Companion Animal Vaccines Market
to Surpass US$ 4,682.2 Million by 2027 - Coherent Market Insights
Core vaccines such as feline
calicivirus (FCV), feline herpesvirus-1 (FHV-1), feline leukemia virus (FeLV),
feline parvovirus (panleukopenia) (FPV), and rabies virus are administered to
all cats and dogs. Rabies vaccinations are inoculated in the right hind leg,
whereas canine distemper-parvovirus and feline upper respiratory-panleukopenia
(FVRCP) vaccines are injected in the right foreleg.
Statistics:
The global Companion
Animal Vaccines Market is estimated to be valued at US$ 4,682.2 Mn in terms
of value by the end of 2027.
Global Companion Animal Vaccines
Market: Drivers
The growth of the global companion
animal vaccines market is attributed to increasing burden of zoonotic diseases,
across the globe. For instance, according to GALVmed, a not-for-profit
livestock health product development and access partnership, Rift Valley Fever,
an endemic zoonotic disease throughout Africa and the Middle East, accounts for
an expenditure of US$ 427 million, annually.
Global Companion Animal Vaccines
Market: Opportunities
The government and private
organizations of various economies are focusing on initiatives related to
animal vaccination and this is expected to offer lucrative growth opportunities
for players in the market. For instance, in January 2020, the United States
Department of Agriculture’s (USDA) Animal and Plant Health Inspection Service
(APHIS) announced to award US$ 10.2 million to support disease prevention and
emergency response training and to develop the National Animal Vaccine and
Veterinary Countermeasures Bank (NAVVCB).
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Global Companion Animal Vaccines
Market: Restraints
However, misuse of the vaccine or
over vaccination can lead to adverse vaccine reactions such as type I and type
III hypersensitivities, vaccine-associated fibrosarcoma, vaccine-associated
disease enhancement, and formation of autoimmune disease, which are expected to
hinder growth of the market over the forecast period.
Key Takeaways:
On the basis of product type,
attenuated live vaccines segment is expected to be valued at US$ 930.6 Mn in
2019 and is expected to reach US$ 1,655.9 Mn by 2027, exhibiting a CAGR of 7.5%
over the forecast period. The growth of the segment is attributed to increasing
incidence of zoonotic diseases in companion animals.
Among distribution channel,
veterinary clinics segment is expected to account for major market share
accounting of 41.4%, in 2019, in terms of value, followed by veterinary
hospitals and retail pharmacies & others segment, respectively. The growth
of the segment is attributed to increasing animal healthcare expenditure in
developed and emerging economies.
Among species type, canine segment
is expected to account for major market share of 50.9% in 2019, in terms of
value, followed by feline and avian segments respectively. The growth of the
canine segment is attributed increasing number of canine pet ownership,
globally.
Market Trends
Major market players are engaged
on developing effective vaccines against African swine fever. For instance, in
January 2020, researchers from the U.S. Department of Agriculture reported
development of a vaccine against African swine fever that appears to be far
more effective than previously developed vaccines.
Moreover, government and private
organizations are focusing on increasing vaccination against rabies. For
instance, in January 2020, Caring for Creatures, Green Dogs Unleashed, Cat
Action Team, and the Fluvanna SPCA collectively organized free rabies
vaccination in Virginia, U.S.
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Regulations
Europe
The EU’s Committee for Medicinal
Products for Veterinary Use (CVMP) is responsible for veterinary biologic
manufacturing and product testing and approval oversight
Veterinary vaccines are
manufactured in accordance with good manufacturing practices listed under
standards (GMP Directive 200/94/Ec and Annex 16) and Directive 91/412/EEC
Availability of centralized
procedures for scientific review and approval of license applications and lot
release post-licensure facilitate vaccine manufacture and disbursement within
the EU
Additionally countries within the
EU have separate consideration for commercialization of the veterinary vaccines
Global Companion Animal Vaccines
Market: Competitive Landscape
Key players operating in the
global companion animal vaccines market include Bayer Healthcare, Vétoquinol
S.A, Boehringer Ingelheim, Ceva Sante Animal S.A., Eli Lilly and Company
(Elcano), Heska Co., Merck Animal Health, Merial (Boehringer Ingelheim),
Virbac, and Zoetis.
Global Companion Animal Vaccines
Market: Key Developments
November 2019: Zoetis launched
Versican Plus Bb Oral, the first oral vaccine for dogs in Europe
September 2019: Boehringer
Ingelheim announced its plans to donate 60,000 doses of its IMRAB rabies
vaccine for dogs over the next three years to fight rabies in Puerto Rico
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