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The global Europe Animal Healthcare Market is estimated to be valued at US$ 14,096.3 million in 2023and is expected to exhibit a CAGR of 4.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Europe Animal Healthcare Market encompasses products that are used for the health and well-being of animals. This includes pharmaceuticals, vaccines, and feed additives. The market is driven by the increasing pet ownership and the growing awareness about animal health and welfare among pet owners. The need for products that can effectively treat and prevent diseases in animals is also driving the demand for animal healthcare products. Additionally, the rise in zoonotic diseases and the importance of maintaining the health of livestock animals are further contributing to the growth of the market.
Market key trends:
One key trend in the Europe Animal Healthcare Market is the increasing adoption of preventive healthcare practices for animals. Pet owners are becoming more proactive in ensuring the health and well-being of their pets by regularly vaccinating them and providing them with the necessary preventive treatments. This trend is driven by the growing awareness about the benefits of preventive healthcare in reducing the risk of diseases and improving the overall quality of life for animals. Additionally, the advancements in technology and the availability of innovative products, such as smart collars and wearable devices, are also enabling pet owners to monitor the health of their pets more effectively. This trend is expected to drive the demand for preventive healthcare products in the Europe Animal Healthcare Market.
PEST Analysis:
Political: The political factors that could impact the Europe Animal Healthcare Market Size include government regulations and policies related to animal health and welfare. This may include regulations regarding the use of antibiotics in animals, livestock farming practices, and import/export regulations for animal healthcare products.
Economic: The economic factors that could influence the market include the overall economic condition of the region, disposable income of consumers, and government spending on animal healthcare. Economic recessions or fluctuations can affect consumer spending on pet care and veterinary services, which in turn can impact the demand for animal healthcare products.
Social: The social factors that could affect the market include changing demographics, increasing pet ownership, and growing awareness about animal health and welfare. The rising trend of pet humanization, where pets are considered part of the family, is driving the demand for advanced healthcare products and services for animals.
Technological: The technological factors that could impact the market include advancements in veterinary medicine and diagnostic tools. Technological innovations such as telemedicine, digital health platforms, and wearable devices for animals are changing the way veterinarians diagnose and treat animals. These advancements are expected to drive the growth of the animal healthcare market in Europe.
Key Takeaways:
The Europe animal healthcare market is expected to witness high growth, exhibiting a CAGR of 4.8% over the forecast period of 2023-2030. The market is driven by increasing pet ownership, growing awareness about animal health, and advancements in veterinary medicine and technology.
In terms of regional analysis, Europe is expected to be the fastest growing and dominating region in the animal healthcare market. The region has a large pet population and a well-developed healthcare infrastructure for animals. Factors such as rising disposable income, changing demographics, and increasing pet humanization are driving the demand for animal healthcare products and services in Europe.
Key players operating in the Europe animal healthcare market include Merck & Co., Inc., Virbac, Dechra Pharmaceuticals Plc., Vetoquinol S.A., Zoetis Inc., Ceva Santé Animale, Bayer AG, Elanco, Evonik Industries AG, and Archer Daniels Midland Company. These companies offer a wide range of animal healthcare products and services, and they hold a significant market share in the region.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
