Animal Vaccines Market Size

Animal Vaccines Market Size

Animal Vaccines Market Size exceeded USD 7.9 billion in 2020 and is anticipated to grow at a CAGR of over 5.8% between 2021 and 2027. Increasing prevalence of foodborne and zoonotic diseases is projected to stimulate the market growth in the coming years. Increasing research and development activities for designing efficient, effective, affordable, and high-quality vaccines for companion and farm animals will benefit the market in the long-term perspective.

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However, lack of well-developed infrastructure & resources for vaccine development and limited expenditure on pet healthcare in emerging countries may negatively impact the animal vaccines market expansion. The absence of an extensive approach to ensure vaccine access in emerging economies leads to increasing inequalities and animal disease burden. The OECD Development Co-operation Report 2020 also highlighted the lack of clinical infrastructure, specific manufacturing processes, and more importantly, the financial resources in the developing world. Moreover, the Animal and Plant Health Inspection Service’s (APHIS) Center for Veterinary Biologics (CVB) regulates veterinary biologics products including animal vaccines. This regulation ensures the purity, safety, potency, and effectiveness of veterinary biologics for its use in the treatment and prevention of animal diseases. Similarly, the European Medicines Agency (EMA) monitors the development and commercialization process of animal vaccines as per the technical requirements mentioned in Annex 1, Title II, to Directive 2001/82/EC, as amended by Directive 2009/9/EC, and the European Pharmacopoeia (Ph. Eur.). All commercially available animal vaccines undergo a stringent regulatory approval process and are required to meet exhaustive technical requirements.

The COVID-19 pandemic represents an unparalleled public health crisis that has caused unprecedented & enormous disruptions to the global economy affecting multiple industrial sectors. The coronavirus transmits from animal to animal with contact or aerosol transmission, thereby infecting other animals. Numerous incidents have been reported regarding COVID-19 infection in animals. In late 2020, COVID-19 infected farmed minks were reported in multiple countries such as Denmark, Spain, the U.S., Italy, and France among others. Hence, the above developments have promised significant spending on animal health that is further expected to upsurge the business potential. Increasing cases of COVID-19 infections in domestic and wild captive animals will drive the adoption of animal vaccines for ensuring preventive animal health, thereby soaring the industry growth.

Additionally, several organizations are investing in the development of animal vaccines against COVID-19. For instance, Zoetis is developing a vaccine for minks and companion animals. According to the Veterinary and Life Journal of the Russian Federal Veterinary and Phytosanitary, in March 2021, the Carnivak-Cov animal vaccine intended to prevent the spread of SARS-CoV-2 in animals such as dogs, cats, and minks was launched in Russia. Government support in tackling the rising infection cases in animals is poised to benefit the animal vaccines market.

The UK government announced the launch of the UK Animal Vaccine Manufacturing and Innovation Centre in Surrey, intending to accelerate the vaccine development for livestock and to curb the spread of viral diseases including coronavirus. As a result, the increasing COVID-19 infection cases in animals, research initiatives adopted by the private players, and government support will facilitate the industry expansion significantly.

Growing pet adoption is slated to amplify the business growth

The adoption of companion animals has significantly increased in recent years. Pets are considered a part of the family and perfect companions for senior citizens. Rising pet adoption will increase the demand for animal vaccines, thereby fuelling the market progression. The pet adoption rates increased dramatically with the onset of the COVID-19 pandemic. According to the Shelter Animals Count data, in 2020, the number of pet adoptions in the U.S. surged significantly with approximately 26,000 more pet adoptions than in 2019. As per the COVID-19 Impact Report, in 2020, the national pet adoption rate soared by 34% as compared to 2019. A similar trend was observed in Italy, in 2020, with approximately 3.5 million Italians reportedly adopting a pet after the first lockdown.