July 20, 2024
Europe Animal Healthcare Market

Animal Pharmaceuticals Is The Largest Segment Driving The Growth Of Europe Animal Healthcare Market

Market Overview:
Europe Animal Healthcare Market consists of various animal healthcare products including pharmaceuticals, vaccines, feed additives, and diagnostics. These products play a vital role in ensuring animal health and well-being by preventing, treating and controlling diseases and infections in animals.

Market key trends:
Increasing adoption of pet insurance is one of the major trends in Europe animal healthcare market. Pet insurance covers medical costs and claims related to accidents, illnesses or surgeries of pets. It helps owners provide advanced medical care to their pets without worrying about high vet bills. Several animal healthcare companies are also collaborating with pet insurers which is driving the demand for their products in the region. Growing popularity of pet insurance is expected to boost the Europe animal healthcare market during the forecast period.

The global Europe Animal Healthcare Market Trends is estimated to be valued at US$ 14772.92 Mn or in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

SWOT Analysis

Strength: Europe has a large livestock population which creates strong demand for animal healthcare products in the region. Growing concern towards animal welfare also increases the demand for animal healthcare services and products.

Weakness: High cost of veterinary healthcare and treatment limiting the overall demand for animal healthcare products. Rising regulatory pressures increase compliance costs for companies operating in the market.

Opportunity: Growing pet ownership in European countries offer huge market potential. Pet owners are willing to spend more on pet care and veterinary services. Growing trend of pet humanization also supports the demand for advanced animal health solutions.

Threats: Stringent regulations regarding the usage of antimicrobials can restrict the growth opportunities for pharmaceutical companies. Economic uncertainties and lower disposable incomes in some European countries pose threats to market growth.

Key Takeaways

The Europe animal healthcare market is expected to witness high growth, exhibiting a CAGR of 4.8% over the forecast period, due to increasing pet ownership across European countries. Pet care spending has significantly increased with over 60% of European households owning a pet. Growing awareness regarding animal welfare and increasing spending on pet healthcare will drive the demand for animal medications, vaccines and other veterinary care services in Europe.

Regional analysis: Western Europe dominates the animal healthcare market in Europe owing to high livestock population and pet ownership. Countries like UK, Germany, France and Italy are the major markets. Eastern Europe is expected to be the fastest growing regional market during the forecast period supported by rising incomes, improving animal healthcare infrastructure and increasing adoption of pets.

Key players operating in the Europe Animal Healthcare Market are Merck & Co., Inc., Virbac, Dechra Pharmaceuticals Plc., Vetoquinol S.A., Zoetis Inc.,Bayer AG, Elanco, Evonik Industries AG, and Archer Daniels Midland Company. Key players are focusing on expanding their product portfolios and strengthening distribution networks across European countries to capitalize on market growth opportunities. Mergers & acquisitions and strategic collaborations are other important growth strategies adopted by leading animal healthcare providers to strengthen their market position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it