VALLEY COTTAGE, N.Y. – Advances in vaccinology, augmented demand for animal-based protein, increasing investments in next-generation vaccines, and mounting concerns over animal health have been triggering sales of companion animal vaccines. As per detailed study published by Future Market Insights, the companion animal vaccines market was valued at US$ 2.5 Bn in 2018.
“Initiatives taken by governments and NGOs to enhance healthcare standards of animals along with greater acceptance of companion animals by most households in developed and developing countries are contributing to the growth of the companion animal vaccines market,” says FMI analyst.
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Latest developments in the study of pathogenicity and virulence coupled with operational molecular biological approaches have improved the balanced design of vaccines with controllably eradicated virulence aspects. This upholds the demand for live vaccines, as they effectively reduce the threat of reversion of virulence.
Europe Leading With 30% Revenue Share
As per the in-depth analysis by FMI, Europe will continue to be the dominating region in terms of sales of companion veterinary vaccines. The absolute affluence can be attributed to rise in the production of animal products and established vaccine programs. Collaborative practices by the government and private entities promoting improved animal health are spurring the companion animal vaccines market growth. Additionally, North America continues to offer greater opportunities, due to increasing cases of canine disorders, rising pet population in the US, and subsequent rise in the adoption of vaccination for the same.
Preview Of2019 Analysis and Review of Companion Animal Vaccines Market by Product – Attenuated Live Vaccines, Conjugated Vaccines, Inactivated Vaccines, Subunit Vaccines, Toxoid Vaccines, DNA Vaccines, and Recombinant Vaccines for 2019 – 2029:https://www.futuremarketinsights.com/reports/companion-animal-vaccines-market
Attenuated Live Vaccines Hold Largest Market Share
Attenuated live vaccine continues to witness higher demand as compared to other companion animal vaccines, and the sales value is expected to be US$ 1.7 Bn by 2029. Owing to the peculiarities being the same as natural contagion, these vaccines create an enduring and resilient immune response. Demand for attenuated live vaccines is expected to be strong going forward, attributing to ease of administration and ability to provide stronger immunity by activating wide range of immune responses.
On the other hand, demand for inactivated vaccines is expected to increase at a CAGR of 7.4% over the forecast period, as these vaccines reduce chances of pathogen reactivations.
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Veterinary Clinics Continue to be High Revenue Generator
In the current era, where the companion animal population is continuously rising, there is an immense growth in the number of veterinary clinics, globally. Moreover, companion animal vaccines worth around US$ 1 Bn were sold in veterinary clinics in 2018, contributing a major share to manufacturers’ bottom lines. Rising adoption of animals and cats has been fueling the demand for companion veterinary vaccines for common life-threatening diseases. Furthermore, sales of companion animal vaccines through retail pharmacies are expected to increase rapidly at a CAGR of 8.5% through to 2029.
Market Players Perspective
Both organic and inorganic growth strategies are adopted by key players in the companion animal vaccines market, to amplify their product offerings, enhance veterinary vaccine development, increase customer reach, strengthen their global footprint, and to gain distinct competitive edge.
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