The Business Research Company’s Companion Animal Veterinary Vaccines Global Market Report 2021 – COVID-19 Growth And Change
LONDON, GREATER LONDON, UK, September 7, 2021 /EINPresswire.com/ — Increased pet ownership by Gen X and Gen Y adults contributed to the growth of the veterinary/animal vaccines market during the historic period. According to the APPA, millennials, or Gen Y represents 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 owns a cat as a pet. Multiple pet ownership is also on the rise in some parts of the world. In the USA, nearly 57% of all households owned pets in 2016. 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 vaccines market.
The global companion animal veterinary vaccines market is expected to grow from $2.60 billion in 2020 to $2.76 billion in 2021 at a compound annual growth rate (CAGR) of 6%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The companion animal vaccines market size is expected to reach $3.85 billion in 2025 at a CAGR of 9%.
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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 vaccines companies are entering into new geographies and developing innovative products through sharing skills and expertise with other players. In June 2018, Merck & Co.’s subsidiary MSD Animal Health announced a strategic partnership with Vinovo B.V., a division of Viscon Hatchery Automation, the leading hatchery automation company, to provide a new standard in safe and effective in ovo vaccination to improve bird welfare and reduce vaccine reactions. In June 2017, Zoetis collaborated with a multidisciplinary team of public and private partners spanning animal and human health.
Major players covered in the animal healthcare 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, ImmuCell Corporation, Intervet Inc. (Merck Animal Health).
TBRC’s global companion animal veterinary vaccines market report is segmented by product into inactivated, live attenuated, recombinant, others, by route of administration into oral, parenteral, others, and by distribution channel into veterinary hospitals, veterinary clinics, pharmacies & drug stores, others.
Companion Animal Veterinary Vaccines Global Market Report 2021 – By Product (Inactivated, Live Attenuated, Recombinant), By Route Of Administration (Oral, Parenteral), By Distribution Channel (Veterinary Hospitals, Veterinary Clinics, Pharmacies & Drug Stores), COVID-19 Growth And Change is one of a series of new reports from The Business Research Company that provides companion animal veterinary vaccines market overview, forecast companion animal veterinary vaccines market size and companion animal veterinary vaccines market growth for the whole market, companion animal veterinary vaccines market segments, and geographies, companion animal veterinary vaccines market trends, companion animal veterinary vaccines market drivers, companion animal veterinary vaccines market restraints, companion animal veterinary vaccines market leading competitors’ revenues, profiles, and market shares.
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