Global Canine Influenza Vaccine Market Size to hit 2,562.1 million dollars by 2031: Coherent Market Insights
The dynamic landscape of global Canine Influenza Vaccine Market share, is projected to reach USD 2,562.1 million in revenue by 2031. growing at a CAGR of 5.1% by 2031, According to Coherent Market Insights. Companies covered: Zoetis Services LLC, Merck & Co., Inc., Covetrus, CSL Limited, Boehringer Ingelheim Animal Health USA Inc., and Elanco
Burlingame, June 19, 2024 (GLOBE NEWSWIRE) -- The global canine influenza vaccine market size was estimated at USD 1,805.7 million in 2024 and is expected to reach around USD 2,562.1 million by 2031, registering a CAGR of 5.1% between 2024 and 2031, as per a recent report by Coherent Market Insights. Companionship and emotional benefits provided by pets is one of the major reasons for the rise in pet ownership worldwide. The growing humanization of pets has encouraged pet owners to spend more on the health and well-being of their pets. As more households are adopting dogs as pets in their households, the demand for canine influenza vaccines has increased substantially in the past few years.
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Market Dynamics:
The growth of the global canine influenza vaccine market is primarily driven by the increasing pet adoption across the globe. According to the American Pet Products Association (APPA), around 85 million households in the U.S. own a pet dog. The rising pet adoption has increased the awareness regarding regular pet vaccination, including influenza vaccination for dogs. Moreover, the growing risk of canine influenza virus infection in dogs owing to favorable mutation of the virus is also propelling the demand for canine influenza vaccine. For instance, the H3N2 canine influenza virus, which was first detected in dogs in South Korea in early 2015, now spreads easily among dogs.
Global Canine Influenza Vaccine Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2024 | $1,805.7 million |
| Estimated Value by 2031 | $2,562.1 million |
| Growth Rate | Poised to grow at a CAGR of 5.1% |
| Historical Data | 2019–2023 |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Vaccine Type, By Virus Type, By Distribution Channel |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Growth Drivers | • Increasing Animal Healthcare Expenditure • Growing Pet Ownership |
| Restraints & Challenges | • High Cost of Veterinary Vaccines • Stringent Regulations for Veterinary Vaccines |
Market Trends:
Growing focus on pet health and well-being: There is a growing awareness regarding the health and well-being of pets among pet owners worldwide. Pet owners are increasingly focusing on vaccinating their pets against infectious diseases on a regular basis. This growing focus on pet health and wellness is expected to favor the adoption of canine influenza vaccine over the forecast period.
Key players in the market are focused on developing novel canine influenza vaccines with improved efficacy and safety. For instance, in July 2021, Zoetis Inc. received conditional license from the U.S. Department of Agriculture (USDA) for its RECOMBITEK Influenza H3N2 vaccine for dogs. Such innovations are expected to provide an impetus to the overall market growth in the coming years.
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The recombinant vaccine segment is expected to hold the largest market share, accounting for around 40% of the global canine influenza vaccine market in 2024. Recombinant vaccines contain gene sequences from disease-causing organisms that are inserted into vectors such as yeast, bacteria or viruses. They induce strong immune responses and have a good safety profile. Their efficacy and safety makes them a preferred choice for canine influenza vaccination.
The inactivated vaccine segment is anticipated to witness a CAGR of 4.8% during the forecast period. Inactivated vaccines contain whole virions or viral particles that have been destroyed by heat, chemicals or radiation. While they induce protective immunity, their effectiveness is generally lower than recombinant vaccines. However, they still offer protection against severe forms of disease and are widely used in canine vaccination programs.
The H3N8 virus type segment dominates the market with around 60% share. H3N8 is the dominant canine influenza virus strain circulating globally. Vaccines targeting the H3N8 subtype provide broad protection against prevalent strains. Rising H3N8 outbreaks worldwide have boosted demand for H3N8 vaccines from veterinary practitioners. The segment is forecasted to exhibit a CAGR of 5.5% over the analysis period.
Recent Developments:
In September 2022, Merck Animal Health, announced the launch of the first oral Bordetella bronchiseptica and canine parainfluenza virus vaccine with mucosal protection and easy oral administration.
In June 2021, Elanco and Kindred Biosciences, Inc, announce that the parties had entered a definitive agreement for Elanco to acquire KindredBio.
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Key Market Takeaways:
The global canine influenza vaccine market is anticipated to witness a CAGR of 5.1% during the forecast period 2024-2031, owing to rising pet adoption and increased vaccination awareness among pet owners.
On the basis of vaccine type, the recombinant vaccine segment is expected to hold a dominant position, owing to its high effectiveness and good safety profile.
Based on virus type, the H3N8 virus segment is expected to hold a dominant position over the forecast period, due to its prevalence globally.
On the basis of distribution channel, the public segment is expected to hold a dominant position over the forecast period, due to bulk purchase of vaccines by government organizations for vaccination drives.
Regionally, North America is expected to hold a dominant position over the forecast period, due to high pet care expenditure and robust veterinary healthcare infrastructure in the region.
Key players operating in the canine influenza vaccine market include Zoetis Services LLC, Merck & Co., Inc., Covetrus, CSL Limited, Boehringer Ingelheim Animal Health USA Inc., and Elanco. Increasing R&D investments by these players is expected to drive market growth over the coming years.
Detailed Segmentation-
By Vaccine Type:
- Recombinant Vaccines
- Inactivated Vaccines
- Others
By Virus Type:
- H3N8 virus
- H3N2 virus
By Distribution Channel:
- Public
- Private
By Region:
North America:
- U.S.
- Canada
Latin America:
- Brazil
- Argentina
- Mexico
- Rest of Latin America
Europe:
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
Asia Pacific:
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
Middle East:
- GCC Countries
- Israel
- Rest of Middle East
Africa:
- South Africa
- North Africa
- Central Africa
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About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
About Us:
Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
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