Growing Pet Ownership Is Expected To Boost The Growth Of Europe Animal Healthcare Market

Market Overview:
The Europe animal healthcare market involves products and services used to diagnose, prevent and treat diseases and conditions in companion animals such as dogs, cats, horses and farm animals. The key products in the market include pharmaceuticals such as vaccines, parasiticides, anti-infectives and other medicines. Veterinary diagnostic products and services are also important for ensuring animal health and welfare. Advances in veterinary care have allowed companion animals to live longer. Rapid pet ownership in Western Europe, especially dogs and cats, is driving increased spending on animal healthcare. According to the Federation of Veterinarians of Europe, there were over 275 million pets in Europe in 2020.

Market key trends:
Growing awareness about animal well-being among pet owners is a major trend in the Europe animal healthcare market. Preventive animal care through vaccination and parasite control is becoming increasingly important. Pet owners are also becoming more willing to spend on advanced veterinary care including surgery and prescription therapeutics. The market is shifting towards novel therapeutics and diagnostic tools for early detection and treatment of diseases. Orphan drugs for rare or less common animal diseases is another emerging trend. Cross-sector collaboration between animal health companies, research institutes and technology providers is helping bring new technologies to the market. Digital transformation through telehealth, big data and artificial intelligence is anticipated to change the delivery of veterinary services in Europe.

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.

Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate in Europe animal healthcare market due to high capital requirements and established distribution channels used by existing players.
Bargaining power of buyers: The bargaining power of buyers is high as animal healthcare products are undifferentiated and buyers can easily switch between brands.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to availability of substitute raw materials and ingredients suppliers.
Threat of new substitutes: The threat of new substitutes is low owing to lack of viable substitutes for animal healthcare drugs and vaccines.
Competitive rivalry: High competitive rivalry exists among existing players due to their global presence and focus on developing innovative products.

Key Takeaways
The global Europe animal healthcare market is expected to witness high growth, exhibiting CAGR of 4.8% over the forecast period, due to increasing pet ownership and growing adoption of companion animals among consumers.

Regional analysis: Geographically, Germany dominates the Europe animal healthcare market followed by France and United Kingdom. This is attributed to growing adoption of companion animals, rising veterinary healthcare expenditure and increasing per capita animal healthcare spending in the region.

Key players: 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. These players are focusing on new product launches and mergers & acquisitions 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