$ 764 Mn worth of attenuated live vaccines were sold globally in 2016. This segment is projected to grow at a CAGR of 7.3% during the forecast period 2016-2026.
In 2016, these two distribution channels collectively accounted for nearly 75% revenue share of the market. By the end of forecast period, the status quo is expected to remain unchanged. Retail pharmacies, which held 20% share of the market in 2016, will grow at the highest CAGR during the forecast period.
The North America companion animals market was valued at nearly US$ 676 in 2016. It is projected to increase at 6.9% CAGR through 2026, reaching over US$ 1.3 Bn in revenues. Western Europe, the second-largest market for companion animal vaccines is projected to grow at 7.1% CAGR through 2026.
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Summary of Table of Content
1. Executive Summary
2. Market Introduction
3. Companion Animal Vaccines Market Analysis Scenario
4. Companion Animal Vaccines Market Dynamics
5. Global Companion Animal Vaccines Market Analysis and Forecast, By Product Type
6. Global Companion Animal Vaccines Market Analysis and Forecast, By Distribution Channel
7. Global Companion Animal Vaccines Market Analysis and Forecast, By Species Type
8. Global Companion Animal Vaccines Market Analysis and Forecast, By Region
9. North America Companion Animal Vaccines Market Analysis and Forecast
10. Latin America Companion Animal Vaccines Market Analysis and Forecast
11. Western Europe Companion Animal Vaccines Market Analysis and Forecast
12. Eastern Europe Companion Animal Vaccines Market Analysis and Forecast
13. Asia Pacific Excl. Japan (APEJ) Companion Animal Vaccines Market Analysis and Forecast
14. Japan Companion Animal Vaccines Market Analysis and Forecast
15. MEA Companion Animal Vaccines Market Analysis and Forecast
16. Competition Landscape
17. Assumptions and Acronyms Used
18. Research Methodology
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Companion Animal Vaccines Market: Business Challenges, Emerging Technologies & Competitive Landscape
Companion Animal Vaccines Market: Overview
As sweeping societal changes occur worldwide, the trend of having animals as companions is on the rise. Many lonely aged people, nuclear families, and single persons are choosing to have an animal in their household. Estimates show that in the United States alone, about 62% of all households have a pet. Pet ownership numbers are also rising in other countries worldwide.
However, animals are also the carriers of various diseases and infections that could be contracted by humans around them. Likewise, companion animals also stand the risk of contracting infections or diseases from humans around them. Vaccination is thus an important aspect that pet owners are urged not to neglect – for the safety of both the pets and owners alike.
The companion animal vaccines market has seen an uptick in revenues in keeping with the growing popularity of keeping pets at home. Regular planned vaccinations are now regarded as being integral to the entire pet rearing and maintenance process. Consequently, the formulation of newer varieties of companion animal vaccines is helping this progress. Companion animal vaccines are administered not just to pets such as dogs, cats, pet reptiles, and the like, but also to livestock.
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TMR projects a positive outlook for the global companion animal vaccines market in the near future. The market is expected to grow on account of the burgeoning number of pet owners in developing regions as well. The report is a comprehensive compilation of the emergent trends that are projected to palpably impact the future of this market and how companies are responding to this change.
Global Companion Animal Vaccines Market: Key Drivers and Restraints
Concerns associated with the rising prevalence of zoonotic diseases and the discovery of new diseases among animals are providing a push to the companion animal vaccines market. Besides this high-impact driver, the market is also gaining from the growing focus on implementing animal welfare initiatives and governments laying more emphasis on keeping animal-related diseases in check.
However, developing animal vaccines is a rather lengthy and expensive process – the impact of which can be seen in the form of the high prices that these vaccines command. That puts them beyond the reach of some consumer classes, especially if suitable reimbursement schemes are not available to them. The other factor that is negatively impacting the companion animal vaccines market for livestock is the growing number of vegetarians in the world who may consume dairy products but not meat.
Global Companion Animal Vaccines Market: Key Segments
The report classifies the global companion animal vaccines market basis the following criteria: diseases, product, and technology. Based on product type, the market is segmented into feline, canine, bovine, and others. Likewise, the diseases for which companion animal vaccines are available include: Rabies, hepatitis, leukemia, and others.
By technology used for the development and formulation of the vaccine, the global companion animal vaccines market has been segmented thus: DNA, recombinant, inactivated, toxoid, conjugate, and other vaccines. Considerable research is being undertaken to formulate more effective vaccines with lower price tags.
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Global Companion Animal Vaccines Market: Regional Outlook
The global market for companion animal vaccines has been segmented as follows: Asia Pacific, North America, Europe, and Rest of the World. TMR projects the market to fare well in North America and Europe, where pet ownership numbers as well as meat consumption have been traditionally high. Europe currently accounts for a sizeable share in the global companion animal vaccines market.
In Latin American and Asian countries, a new class of affluent consumers is emerging. These consumers are keener on having a companion animal in their household and will thus fuel the global market for companion animal vaccines. The vast population here and the untapped opportunities mean that market players have considerable gains to make by targeting these regions.
Top players in the global companion animals market are: Merial Inc. (Sanofi), Bayer Healthcare, Boehringer Ingelheim (Germany), Novartis Animal Health Inc., and Merck Animal Health (U.S).
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.