Market Trends of Veterinary Vaccines Industry
The Canine Vaccines Segment is Expected to Hold a Significant Market Share Over the Forecast Period
The canine vaccine is expected to increase rapidly because of the increasing number of pet dogs globally and the rising launches of canine vaccines by market players during the forecast period.
An article published in Acta Scientific Veterinary Sciences in March 2022 stated that India has approximately 6.2 crores of community dog population and it is estimated that the population of pet dogs is likely to reach around 31 million by the end of the year 2023. In spite of India's huge dog population, awareness regarding the zoonoses transmissible from dogs to humans is highly lacking. Additionally, India's climate is particularly favorable for a wide range of zoonotic diseases, and for the majority of them, canines including both community and companion dogs serve as the reservoir host. The large canine population worldwide and the zoonotic diseases associated with them are expected to propel the canine vaccine development and launches during the forecast period.
The activities of market players for the launch, approvals, and partnerships to expand vaccines are expected to boost the segment's growth over the forecast period. For instance, in March 2022, Alv B AS announced the new developments in their feline and canine vaccine, Alvacan. It is the product line of therapeutic cancer vaccines that combines the best of classical cellular immunotherapy with recombinant DNA/RNA technology.
Additionally, in September 2022, Ministry of animal husbandry and dairy development announced all stray dogs will be vaccinated and steps have been initiated to identify hotspots of dog bites. Also, in April 2022, Gujarat-based Cadila Pharmaceuticals launched one of the world's first three-dose anti-rabies vaccines, ThRabis. Therefore, the rising launches of canine vaccines are anticipated to augment the segment's growth during the forecast period.
North America is Expected to Hold a Significant Market Share Over The Forecast Period
The rising number of pet insurance in the region is expected to increase the market growth. For instance, according to the 2022 statistics published by the Insurance Information Institute, in the United States, 3.9 million pets were insured in 2021, with an increase of 20% compared to the previous year. Also, in Canada, 432.5 thousand pets were insured in 2021, with an increase of 22.7% as compared to the previous year. The rising number of pet insurance in the region is expected to create opportunities for the development and availability of advanced veterinary vaccines for the treatment of animals, which is anticipated to fuel market growth over the forecast period.
Additionally, the strategic initiatives by market players are expected to propel the market growth in the region during the forecast period. For instance, in September 2022, Merck Animal Health donated more than five million doses of its NOBIVAC rabies vaccine to help eliminate canine-mediated rabies.
Also, in May 2022, Ceva Santé Animale (Ceva) acquired the Canadian oral rabies vaccine manufacturer Artemis Technologies, Inc. With this acquisition, Ceva will expand its presence in the segment to North America.
Therefore, owing to the above-mentioned factors such as the rising pet insurance and spending on animal healthcare, and product approvals and launches by market players, the growth of the studied market is anticipated in the North America region.
