Companion Animal Vaccine Market Size

Companion Animal Vaccines Market Analysis

The Companion Animal Vaccine Market size is estimated at USD 3.58 billion in 2024, and is expected to reach USD 4.80 billion by 2029, growing at a CAGR of 6.02% during the forecast period (2024-2029).

The impact of the COVID-19 pandemic on the market is expected to be significant. Pet adoption has increased tremendously during the pandemic, which has resulted in increased animal health care and thus drives the growth of veterinary vaccines. For instance, according to the People's Dispensary for Sick Animals (PDSA) PDSA Animal Wellbeing (PAW) report published in June 2021, 2 million people in the United Kingdom has acquired a pet between March 2020 to May 2021. Out of these pets, 10% are dogs, 8% are cats and 13% are rabbits. Such a high rate of pet adoption in different regions around the world has increased focus on the healthcare of animals and thus drives the growth of the studied market. Additionally, the coronavirus spreads from animal to animal with contact or aerosol transmission, thus infecting other animals. As a result, the market players are getting involved in manufacturing companion animal vaccines against COVID-19. For instance, in July 2021, Zoetis donated over 11,000 doses of its experimental COVID-19 vaccine to help protect the health and well-being of animals. On the other hand, in April 2021, Russia registered the first global COVID-19 vaccine called Carnivac-Cov for animals. Thus, the growing cases of COVID-19 infections in domestic and wild animals promoted the acceptance of animal vaccines for safeguarding preventive animal health, thus soaring industry growth. However, the sector has been recovering well since restrictions were lifted. An increase in veterinary visits, and reopening of veterinary clinics have been leading the market recovery over the last two years.

The market is driven by the rising prevalence of animal diseases, technological advancements in biotechnology, and increasing awareness of animal diseases. Rising incidents of animal bites, animal welfare campaigns, and favourable government initiatives are expected to boost the size of the companion animal vaccines market.

A high degree of public awareness about companion animals among the population has led to an increase in the adoption of these animals for social well-being and a healthy lifestyle, which in turn, led to an increase in pet ownership. For instance, the 2022 data published by the Der Deutsche Heimtiermarkt stated that 47% of the households in Germany had pets in 2021. Additionally, the data published by the European Pet Food Industry: Facts and Figures 2022 report showed that the estimated percentage of Spain households owing at least one cat was 27%, and one dog was 16% in 2021. Thus, the rising adoption of pets increases the vaccination programs for companion animals, which is expected to fuel the market growth over the forecast period.

Furthermore, the number of zoonotic disease cases in companion animals has risen significantly in recent years, contributing to market growth. For instance, as per the data published by USDA in May 2022, around 37.96 million birds were affected by the highly pathogenic avian influenza virus 2022. The large bird population affected by the disease requiring efficient therapeutic measures is adding to the growth of the companion animal vaccine market in the region. Additionally, from the data published by the Government of Canada in January 2022, it has been observed that 709 cases of Lyme disease were reported in Quebec in 2021 compared to 274 cases in 2020. Thus, with the rise in the number of cases, the necessity to treat and prevent the disease from spreading has increased, which is anticipated to boost the demand for companion animal vaccines over the forecast period.

Product launches by the key market players are expected to boost market growth. For instance, in October 2021, Boehringer Ingelheim, a global leader in animal health, has introduced the Purevax vaccination series for cats in 0.5 ml packaging. Purevax's innovative packaging makes cat vaccination more convenient, providing for a more comfortable immunization experience for feline patients.

However, the high vaccine development cost and regulatory concerns are expected to restrain the market growth over the forecast period.