Surging Demand for Pet Insurance to Increase the Valuation of Companion Animal Vaccines Market to US$ 6.7 Billion by 2033. Veterinary animal hospitals and clinics offering better service support for animal care are expected to have significant market share during the forecast period
DUBAI, United Arab Emirates, Jan. 18, 2023 (GLOBE NEWSWIRE) — The companion animal vaccines market is expected to be valued at US$ 3.4 billion in 2023. The market is expected to grow at a CAGR of 6.8%. By 2033, the market valuation might surpass US$ 6.7 billion, as per predictions.
The market growth can be attributed to an increase in awareness regarding pet vaccine programs. In particular, there has been an increase in the demand for protozoans’ parasitic vaccines. Furthermore, scientists have also developed third-generation DNA vaccines which effectively counter the virus. These vaccines are extremely safe as they do not contain any pathogens.
There has also been a surging awareness regarding pet insurance schemes, and a lot of pet owners are availing of them. Thanks to an increase in the number of cases where we get to see pet humanization.
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There is also an increasing awareness regarding zoonotic diseases. In order to counter this, the manufacturers have developed top-notch vaccines. These vaccinations were manufactured as a result of huge investments that were made in research and development. During the pandemic. The manufacturers launched vaccines like Ancovax and Carnivac-Cov, which were specifically manufactured for canines. Apart from that, the key players had also developed Covid detection kits, like the CAN-CoV-2 ELISA kit. These factors are expected to surge the demand for companion animal vaccines during the forecast period.
There has been an increase in government initiatives which is supporting the market growth. Quite recently, the Australian government was seeking a Japanese encephalitis vaccine for pigs, horses, and various other live stocks. This goes on to show that the nations are proactively seeking animal vaccine solutions and are willing to collaborate with other nations as well. However, lack of awareness, coupled with high cost, is expected to hamper the market growth.
As per the findings of the FMI research team, it can be concluded that “Massive adoption of pet insurance, surging cases of pet humanization, massive investment in R&D, coupled with a lot of other factors are expected to surge the growth of companion animal vaccines market.”
Key Takeaways:
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In 2023, the market valuation is expected to stand at US$ 3.4 billion.
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During the forecast period, the market is expected to advance at 6.8%.
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The market is projected to cross US$ 6.7 billion by 2033.
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Based on the regional analysis, Europe is expected to be the largest market during the forecast period.
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The USA market is expected to grow at a CAGR of 7.9%.
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The UK market is projected to surge at a CAGR of 5.5%.
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China’s companion animal vaccines market is anticipated to advance at a CAGR of 7.4%.
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Japan’s market is projected to grow at a CAGR of 6.7%.
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The South Korean market is anticipated to surge at a CAGR of 4.9%.
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On the basis of product type, the attenuated live vaccines segment is expected to have the largest market share and is expected to grow at a CAGR of 6.9%.
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On the basis of species type, the canine segment is projected to have the highest market share and is anticipated to advance at a CAGR of 6.6%.
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Competitive Landscape
The key players operating in the companion animal vaccines market are making strategic moves by being a part of profitable mergers and acquisitions. Furthermore, the players are also investing in partnerships with players from other niches. There are also technological upgrades, which are all about the implementation of AI in the value chain. The firms are also laying huge emphasis on selecting the right resource for the leadership role.
In October 2022, Bayer launched a new LifeHub in Monheim focused on the future of agriculture in Europe.
Companion Animal Vaccines Market Segmentation
By Product Type:
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Attenuated Live Vaccines
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Conjugate Vaccines
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Inactivated Vaccines
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Subunit Vaccines
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Toxoid Vaccines
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DNA Vaccines
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Recombinant Vaccines
By Distribution Channel:
By Species Types:
By Region:
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
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