by A) Market Overview:
The global Europe Animal Healthcare Market is estimated to be valued at US$ 14,096.3 million in 2022 and is expected to exhibit a CAGR of 4.8% over the forecast period 2022-2030. The market is witnessing significant growth due to the increasing awareness about animal health and the rising demand for animal healthcare products and services. However, there are certain obstacles in the market, such as stringent regulations and high costs associated with veterinary treatments.
B) Market Key Trends:
One key trend in the Europe Animal Healthcare Market is the growing adoption of preventive healthcare measures for animals. Pet owners and livestock farmers are increasingly realizing the importance of preventive care to ensure the long-term health and well-being of their animals. This trend is driven by the increasing availability and accessibility of vaccines, parasite control products, and other preventive healthcare solutions. For example, there has been a significant increase in vaccination rates among pets in Europe, which has resulted in a decline in the prevalence of infectious diseases.
C) Segment Analysis:
The Europe Animal Healthcare Market is segmented based on the type of animal (companion animals and livestock) and the type of product (pharmaceuticals, feed additives, and vaccines). Among these segments, the companion animals segment is dominating the market owing to the growing pet ownership and the rising expenditure on companion animal healthcare. Within the companion animals segment, the pharmaceuticals sub-segment is expected to hold the largest market share due to the increasing demand for medications for various diseases and conditions in pets.
D) Key Takeaways:
1) Market Size-Related Content:
The global Europe Animal Healthcare Market is expected to witness high growth, exhibiting a CAGR of 4.8% over the forecast period. This growth can be attributed to the increasing awareness about animal health and the growing demand for animal healthcare products and services. For example, the rising pet ownership and the increasing expenditure on pet healthcare are driving the growth of the companion animals segment in the market.
2) Regional Analysis Related Content:
Europe is one of the fastest-growing and dominating regions in the global animal healthcare market. The region is witnessing significant growth due to factors such as the high pet ownership rate, favorable government initiatives to promote animal health, and the presence of key players in the region. Additionally, the increasing focus on livestock health and the growing demand for protein-rich food products from livestock are driving the growth of the animal healthcare market in Europe.
3) Key Players Related Content:
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 are focusing on strategic initiatives such as mergers and acquisitions, partnerships, and product launches to strengthen their market position and expand their product portfolio. For example, in 2021, Zoetis Inc. acquired Abaxis, Inc., a leading provider of diagnostic instruments and consumable discs, to expand its diagnostics business.
In conclusion, the Europe Animal Healthcare Market is witnessing significant growth due to the increasing awareness about animal health and the rising demand for animal healthcare products and services. The market is driven by key trends such as the adoption of preventive healthcare measures for animals. The companion animals segment, particularly the pharmaceuticals sub-segment, is dominating the market. Europe is a key region in the global market, with robust growth driven by factors such as high pet ownership and favorable government initiatives. Key players in the market are focusing on strategic initiatives to strengthen their market position.
