Companion Animal Vaccine Market Size, Share & Growth [2032]

Report Description

Companion Animal Vaccine Market Outlook 2032

The global companion animal vaccine market size was USD 3.33 Billion in 2023 and is projected to reach USD 5.53 Billion by 2032, expanding at a CAGR of 5.79% during 2024–2032. The market growth is attributed to the increasing awareness of preventive healthcare measures for companion animals.

Rising awareness of pet owners regarding the preventive healthcare measures for companion animals resulted in driving the companion animal vaccine market. Veterinarians are increasingly incorporating advanced vaccine solutions into their traditional clinical practices and specialized fields, such as veterinary research and academic institutions. Moreover, the growing adoption of companion animals across the globe is boosting the demand for effective vaccination solutions, thereby fueling the market.

• As per a report published on January 23, 2024, pet ownership in the US surged from 73 million in 2010 to 87 million in 2022.

Get Free Sample Report

Impact of Artificial Intelligence (AI) on the Companion Animal Vaccine Market

The use of artificial intelligence is likely to boost the companion animal vaccine market. AI-powered technologies are enabling vaccine manufacturers to optimize production processes and accelerate vaccine development timelines. Furthermore, AI-driven data analysis tools are empowering researchers to uncover patterns and insights for targeted and personalized approaches, enabling vaccine development and distribution.

Companion Animal Vaccine Market Dynamics

Get Free Sample Report

Major Drivers

Increasing pet ownership rates worldwide are anticipated to drive the market during the forecast period. This, in turn, boosts the demand for veterinary services, including vaccinations, to ensure the health and well-being of companion animals. For instance, according to the Pet Ownership Statistics 2024, 66% of households in the US, which is equivalent to 86.9 million homes, own a pet in 2024. Additionally, the increasing awareness about the benefits of preventive healthcare measures among pet owners boosts the demand for routine vaccinations to prolong the lifespan of companion animals.

Existing Restraints

Complex nature of vaccine development and the stringent regulatory requirements hinder the market. Developing new vaccines or improving existing ones requires high investments in research & development, resulting in high prices for these products. Moreover, the limited access to vaccination services for companion animals in rural areas further hampers the market.

Emerging Opportunities

­Growing investment in research & development activities to develop enhanced animal vaccines creates immense opportunities for the players competing in the market. Pharmaceutical companies are increasingly investing in R&D activities to develop novel vaccines for companion animals with improved vaccine efficacy and safety. Moreover, the growing focus on preventing zoonotic disease treatment is boosting the demand for companion animal vaccines, thereby fueling the market.

Scope of the Companion Animal Vaccine Market Report

The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics are included in the report.

Regional Outlook

In terms of region, the global companion animal vaccine market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America held a major market share in 2023, due to high pet ownership rates in the region. Furthermore, the well-established companion animal healthcare infrastructure further facilitates the widespread utilization of animal vaccines, thus boosting the market.

The market in Asia Pacific is projected to grow at a significant pace in the years to come, owing to the rising population of companion animals and the growing awareness of animal healthcare. This significantly boosts the demand for high-quality veterinary healthcare services, including vaccinations, to ensure the health and well-being of these animals. Moreover, the rising disposable incomes in the region enable pet owners to afford premium veterinary services and products, thereby boosting the market in this region.

Get Free Sample Report

Companion Animal Vaccine Market Segment Insights

Animal Species Segment Analysis

Based on Animal Species, the companion animal vaccine market is divided into avian, feline, equine, canine, and others. The feline segment is expected to expand at a significant growth rate in the coming years, due to the increasing cat ownership rates across the globe. For instance, according to a report published on January 25, 2024, around 29% of US households own a cat. Moreover, the increasing focus on feline healthcare is anticipated to boost the demand for vaccines during the forecast period.

Get Free Sample Report

Product Type Segment Analysis

On the basis of product type, the global market is segregated into conjugate vaccines, toxoid vaccines, attenuated live vaccines, inactivated vaccines, subunit vaccines, DNA vaccines, and recombinant vaccines. The inactivated vaccines segment held a large share of the market in 2023, owing to their widespread use in companion animal healthcare. These vaccines are widely used due to their stability and ease of storage. Additionally, the inactivated vaccines are suitable for immunocompromised animals and pregnant animals, thereby boosting the segment.

The recombinant vaccines segment is anticipated to expand at a substantial CAGR during the forecast period, owing to the increasing demand for safe and effective vaccination options for companion animals. Recombinant vaccines precisely control antigen composition to reduce the risk of adverse reactions. Moreover, the growing adoption of advanced vaccine solutions, including recombinant vaccines, fuels the segment.

Get Free Sample Report

Distribution Channel Segment Analysis

Based on distribution channel, the companion animal vaccine market is segmented into veterinary hospitals, veterinary clinics, veterinary research institutes, retail pharmacies, and others. The retail pharmacies segment is projected to register a robust growth rate during the assessment years, due to the increasing availability of veterinary vaccines in retail pharmacies.

Retail pharmacies are easily accessible to a wide range of pet owners, including those in urban and rural areas, which makes them convenient distribution channels for companion animal vaccines. Moreover, retail pharmacies often offer competitive pricing and promotional discounts on veterinary vaccines, which boost the segment in the coming years.