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Companion Animal Veterinary Vaccines Global Market Report 2022
Major players in the companion animal veterinary vaccines market are Boehringer Ingelheim, Eli Lilly and Company (Elcano), Heska Co. , Merck Animal Health, Virbac, Zoetis, ElancoCeva Sante Animal S. A. , Bayer Healthcare, NEOGEN CORPORATION, and ImmuCell Corporation.
New York, May 26, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Companion Animal Veterinary Vaccines Global Market Report 2022" - https://www.reportlinker.com/p06281030/?utm_source=GNW
The global companion animal veterinary vaccines market is expected to grow from $3.05 billion in 2021 to $3.25 billion in 2022 at a compound annual growth rate (CAGR) of 6.7%. The market is expected to grow to $4.19 billion in 2026 at a compound annual growth rate (CAGR) of 6.6%.
The companion animal veterinary vaccines market consists of sales of companion animal vaccines by entities (organizations, sole traders, and partnerships) that manufacture companion animal vaccines.Companion animal vaccines are substances that are used to stimulate the production of antibodies and provide immunity against one or several diseases in pets such as dogs, birds, and cats.
Only goods and services traded between entities or sold to end consumers are included.
The main products of companion animal veterinary vaccines are inactivated, live attenuated, recombinant, and other products.A recombinant vaccine is one that was created using recombinant DNA technology.
This entails inserting DNA encoding an antigen (such as a bacterial surface protein) that triggers an immunological response into bacterial or mammalian cells, expressing the antigen in these cells, and then purifying it from them. The products are administered through oral, parenteral, and other routes of administration and are distributed through veterinary hospitals, veterinary clinics, pharmacies and drug stores, and other distribution channels.
North America was the largest region in the companion animal veterinary vaccines market in 2021.Asia-Pacific was the second-largest region in the companion animal veterinary vaccines market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Increased pet ownership by Gen X and Gen Y adults contributed to the growth of the companion animal veterinary vaccines market during the historic period.According to the APPA, millennials, or Gen Y represents 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.
According to the 2019-2020 APPA National Pet Owners Survey, 67% of US households own pets, which is equal to 84.9 million homes. Pet owners are well aware of advanced facilities and are willing to spend a large amount of money on the health of their pets. Therefore, the rise in pet ownership aids in the growth of the companion animal veterinary vaccines market.
The high cost of veterinary vaccines is expected to restrain the growth of the market.According to data from Harris Interactive, in the USA, households with pets spent about $1,000 in pet care.
There are around 70% of households in the USA who own a pet and only 39% have enough in their savings to cover high spending related to pet care. According to a report by PET IQ in 2019, in the USA, nearly 28% of households experienced barriers to veterinary care in the past two years. 80% of pet owners are unable to obtain preventative care due to financial constraints. There are several instances when it happens that the pet owners cannot afford expensive animal treatment and this factor restrained the growth of the companion animal veterinary vaccines market. Usually, the average cost of the rabies vaccine varies typically from about $1,200 to $6,500. Thus, the high costs for companion animal veterinary vaccines will restrain the growth of the market over the forecast period.
Companies in the companion animal veterinary vaccine industry are increasingly collaborating and partnering with other players to drive product innovations.To succeed in the increasingly competitive veterinary market, companion animal veterinary vaccines companies are entering into new geographies and developing innovative products through sharing skills and expertise with other players.
For instance, Merck & Co.’s subsidiary MSD Animal Health announced a strategic partnership with Vinovo B.V., a division of Viscon Hatchery Automation, the leading hatchery automation company, to provide a new standard in safe and effective Vinovo vaccination to improve bird welfare and reduce vaccine reactions. In June 2019, Zoetis collaborated with a multidisciplinary team of public and private partners spanning animal and human health.
In April 2019, Merck Animal Health, a US-based company that is involved in manufacturing, fabricating, or processing of drugs for human or veterinary use, acquired Antelliq Corporation for about $2.4 billion. Through this acquisition, Merck Animal Health aims to implement animal health digital tracking, traceability, and monitoring technology and complement the existing portfolio of vaccines and pharmaceuticals. Antelliq Corporation is an animal intelligence group that provides devices for animal identification, monitoring, and traceability.
The countries covered in the companion animal veterinary vaccines market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
Read the full report: https://www.reportlinker.com/p06281030/?utm_source=GNW
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