Market Trends of Veterinary Vaccines Industry
The Canine Vaccines Segment is Expected to Hold a Significant Market Share Over the Forecast Period
The demand for canine vaccines 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 had approximately 6.2 crore community dogs, and it was estimated that the population of pet dogs is likely to reach around 31 million by the end of 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 community and companion dogs, serve as reservoir hosts. 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 launches, 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 its feline and canine vaccine, Alvacan. This product line of therapeutic cancer vaccines combines the best of classical cellular immunotherapy with recombinant DNA/RNA technology.
Additionally, in September 2022, the Ministry of Animal Husbandry and Dairy Development announced all stray dogs would be vaccinated, and steps had been initiated to identify hotspots of dog bites. 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 growing pet population and an increase in spending on pet care are fueling market growth. For instance, according to a report published by Forbes Advisor in January 2024, 66% of US households, which was 86.9 million homes, owned a pet. Similarly, according to data from the Canadian Animal Health Institute (CAHI) in September 2022, it was estimated that more than half of Canadian households (60%) owned at least one dog or cat in 2022. The data also detailed that the dog population increased to 7.9 million, and the cat population increased to 8.5 million in 2022. The rising number of pets 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, 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 5 million doses of its NOBIVAC rabies vaccine to help eliminate canine-mediated rabies.
In May 2022, Ceva Sant茅 Animale (Ceva) acquired the Canadian oral rabies vaccine manufacturer Artemis Technologies Inc. With this acquisition, Ceva will expand its presence in North America.
Therefore, owing to the abovementioned factors, such as the rising pet insurance and spending on animal healthcare, as well as product approvals and launches by market players, the market studied is anticipated to grow in North America.
