Animal healthcare refers to the stream of products and services that help prevent, cure or control diseases in animals. This includes vaccines, parasiticides, anti-infectives and others for companion animals such as dogs and cats and farm animals including cattle, swine and poultry. Rising focus on animal welfare drives the demand for advanced veterinary therapeutics in Europe.
The Europe animal healthcare market is estimated to be valued at US$ 14,096.3 Mn 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.
Market Dynamics:
The Europe animal healthcare market is expected to witness significant growth over the forecast period, owing to rising pet ownership and growing demand for pet insurance in the region. According to the Pet Food Manufacturers’ Association, as of 2020 around 63.2 million households in Europe owned a pet. Moreover, increasing disposable income enables better access to healthcare for pets. However, stringent regulations pertaining to approval and use of animal healthcare drugs may hamper market growth over the forecast period.
SWOT Analysis
Strength: The Europe Animal Healthcare Market has a large customer base as pets are increasingly becoming a important part of families. robust research and development investments from leading players is leading to continuous launch of innovative products. Strong regulations ensures highest quality and safety of animal drugs.
Weakness: High costs associated with research and development of new drugs limits new market entrants. Lack of animal health awareness in some parts of Europe restricts market growth.
Opportunity: Rising adoption of companion animals and increasing pet owner expenditure on animal health presents an opportunity. Growing demand for pet insurance can boost the Europe Animal Healthcare Market.
Threats: Stringent regulations surrounding the approval of new animal drugs lengthen the product development cycle. Economic slowdown in major European countries can negatively impact spending on animal healthcare.
Key Takeaways
The global Europe Animal Healthcare Market is expected to witness high growth, exhibiting a CAGR of 4.8% over the forecast period, due to increasing pet humanization where pets are considered as companions and family members.
Regional analysis: Germany dominates the Europe Animal Healthcare Market, accounting for over 20% share of the Europe market in 2023. Rapidly growing pet ownerships alongwith rising spending on animal health in countries like UK, France, Italy, and Spain provides lucrative growth opportunities in these regions.
Key players related content: Key players operating in the Europe Animal Healthcare Market are 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 collectively account for over 65% share of the market and are engaged in new product launches and acquisitions to strengthen their market position.
