Press release
Companion Animal Vaccines Market Demand to Grow US$ 4,500 Mn by 2026
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The key factors that will fuel demand for companion animal vaccines include,
Increasing trend of pet humanisation in developing countries
Adoption of pet vaccination programmes, such as 'herd immunity' and 'One Health'
Increasing emphasis on preventing and detecting avian flu
Rising pet insurance rates in the U.S. and other developed countries
Awareness on the benefits of preventive healthcare over reactive healthcare
Collaboration among leading pharmaceutical manufacturers for research and development.
According to Future Market Insights' research, lack of information on emerging virulent veterinary diseases, and decline sales revenues through veterinarians can stifle demand for companion animal vaccines during the forecast period. The longstanding challenges with correctly identifying and understanding antigen/immunogenic structures can also negatively impact the growth of the market.
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.
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Distribution Channel Analysis: Veterinary Clinics will Remain the Preferred Distribution Channel
Veterinary clinics continue to be the preferred distribution channel for pharma companies, followed by veterinary hospitals. These two point of care centres witness substantial footfall of pet owners all year round, and drug companies continuously focus on increasing sales through these channels. 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.
North America - Largest Market for Companion Animal Vaccines
The U.S. continues to be a leading market for companion animal vaccines. High level of awareness among pet owners, combined with easy availability of pet healthcare have resulted into the growth of the market in the U.S. On account of strong demand in the U.S., North America will continue to be the largest market globally.
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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