What Is The Companion Animal Veterinary Vaccines Market Overview In 2022?
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The companion animal veterinary vaccines market is forecasted to achieve significant growth in the coming few years with a forecast CAGR (compound annual growth rate) of more than 6%, as per The Business Research Company’s market report!
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The Companion Animal Veterinary Vaccines Market Size In 2022 And Forecast
The global companion animal veterinary vaccines market is expected to grow from $3.05 billion in 2021 to $3.25 billion in 2022 at a compound annual growth rate (CAGR) of 6.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The global companion animal veterinary vaccines market size is expected to grow to $4.19 billion in 2026 at a CAGR of 6.6%.
The companion animal veterinary vaccine market consists of sales of companion animal vaccines by entities (organizations, sole traders, and partnerships) that manufacture companion animal vaccines.
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Increased Pet Ownership By Gen X And Gen Y Adults Is Driving The Growth Of The Companion Animal Veterinary Vaccines Market
According to the APPA, millennials, or Gen Y, represent the largest segment of pet owners for all types of pets. More than 80% of Gen Y and Gen Z own a dog, and 50% or less own a cat as a pet. Multiple pet ownership is also on the rise in some parts of the world. According to the 2019-2020 APPA National Pet Owners Survey, 67% of US households own pets, which is equal to 84.9 million homes. Pet owners are well aware of advanced facilities and are willing to spend a large amount of money on the health of their pets. Therefore, the rise in pet ownership aids in the growth of the companion animal veterinary vaccine market.
Competitive Landscape And The Regional Analysis Of The Companion Animal Veterinary Vaccines Market
Major players in the companion animal veterinary vaccines market are Boehringer Ingelheim, Eli Lilly and Company (Elcano), Heska Co., Merck Animal Health, Virbac, Zoetis, ElancoCeva Sante Animal S.A., Bayer Healthcare, NEOGEN CORPORATION, and ImmuCell Corporation.
Additionally, as per TBRC’s research – North America was the largest region in the companion animal veterinary vaccines market in 2021 holding the largest market share.
The Companion Animal Veterinary Vaccines Global Market Report 2022 covers regional data on key drivers, opportunities, and strategies for the seven major regions of the world that are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the companion animal veterinary vaccines market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The report includes market size and forecast market shares for all the regions and countries with respect to the major players of the companion animal veterinary vaccines market.
Product Innovations – A Key Trend In The Companion Animal Veterinary Vaccines Market
Companies in the companion animal veterinary vaccine industry are increasingly collaborating and partnering with other players to drive product innovations. To succeed in the increasingly competitive veterinary market, companion animal veterinary vaccine companies are entering into new geographies and developing innovative products through sharing skills and expertise with other players.
Companion Animal Veterinary Vaccines Market Segmentation By The Business Research Company
1) By Product: Inactivated, Live Attenuated, Recombinant, Other Products
2) By Route Of Administration: Oral, Parenteral, Other Routes Of Administration
3) By Distribution Channel: Veterinary Hospitals, Veterinary Clinics, Pharmacies And Drug Stores, Other Distribution Channels
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