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Companion Animal Veterinary Vaccines Market Trends, Top Companies, Share, Growth And Forecast 2033
Companion Animal Veterinary Vaccines Market Trends
According to The Business Research Company's, The companion animal veterinary vaccines market size has grown strongly in recent years. It will grow from $3.47 billion in 2023 to $3.7 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to pet ownership growth, preventive healthcare, zoonotic diseases, advancements in vaccine technology.
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Market Drivers and Trends:
Increased pet ownership by Gen X and Gen Y adults contributed to the growth of the companion animal veterinary vaccine market during the forecast period. According to the APPA, millennial, or Gen Y, represent the largest segment of pet owners for all types of pets. More than 80% of Gen Y and Gen Z own a dog, and 50% or less own a cat as a pet. Multiple pet ownership is also on the rise in some parts of the world. For instance, in February 2023, according to Chewy Inc., a US-based online retailer of pet food and other products, there were around 977,202 pets adopted in the US in 2021, which resulted in the highest adoption rate of 61% in the past six years.. Therefore, the rise in pet ownership aids in the growth of the companion animal veterinary vaccine market.
Major companies operating in companion animal vaccine market are introducing new vaccines such as Feligen RCPCh, to drive the revenues in the market. Feligen RCPCh is a veterinary vaccine for cats that provides protection against several infectious diseases, including feline viral rhinotracheitis (a flu-like illness), feline calicivirus, feline panleukopenia, and feline Chlamydophila infections. For instance, in April 2021, Boehringer Ingelheim, a Germany-based pharmaceutical company launched Feligen RCPCh. This contains attenuated (weakened) feline rhinotracheitis herpesvirus (FHV F2 strain), inactivated (killed) calicivirosis antigens (FCV 431 and G1 strains), attenuated Chlamydophila Felis (905 strain), and attenuated feline panleukopenia virus (PLI IV). The vaccine is administered subcutaneously, with a recommended primary vaccination regimen that includes a first injection and a second injection, usually 3-4 weeks apart.
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Major Key Players of the Market:
C.H. Boehringer Sohn AG & Co. KG; Eli Lilly and Company; Heska Corp.; Merck and Co. Inc.; Elanco Animal Health Incorporated; Zoetis Inc.; Ceva Sante Animale SA; Bayer AG; Neogen Corporation; ImmuCell Corporation; Intervet Inc.; Vetoquinol SA; IDEXX Laboratories Inc.; Merial Inc.; Biogenesis Bago SA; Hipra India Pvt. Ltd.; Bimeda Animal Health Limited; Phibro Animal Health Corporation; Nexvet Biopharma plc; Bioniche Animal Health Canada Inc.; Bioiberica S.A.; Laboratorios Hipra S.A.; Norbrook Laboratories Ltd.; Dechra Pharmaceuticals PLC; Kyoritsu Seiyaku Corporation; VDS Pharma Animal Health; Kepro Technologies Private Limited; ECO Animal Health Group plc; Biostadt India Limited; bio-pharmaceutical company; Choong Ang Vaccine Laboratories Co. Ltd.; CZ Veterinaria S.A.
Companion Animal Veterinary Vaccines Market 2024 Key Insights:
• The companion animal veterinary vaccines market size is expected to grow to $4.79 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%.
• Pet Ownership Dynamics A Catalyst For Growth In Veterinary Vaccines
• Innovative Vaccine Introductions Driving Revenue In Companion Animal Vaccine Market
• North America was the largest region in the companion animal veterinary vaccines market in 2023.
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