Companion Animal Vaccines Market Pegged for Robust Expansion by 2024
Companion animals such as dogs, cats, and horses are growing as a part of the urban population. The demand in the global Companion Animal Vaccines Market is primarily owing to the growing prevalence of various animal diseases, technological advancements regarding the diagnostic and therapeutic with efficient drugs, developments in the field of biotechnology, and growing awareness among the consumers as a result of social media government initiatives. In various countries, stringent rules have been applied to preserve and protect companion animals, which if followed by regular checks regarding the health of the animals. This is another factor reflecting positively on the global companion animal vaccines market. On the other hand, rising cost for the storage of vaccines and inadequate reporting systems are hindering the global companion animal vaccines market from attaining its true potential.
This report is a summation of all important aspects of the global market for companion animal vaccines, prepared by a group of professional market research analysts, aspiring to serve as a reliable business document for the stockholders of this market, such as pharmaceutical companies, government agencies, traders and distributors of vaccines, and veterinary doctors. The report segments the market for companion animal vaccines into smaller aspects, catches the latest trends, analyzes the most prominent drivers and restraints, and profiles some of the key companies in order to represent the competitive landscape.
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Concerns associated with the rising prevalence of zoonotic diseases and the discovery of new diseases among animals are providing a push to the companion animal vaccines market. Besides this high-impact driver, the market is also gaining from the growing focus on implementing animal welfare initiatives and governments laying more emphasis on keeping animal-related diseases in check.
However, developing animal vaccines is a rather lengthy and expensive process – the impact of which can be seen in the form of the high prices that these vaccines command. That puts them beyond the reach of some consumer classes, especially if suitable reimbursement schemes are not available to them. The other factor that is negatively impacting the companion animal vaccines market for livestock is the growing number of vegetarians in the world who may consume dairy products but not meat.
The report classifies the global companion animal vaccines market basis the following criteria: diseases, product, and technology. Based on product type, the market is segmented into feline, canine, bovine, and others. Likewise, the diseases for which companion animal vaccines are available include: Rabies, hepatitis, leukemia, and others.
By technology used for the development and formulation of the vaccine, the global companion animal vaccines market has been segmented thus: DNA, recombinant, inactivated, toxoid, conjugate, and other vaccines. Considerable research is being undertaken to formulate more effective vaccines with lower price tags.
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The global market for companion animal vaccines has been segmented as follows: Asia Pacific, North America, Europe, and Rest of the World. TMR projects the market to fare well in North America and Europe, where pet ownership numbers as well as meat consumption have been traditionally high. Europe currently accounts for a sizeable share in the global companion animal vaccines market.
In Latin American and Asian countries, a new class of affluent consumers is emerging. These consumers are keener on having a companion animal in their household and will thus fuel the global market for companion animal vaccines. The vast population here and the untapped opportunities mean that market players have considerable gains to make by targeting these regions.
Top players in the global companion animals market are: Merial Inc. (Sanofi), Bayer Healthcare, Boehringer Ingelheim (Germany), Novartis Animal Health Inc., and Merck Animal Health (U.S).