As cited by the research report titled ‘Global Companion Animal Vaccine Market Size study, by Technology (Live Attenuated Vaccines, Inactivated Vaccines, Toxoid Vaccines, Recombinant Vaccines, Other Technologies), by Animal Type (Dogs, Cats, Other Animal Types ), and Regional Forecasts 2021-2027’, available with Market Study Report, global companion animal vaccine market was worth USD 8 billion in 2020 and is projected to grow with a CAGR of 7.2% to accumulate USD 13 billion over 2021-2027.
 

As per the report findings, factors like growing adoption of domestic animals such as cats & dogs, coupled with increasing cases of zoonotic diseases are primarily driving the global companion animal vaccine market growth.
 

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For instance, as per the annual report of European Pet Food Industry Federation (FEDIAF) for the year 2020, cats & dogs were the most common pets in Europe. Moreover, approximately 85 million households in Europe owned at least one domestic animal.
 

Additionally, ongoing Covid-19 pandemic is anticipated to have a significant effect on the industry domain as more individuals are adopting pets for companionship. For instance, in July 2020, the Centers for Disease Control and Prevention (CDC) issued precautionary recommendations to veterinary practitioners for domestic animal care during the pandemic.
 

For the uninitiated, companion animals are presently the most common domesticated animals, with cats, dogs and horses dominating the market sphere.
 

As cited in the report, high costs associated with the storage of vaccines is likely to restrain market progression over the analysis period of 2021-2027.
 

Based on technology, worldwide companion animal vaccine industry is segmented into live attenuated vaccines, toxoid vaccines, inactivated vaccines, recombinant vaccines, and other technologies. Speaking of animal type, the marketplace is divided into cats, dogs and other animals.
 

On the regional front, North America, Asia Pacific, Latin America, and Europe are chief contributors towards the total valuation of the industry. Of these, North America is currently dominating the market share on account of increasing pet population, along with rise in spending on pet care.
 

Meanwhile, Asia Pacific market is anticipated to showcase lucrative growth trends through 2027, owing to factors like growing pet adoption, product availability, presence of key player,s along with increasing investments in manufacturing facilities in many countries like China, India, and Thailand.
 

Prominent players influencing the global companion animal vaccine industry trends are Merial Ltd. (Sanofi), Vetoquinol S.A., Bioveta A.S., Indian Immunologicals Ltd., Zoetis Inc., Virbac, Merck & Co. Inc., Brilliant Bio Pharma Pvt. Ltd., Boehringer Ingelheim GmbH, and Elanco Animal Health Incorporated.