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Companion Animal Vaccines Market will Increase at a CAGR of 6.8% during 2016-2026

06-28-2017 12:47 PM CET | Health & Medicine

Press release from: Future Market Insights

Companion Animal Vaccines Market will Increase at a CAGR of 6.8%

Companion animal vaccines are used to stimulate an immune response in pets such as canine, avian and feline. These vaccine products are of various types such as Attenuated Live Vaccines, Conjugate Vaccines, Inactivated Vaccines, Subunit Vaccines, Toxoid Vaccines, DNA Vaccines and Recombinant Vaccines. Attenuated live vaccines are derived from disease-causing pathogens such as virus or bacteria, which have been weakend under laboratory conditions. Conjugate vaccines are an antigen or toxoid-containing preparation that is linked to polysaccharides and stimulate the immature immune system to defend against the disease-causing organism. Inactivated vaccines are made from microorganisms such as viruses and bacteria that have been killed through physical or chemical processes. Subunit vaccines, like inactivated whole-cell vaccines, do not contain live components of the pathogen. Toxoid vaccines are based on the toxin produced by certain bacteria, which is rendered harmless and used as the antigen in the vaccine to elicit an immune response. DNA vaccines are manufactured by inserting DNA into a bacterial plasmid, which functions as the vector. Recombinant vaccines are produced by genetic engineering technology and use attenuated virus or bacterium as a vector to introduce microbial DNA to the cells of the body.

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.

Global Companion Animal Vaccines Market Forecast, By Species Type, 2016–2026

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. The Canine species segment was estimated to account for 50.9% share of the global companion animal vaccines market by 2016 end. Whereas the Avian species segment was estimated to account for 14.1% value share of the global companion animal vaccines market by 2016 end.

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Global Companion Animal Vaccines Market Attractiveness Analysis, By Species Type, 2016–2026

The Canine segment dominated the global companion animal vaccines market in revenue terms in 2016 and is projected to continue to do so throughout the forecast period. The Canine segment is the most attractive segment, recording an attractiveness index of 1.5 over the forecast period. The segment is projected to account for 51.0% value share by 2026 end. The Feline segment is expected to be the second most lucrative segment in the global companion animal vaccines market, with an attractiveness index of 1.1 during the forecast period.

Market consolidation in developed regions could ease product availability

Mergers and acquisitions are gaining a wider footprint within the global companion animal vaccines market in developed regions, which is expected to widen product availability and ease market access. For example, global veterinary product manufacturer Elanco has agreed to buy Boehringer Ingelheim Vetmedica Inc.’s U.S. companion animal vaccines business apart from Fort Dodge manufacturing facility as of October 2016. Besides strengthening Elanco’s market position in the global animal health business, the company also plans to boost vaccine research and testing in collaboration with veterinarians.

“Rising adoption of pets is fuelling the global companion animal vaccines market

Increasing humanisation of pets and adoption in developed markets such as the U.S. is driving the demand for animal vaccines. Furthermore, growing trend of using pets as a status symbol in many countries is also expected to fuel the market’s revenue growth. Pets are known to provide relief from psychological stress emanating from solitary nuclear family structures, prevalent across most developed and rapidly emerging markets. To exemplify, data from the American Pet Products Association noted that as of 2016, 70 million to 80 million dogs (approximately 37% to 47% of all households) and 74 million to 96 million cats (30% to 37% of all households) are owned in the U.S.”

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ABOUT US:
Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services, which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights, an aerial view of the competitive framework, and future market trends.

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