Future Market Insights, Inc researchers have pointed out that the global companion animal vaccines market is expected to register a CAGR of 6.8% from 2023 to 2033. The market is expected to cross an estimated USD 6.7 billion by 2033. As of 2023, the market is estimated at USD 3.4 billion.
Some factors expected to surge the market growth are:
Routine vaccine programs for companion animals have eliminated some chronic scourges in developed countries. The improved focus on vaccination campaigns and higher awareness for pet care are fueling the demand for companion animal vaccines. The veterinary healthcare industry is witnessing increased demand for protozoan parasitic vaccines from countries in tropical and subtropical regions.
The development of resistance to various chemotherapeutic agents is contributing to increased demand for vaccines over anti-parasitic drugs. In this regard, scientists have noted that the production of third-generation DNA vaccines against protozoan parasites could prove essentially helpful. These vaccines are safe as they do not contain any pathogens. Moreover, these are more stable compared to live attenuated and killed viruses in the vaccine and cost-effective.
Another reason for the surge in the market includes increased awareness about zoonotic diseases and government initiatives to curb anti-microbial resistance among pets. The industry is also driven by rising awareness regarding animal diseases and technological advancements in the biotechnology market. For example, during the COVID-19 pandemic, there were vaccines that were launched for animals, like Ancovax and Carnivac-Cov. The vaccine has been developed by Rosselkhoznadzor, which is based out in Russia. Additionally, the government of India launched the CAN-CoV-2 ELISA kit, which detects COVID in canines.
There are also various government initiatives that might surge the demand for companion animal vaccines. The National Institute of Food and Agriculture in the United States of America invested over USD 13 million in March 2022 for treating and eradicating livestock diseases. The institute had announced 24 grants as a part of its plan.
Numerous people are wary of the fact that diseases from animals can be transmitted to human beings. Diseases like parvovirus, neoplasia and rhinotracheitis are caused because of animal bites. Therefore, a lot of owners are getting their pets vaccinated. These factors are expected to surge the sales of companion animal vaccines during the forecast period. However, factors such as difficulties in understanding the epidemiology of veterinary diseases and high costs might hamper the discovery and production limit for a vaccine.
Europe is expected to be a key market during the forecast period. The key manufacturers based out in the region are investing massive amounts in the R&D process. Based on a study, France has nearly 17 dogs per 100 people, which shows the enormous potential that the region has. North America closely follows Europe.
| Attributes | Value |
|---|---|
| Companion Animal Vaccines Market Value (2022) | USD 3.2 billion |
| Companion Animal Vaccines Market Value (2023) | USD 3.4 billion |
| Companion Animal Vaccines Market Forecast Value (2033) | USD 6.7 billion |
| Companion Animal Vaccines Market Expected CAGR (2023 to 2033) | 6.8% |
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A growing number of pets around the world and increasing awareness of the importance of pet vaccination can be attributed to the growth of this market. According to the North American Pet Health Insurance Association, approximately 2.2 million pets in the United States of America were covered by health insurance in the year 2018. These figures were 18% more than the numbers recorded in the previous year.
Pet insurance acts as a decision-maker in the companion animal health value chain, including third-party payers. The increasing pet insurance coverage in the United States of America and other developed countries is expected to act as a value driver to the market. Even the comparison between historical CAGR and anticipated CAGR displays positive trends ahead. While the historical CAGR for the market was 5.9%, the anticipated CAGR is 6.8%.
For instance, in August 2020, Elanco Animal Health Inc. announced the acquisition of the Bayer Animal Health segment. This acquisition enabled Elanco to utilize Bayer’s product range to its full potential during the pandemic by offering the products through different sales channels.
In February 2021, Vetoquinol S.A. announced the acquisition of Profender®, which is a spot-on de-wormer product line’s intellectual property rights. The deals also included registration and other rights from Elanco Animal Health business in Canada, which was approved by the Canadian Competition Bureau. Thus, we may see a lot more such initiatives during this period.
Merger & acquisition activities are gaining a wider footprint within the companion animal vaccines market in developed regions. This might widen product availability and easy market access. For instance, Elanco Animal Health acquired Kindred Biosciences in August 2021 to expand its product portfolio of dermatology in veterinary medicine. The focus is also on the unmet needs of pet owners and veterinarians.
Many companion animals are relinquished to shelters every year. Due to the increasing growth of companion animals, sterilization is an important process to control overpopulation. This provides an opportunity for companion animal vaccine manufacturers to come up with sterilization vaccines with safety and efficacy.
The increasing awareness of pet vaccination and zoonotic diseases, along with an increased number of pet ownerships, provide the manufacturers of this industry lucrative opportunities.
Veterinarians have traditionally been responsible for the majority of the share of the companion animal vaccines market. This share of sales declined in the United States of America between 2004 and 2014. The shift moved fast with the introduction of the Fairness to Pet Owners Act in the United States of America Senate in May 2015. This act only allows vets to write prescriptions and allows owners to buy medicine and vaccines from retailers or pharmacies.
