Companion Animal Veterinary Vaccines Global Market Report 2021: COVID 19 Growth And Change to 2030

Companion Animal Veterinary Vaccines Global Market Report 2021: COVID 19 Growth And Change to 2030

  • May 2021 •
  • 175 pages •
  • Report ID: 6071089 •
  • Format: PDF
Major players in the companion animal veterinary vaccines market are Boehringer Ingelheim, Eli Lilly and Company (Elcano), Heska Co., Merck Animal Health, Virbac, Zoetis, and Elanco.

The global companion animal veterinary vaccines market is expected to grow from $2.599 billion in 2020 to $2.755 billion in 2021 at a compound annual growth rate (CAGR) of 6%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $3.848 billion in 2025 at a CAGR of 9%.

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.

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.

In June 2018, 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 in ovo vaccination to improve bird welfare and reduce vaccine reactions. In June 2017, Zoetis collaborated with a multidisciplinary team of public and private partners spanning animal and human health.

The companion animal veterinary vaccines market covered in this report is segmented by product into inactivated; live attenuated; recombinant; others. It is also segmented by route of administration into oral; parenteral; others and by distribution channel into veterinary hospitals; veterinary clinics; pharmacies & drug stores; others.

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.

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 owns a cat as a pet.Multiple pet ownership is also on the rise in some parts of the world.

In the USA, nearly 57% of all households owned pets in 2016. 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 2015, 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.