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The Europe animal healthcare market comprises products such as medicines, vaccines, feed additives, and diagnostic tests among others that help in prevention, diagnosis, and treatment of diseases in companion animals and livestock. Some key products in this market are parasiticides, anti-infectives, anti-inflammatory drugs, and vaccines for various veterinary diseases. The livestock segment dominates the animal type segment owing to high demand for cows, pigs, and poultry.
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 primarily driven by growing concerns regarding animal health among livestock owners and increasing pet humanization. Farmers are becoming more aware about the healthcare requirements of livestock animals to avoid economic losses due to illness and diseases. Moreover, the increasing companion pet population and growing trend of pet adoption are also propelling the demand for animal vaccines and medicines to prevent and treat various diseases in pets such as dogs and cats. Furthermore, rising investments by key market players to develop advanced species-specific vaccines and therapeutics are fueling the market growth. However, high cost of veterinary care remains a major challenge.
Segment Analysis
The Europe animal healthcare market is dominated by the companion animals segment. This segment accounts for over 60% of the total market share owing to rising pet ownership and growing expenditure on pets in countries like the UK, France, Italy and Spain. The companion animals segment is expected to remain the most dominant segment during the forecast period owing to increasing humanization of pets and growing willingness among pet owners to spend more on veterinary services and animal health products.
PEST Analysis
Political: Regulations related to animal welfare and testing of veterinary drugs are quite stringent in Europe. This promotes research and development of safer and efficacious animal drugs and vaccines.
Economic: The European economy has been recovering steadily post Covid-19 pandemic. Rising disposable incomes have fuelled increased spending on pet care products and veterinary services boosting the animal healthcare market growth.
Social: Pet humanization trend and growing acceptance of dogs and cats as companions have boosted small animal healthcare needs in Europe. Also, increased focus on zoonotic diseases surveillance drives demand for preventive animal care products.
Technological: Advanced diagnostics, digital medicine tools like pet wearables and mobile veterinary apps are gaining popularity among veterinarians and pet owners which is positively impacting the market.
Key Takeaways
The Europe animal healthcare market size was valued at US$ 14,096.3 Mn in 2023 and is expected to reach US$ 20,823.4 Mn by 2030, growing at a CAGR of 4.8% during the forecast period.
Regional analysis
UK dominates the Europe animal healthcare market with over 25% value share owing to high adoption of pets and growing per capita animal healthcare expenditure. Germany and France also contribute significantly to the regional market growth due to rising pet ownership and increasing spending on veterinary services in these countries.
Key players
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 players are focused on strengthening their distribution channels and launching innovative products to capitalize on market growth opportunities.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
