April 20, 2024

Europe Animal Healthcare Market is Estimated to Witness High Growth Owing to Rising Awareness about Preventive Healthcare.

The Europe animal healthcare market comprises pharmaceuticals and feed additive products used for animal disease treatment and prevention. The pharmaceuticals segment includes antiparasitics, anti-infectives, analgesics and anti-inflammatory, and other medications. Feed additives are substances deliberately added to animal feed to fulfill animals’ nutrition requirements or to improve the quality of their feed. The growing consumption of meat and demand for safe livestock products had prompted animal owners and farmers to give more importance to animal health and welfare. Proper healthcare helps improve animal productivity and food safety. The Global Europe animal healthcare market is estimated to be valued at US$ 14,096.3 Mn in 2024 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030.

Key Takeaways
Key players operating in the Europe animal healthcare 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. The key players are focused on expansions, mergers and acquisitions to increase their market share. For instance, in 2022, Elanco acquired Arthro Laboratories and Bayfidas from Bayer.

The key opportunities in the Europe animal healthcare market include growing consolidation activities amongst market players and rising focus on livestock management. The advancements in parasiticides and antiparasitic resistance monitoring helps enhance the efficacy of animal healthcare products.

Technological developments such as advanced parasiticides and vaccines are helping overcome problems associated with antimicrobial resistance and zoonotic diseases. Digital technologies like electronic identification, animal tracking and animal welfare monitoring solutions aid better livestock management and care.

Market drivers: Growing consumption of animal-based products along with rising awareness about food safety standards is a major market driver. Proper veterinary healthcare ensures animal welfare and productivity leading to safe supply of meat and dairy. Increased awareness among pet owners about preventive care and nutritional health is prompting higher spending on pet healthcare.

Current Challenges in Europe Animal Healthcare Market
The Europe animal healthcare market is facing challenges due to rising cost of drugs and vaccines development along with stringent regulations regarding the approval of new animal drugs. The lengthy approval time have led manufacturers to shift focus to other geographies which offer speedy approval. In addition, lack of standardization in veterinary practices across Europe impact the market growth. The growing threat of antimicrobial resistance adds to the complexity.

SWOT Analysis
Strength: Large livestock population base in countries like Germany, France, UK, Spain and Italy provides significant market opportunity. Growing awareness about animal health is encouraging livestock owners to spend more.
Weakness: Presence of local players increases market fragmentation. Lack of standardized practices leads to inconsistent demand.
Opportunity: Rising adoption of pet insurance and growing trend of humanization of pets will drive future demand for healthcare products. Innovation in therapeutics & vaccines will help address unmet needs.
Threats: Stringent regulations delay market access for new products. Threat of antimicrobial resistance requires constant innovation in treatment options.

Regions with High Market Value
Germany, France and UK account for over 60% share of the total Europe animal healthcare market value owing to large livestock population and growing pet ownership in these countries. While Germany has Europe’s largest cattle population, France has the highest number of horses. Pet healthcare spending is high in UK and driving overall market growth.

Fastest Growing Region
Central and Eastern European countries are witnessing fastest growth in animal healthcare market value. Rising meat consumption is improving livestock health management in Poland, Czech Republic and other nations. Rapid increase in pet adoption during COVID-19 pandemic has also boosted veterinary healthcare spending across the region.

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