The global canine influenza vaccine market is estimated to be valued at US$ 2,562.1 Mn in 2024 and is expected to exhibit a CAGR of 5.1% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Global Canine Influenza Vaccine Market Size are Zoetis Services LLC, Merck & Co., Inc., Covetrus, CSL Limited, Boehringer Ingelheim Animal Health USA Inc., and Elanco. These players are focused on expanding their product portfolios and global presence through mergers and acquisitions. The growing awareness regarding canine health and increasing pet ownership in developing countries offer significant growth opportunities in the market. Pet healthcare companies are investing in research & development activities to develop novel canine influenza vaccines. This will help them expand their business globally and increase revenue generation.
Market Drivers
The global canine influenza vaccine market is driven by increased pet adoption rates across the world. According to various statistical reports, the global pet population including dogs and cats exceeded 1 billion in 2020. This rapid increase in pet ownership has augmented the demand for vaccination and preventive healthcare. Moreover, rising awareness among pet owners regarding vaccine-preventable diseases is another key factor accelerating the sales of canine influenza vaccines. Pet owners are more concerned about their pet’s health and safety, which drives the demand for effective vaccines.
PEST Analysis
Political: Government bodies and regulatory agencies play significant roles in this market by monitoring product development, testing and approval processes. The safety and efficacy of vaccines need to established as per regulatory guidelines.
Economic: Factors such as increased pet ownership, growing veterinary care expenditures and rising awareness about preventive healthcare will drive market revenues. However, high costs associated with R&D of novel vaccines may restraint market growth to some extent.
Social: Rising humanization of pets, growing significance of animal welfare and adoption of pets for companionship are some key social trends benefiting this market. Pet owners are willing to spend more on canine healthcare services including vaccinations.
Technological: Companies are developing and innovating vaccination delivery methods and technologies. Investments in high-throughput screening, recombinant technologies and advanced adjuvants will support the development and commercialization of new and improved Global Canine Influenza Vaccine Market.
Geographical Regions with High Market Concentration
North America and Europe currently hold higher market shares owing to higher pet adoption rates, developed veterinary infrastructure and greater willingness to adopt preventive canine healthcare measures in these regions. Greater product availability, higher veterinary per capita expenditures and rising disease awareness is fueling market growth.
Fastest Growing Regional Market
The Asia Pacific region is expected to witness highest growth rate during the forecast period. Factors such as increasing pet ownership, growing pet care expenditures, expanding veterinary services and rising incidence of canine influenza infections are driving demands. The emerging economies in East and South Asia represent lucrative opportunities for key stakeholders to tap into untapped growth potential.
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