Market Trends of Companion Animal Vaccine Industry
This section covers the major market trends shaping the Companion Animal Vaccine Market according to our research experts:
Dogs Segment is Expected to Hold a Major Share in the Companion Animal Vaccine Over the Forecast Period
Vaccination has long been a focal topic of dog treatment since it is one of the safest and most cost-effective ways of preventing infectious diseases. the segment is driven by rising in the adoption of dogs and product launches by the market players. For instance, in February 2021, the Canadian Animal Health Institute (CAHI) shared the results of its 2020 Pet Population Survey, the Canadian dog population continued to grow, increasing from 7.6 million to 7.7 million. In addition, in 2020, approximately 3.19 million large dogs (weighing more than 50 pounds or 23 kilograms) were kept as pets in Canadian households. Small dogs (up to 20 pounds or 9 kilograms) had a population of around 1.97 million. Thus, growing dog population is expected to boost the segment growth over the forecast period.
Moreover, strategic activities by the market players are expected to propel the growth of the segment over the forecast period. For instance, in August 2022, the Michigan Department of Agriculture and Rural Development (MDARD) is collaborating with local animal control agencies, the Michigan Association of Animal Control Officers, local veterinarians, the Michigan State University Veterinary Diagnostic Laboratory (MSU VDL), and the United States Department of Agriculture to learn more about reports of a canine parvovirus-like illness affecting several dogs in the northern Lower Peninsula.
Thus, owing to the aforementioned factors, the respective segment is estimated to grow steadily, during the forecast period.
North America is Expected to Have the Significant Market Share in the Companion Animal Vaccine Market Over the Forecast Period
North America is anticipated to witness significant hairy cell leukemia market growth over the forecast period. The major factors driving the market growth are the rising adoption of companion animals such as dogs, cats, and other animals, the increasing number of zoonotic diseases, and the availability of advanced veterinary healthcare infrastructure.
The rising number of pet insurance in the country is also expected to increase the market growth. For instance, according to the 2022 statistics published by the Insurance Information Institute, it has been observed that in the United States, 3.9 million pets were insured at the end of 2021, with an increase of 20% compared to 2020. In addition, California (19.3%), New York (8.4%), and Florida (6.1%) are the three states with the highest percentage of insured pets. Thus, the growing pet adoption increases the availability of pet insurance, due to which pet owners are spending more on pet health care. This creates opportunities for developing and available advanced and innovative vaccines for better treatment of pets.
Additionally, the growing number of pet adoption in the region contributes to the market growth over the forecast period. For instance, the 2021 Pet Population Survey published showed that the number of dogs in Canada increased from 7.6 million to 7.7 million (from 2019 to 2021). Additionally, 8.1 million cats were kept as family pets in 2021.
Furthermore, the high spending on pet health is expected to fuel market growth. For instance, as per the American Pet Products Association Survey 2021-2022, it was estimated that in 2021 around USD 109.6 billion was spent on pets in the United States, up from USD 103.6 billion in 2020. The high spending on pets is creating opportunities for the development of effective vaccines, which is anticipated to fuel market growth over the forecast period.
Moreover, the market players are adopting various strategies, such as product launches, product developments, collaborations, mergers, acquisitions, and expansions to increase their market positions, thereby propelling the market growth. For instance, in September 2022, Merck Animal Health launched NobivacIntra-Trac Oral BbPifor dual prevention of two major canine respiratory pathogens.
Therefore, owing to the factors mentioned above, the studied market is expected to grow over the forecast period.