This change requires the companion animal vaccine players to change their strategies of targeting vets and shift to other important stakeholders. This shift is expected to divert the traditional revenue distribution and veterinary clinic consolidation resulting in affecting the profit margin distribution.
There exists a large gap in understanding the epidemiology pattern of veterinary diseases due to variations in disease patterns for endemic countries. A typical example is for Newcastle Disease for poultry and other birds, where the lack of epidemiological knowledge creates a serious economic loss.
Virulent Newcastle disease virus (vNDV) is evolving simultaneously at different locations due to isolates that are distributed worldwide and mutate rapidly. This leads to large knowledge gaps in the development of multiple vNDV genotypes. This hampers the discovery and production limit for a vaccine to prevent the spread of the disease. Recurrent infection in birds allows the maintenance of a reservoir for the viruses.
| Region | North America |
|---|---|
| Country | United States |
| CAGR (2023 to 2033) | 7.9% |
| Region | Europe |
|---|---|
| Country | United Kingdom |
| CAGR (2023 to 2033) | 5.5% |
| Region | Asia Pacific |
|---|---|
| Country | China |
| CAGR (2023 to 2033) | 7.4% |
| Region | Asia Pacific |
|---|---|
| Country | Japan |
| CAGR (2023 to 2033) | , 6.7% |
| Region | Asia Pacific |
|---|---|
| Country | South Korea |
| CAGR (2023 to 2033) | 4.9% |
The United States of America held around 75.4% market share by revenue of the total market in North America in the year 2022. Availability of pet insurance, awareness of zoonotic diseases, and government initiatives to curb anti-microbial resistance amongst pets are some factors that might surge the share.
| Attributes | Details |
|---|---|
| United States of America Market Expected Size (2033) | USD 1.6 billion |
| United States of America Market Absolute Dollar Growth (USD million/billion) | USD 864.2 million |
| CAGR % 2017 to 2022 | 5.4% |
The United States of America is a country where there are a lot of cases pertaining to pet humanization. Apart from that, the presence of a lot of key players who are into developing pet vaccines makes the United States of America one of the key markets.
Based on research released, there are nearly 40 zoonotic diseases that exist in the United Kingdom As of 2022, nearly 3000,000 people were vulnerable to zoonotic diseases. An increase in the demand for imported rescue dogs has led to a significant increase in the number of such diseases. This has consequently led to an increase in the number of cases pertaining to leptospirosis, brucellosis, and tuberculosis.
| Attributes | Details |
|---|---|
| United Kingdom Market Expected Size (2033) | USD 253 million |
| United Kingdom Market Absolute Dollar Growth (USD million/billion) | USD 104.4 million |
| CAGR % 2017 to 2022 | 6% |
Apart from the surging demand for bio-secure packaging, the country has been witnessing an increase in the demand for companion animal vaccines. Moreover, with 1 in 2 households owning a pet in the United Kingdom, the application of animal vaccines is bound to increase in the coming times.
The pet vaccinations market, which is a part of the pet market, is gradually becoming a mainstream market within itself. In February 2022, Shanghai-based Aichong Biotechnology announced that its feline-based vaccine had entered the clinical trial stage. Apart from that, Kanghua Biotech entered the high-end pet rabies vaccine segment.
| Attributes | Details |
|---|---|
| China Market Expected Size (2033) | USD 393.3 million |
| China Market Absolute Dollar Growth (USD million/billion) | USD 201.2 million |
| CAGR % 2017 to 2022 | 7.8% |
Based on a report released by the China Animal Agriculture Association, in 2021, pet inoculations topped the reason for pet visits to veterinarians. Nearly 70.3% of pet owners took their pets to hospitals at least once in 2022. These statistics reveal the scope of the companion animal vaccines market in China.
Japan is expected to face a massive adoption of companion animal vaccines. Japan has been witnessing an increase in the number of depression cases. In 2020, the number of depression cases rose to around 17.3%, which was a jump of more than 2% as compared to the previous year. Owing to this, a lot of psychiatrists and healthcare workers have suggested the adoption of pets. And the trend is shaping up.
| Attributes | Details |
|---|---|
| Japan Market Expected Size (2033) | USD 694.5 million |
| Japan Market Absolute Dollar Growth (USD million/billion) | USD 331.5 million |
| CAGR % 2017 to 2022 | 4.6% |
Based on a report in 2021, pet inoculations topped the reason for pet visits to veterinarians. Nearly 70.3% of pet owners took their pets to hospitals at least once in 2022. These statistics indeed reveal the scope of the companion animal vaccines market in China.
Japan is expected to face a massive adoption of companion animal vaccines. Japan has been witnessing an increase in the number of depression cases. In 2020, the number of depression cases rose to around 17.3%, which was a jump of more than 2% as compared to the previous year. Owing to this, a lot of psychiatrists and healthcare workers have suggested the adoption of pets. And the trend is shaping up.
| Attributes | Details |
|---|---|
| South Korea Market Expected Size (2033) | USD 234.2 million |
| South Korea Market Absolute Dollar Growth (USD million/billion) | USD 89.2 million |
| CAGR % 2017 to 2022 | 5.4% |
Owing to this, there has been a surge in the pet population in South Korea. This has consequently led to an increase in the sales of companion animal vaccines. Additionally, when the lockdowns were imposed, there was a massive surge in the adoption of pets to overcome loneliness.
