Companion animal vaccines play an important role in improving the health of companion animals in a cost effective manner. These vaccines are also important for reducing viral diseases transmitted from animals to animals or animals to humans. The U.S. FDA Center for Veterinary Medicine (CVM) approves drugs for companion (pet) animals such as dogs, cats, and horses and for food-producing animals such as cattle, pigs, and chickens. Moreover, increasing initiatives from regulatory authorities for prevention of diseases such as viral diseases in companion animals are expected to boost the global companion animal market growth over the forecast period. For instance, in 2016, The American Animal Hospital Association (AAHA) has commissioned a task force of veterinary oncology experts to develop a set of guidelines that will help veterinary teams work with pet owners for tailored treatment plans that will improve the quality of life of pets with cancer.
Market Dynamics
The increasing approval and launch of novel companion vaccines, adoption of inorganic growth strategies such as acquisitions and collaborations by key players operating in the market, and rising research and development of novel vaccines are expected to drive the growth of global companion animal vaccine market over the forecast period. For instance, in March 2019, Virbac, a French animal care company, launched a vaccine called CANILEISH to prevent canine leishmaniosis, due to the increasing prevalence of canine leishmaniosis in several regions across the globe, especially in Southern Europe and South America.
Moreover, in June 2018, Zoetis received approval from the U.S. Department of Agriculture for marketing its first monovalent vaccine Fostera Gold PCV, used in the pork industry for swine that includes two genotypes of porcine circovirus type 2 (PCV2).
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