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| Segment | Product Type |
|---|---|
| Attributes | Attenuated Live Vaccines |
| CAGR % 2017 to 2022 | 6.6% |
| CAGR % 2023 to End of Forecast (2033) | 6.9% |
| Segment | Species Type |
|---|---|
| Attributes | Canine |
| CAGR % 2017 to 2022 | 6.2% |
| CAGR % 2023 to End of Forecast (2033) | 6.6% |
Live vaccines use attenuated (or weakened) forms of bacteria that cause the target disease. These vaccines are similar to natural infections in that they help prevent them by producing a strong, long-term immune response. Because of their high efficacy against all diseases, the demand for them is high. The sales of attenuated live vaccines are anticipated to be USD 1.34 billion in the year 2023. Just 1 or 2 doses of attenuated live vaccines give lifetime protection against the germ, which is why the segment has gained a lot of traction.
The sales for companion animal vaccines by the canine segment are expected to be USD 1.96 billion in the year 2022. Canine is anticipated to hold 50.9% market share by revenue of the global market in 2022. According to the World Atlas pet ownership statistics, dogs are ranked first in the list of most popular pets in the United States of America, with approximately 48,255,413 households owning a pet dog as of August 2020. In the current times, pet owners are seeking faithful pets, and based on the theory of many psychologists, dogs are believed to be highly faithful. This factor is expected to surge the growth of this segment further.
Veterinary clinics are expected to hold 43% market share by revenue of the global companion animal vaccines market in the year 2023. It is expected to record sales worth USD 1.7 billion in the same year. Since the majority of pet owners prefer visiting a clinic for their pet’s vaccinations, this segment holds a high share of the market. Moreover, they are cost-efficient in comparison to hospitals. Furthermore, the accessibility factor is also one of the reasons why a lot of customers prefer to go to veterinary clinics.
The start-ups operating in the market have developed a technology that encapsulates pharmaceutical micro-particles in a customizable polymer shell. This would assist in drug release extending from days to months. They are working on the existing drugs and making use of the injectable drug delivery platform, which would help in targeted therapies.
PetMedix: The start-up is based out in the United Kingdom. It has been developing monoclonal antibody therapeutics for pets. The start-up has developed Ky9 and Felyne platforms to generate therapeutic antibodies for treating inflammation and other conditions. In September 2021, PetMedix raised USD 73 million in a Series B funding round.
The key players operating in the market are taking steps to advance the comprehensive Radiology portfolio. This happens along with the development pipeline of new contrast agents as well as more partnerships in the digital business. In November 2022, Bayer Healthcare advanced its Radiology development portfolio and made use of AI.
Some of the recent developments in the companion animal vaccines market are:
The top companion animal vaccine manufacturers are:
| Company | Bayer Healthcare |
|---|---|
| Description | Guided by the purpose of Science for a better life,’ Bayer has been delivering breakthrough innovations in healthcare and agriculture. The company has been contributing to a world in which diseases are not only treated but effectively prevented and cured. That is because Bayer, growth, and sustainability go hand in hand. Thus, the vision is ‘Health for all, hunger for none.’ Their robust strategy operationalizes their vision as the company looks to achieve long-term profitable growth and make a positive contribution to growth. |
| Company | Boehringer Ingelheim |
|---|---|
| Description | For Boehringer Ingelheim, the focus has always been on long-term performance. The company is working on breakthrough therapies that transform lives for generations to come. As a leading research-driven biopharma company, the company has been creating value through innovation. Boehringer Ingelheim currently employs more than 52,000 employees, who serve in more than 130 markets. The company is into human pharma, animal health medicine, and Biopharmaceutical Contract Manufacturing. |
| Company | Ceva Santé Animale |
|---|---|
| Description | Ceva Santé Animale has been helping veterinary professionals to achieve possible standards of animal health. The company researches, develops, manufactures, and supplies vaccines, along with equipment, training, and technical support. The business of the company mainly revolves around poultry, swine, ruminants, and companion animals. Ceva Santé Animale has been emphasizing its vision ‘Together, Beyond Animal Health’, which is all about people, animals, and the planet. |
The global market could progress at 6.8% CAGR through 2033 concluding at USD 6.7 billion.
Bayer Healthcare, and Boehringer Ingelheim are the top suppliers of companion animal vaccines.
China is emerging as a lucrative market with an anticipated CAGR of 7.8% until 2033.
The canine segment generated USD 1.96 billion which was 50.9% of the global revenue that year.
Attenuated live vaccines segment dominates the market.
| Estimated Size, 2024 | USD 16,131.2 million |
|---|---|
| Projected Size, 2034 | USD 29,329.2 million |
| Value-based CAGR (2024 to 2034) | 6.2% |
| Market Value (2023) | USD 3.4 billion |
|---|---|
| Market Forecast Value (2033) | USD 6.7 billion |
| Market Expected CAGR (2023 to 2033) | 6.8% |
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