Europe Animal Healthcare Market is Anticipated to Witness High Growth Owing to Rising Demand for Pet insurance

 

The Europe animal healthcare market comprises products and therapies focused on veterinary healthcare needs. Key products in the market include vaccines, parasiticides, anti-infectives, medical feed additives, and others. There has been a growing demand for these products across Europe owing to rising pet adoption and increased animal welfare awareness. Pets are increasingly being seen as companions and an important part of families, thus driving demand for medicines and vaccines to keep animals healthy. Advancements in veterinary medicines have allowed people to provide improved healthcare to their pets. The rising awareness regarding zoonotic diseases has also encouraged responsible pet ownership. 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. These players are focusing on new product launches and geographical expansion to gain a competitive edge in the market. Zoetis Inc. launched several new cattle vaccines and parasite control products across major European countries in 2022.

There are several opportunities for growth in the European animal healthcare market owing to rising pet humanization. Pet insurance and online veterinary services are witnessing increased adoption. Many organizations are offering pet health insurance that covers veterinary costs, similar to human insurance. This is positively impacting the demand for veterinary medicines and services.

Manufacturers are focusing on global expansion strategies and developing veterinary offerings suitable for multiple regions. In 2022, Merck Animal Health completed the acquisition of Vetoquinol S.A. to expand its product portfolio and presence in key European markets. Elanco is strengthening its research facilities across Germany, France, and the UK to develop new drugs and vaccines.

Market drivers
The major driver for the Europe animal healthcare market is the rising demand for pet insurance. More pet owners are purchasing insurance policies that cover veterinary costs, which is increasing the budgets allocated for animal health. According to the European Pet Food Federation, pet insurance adoption increased from 20% in 2020 to 28% in 2022 among dog and cat owners in Europe. This has augmented the demand for veterinary services and associated products.

Market restraints
One of the key restraints for the market is increasing regulations pertaining to veterinary drugs. Veterinary healthcare products need to undergo rigorous testing and clinical trials for efficacy and safety before receiving approval. Any changes to existing norms can delay new product launches, thereby restraining market growth. For instance, Europe has implemented new guidelines for the regulation of veterinary medicinal products containing antimicrobials, which has led to increased compliance requirements.

Segment Analysis
The Europe Animal Healthcare market is dominated by the companion animal sub-segment. This is because over 60% of households in Europe own a companion animal, either a dog or cat. These companion animals require annual health check-ups, vaccinations and medications to treat any diseases or infections. Therefore, the companion animal sub-segment accounts for around 70% of the overall Europe Animal Healthcare market currently. The farm animal sub-segment is also growing steadily due to increased focus of farmers and government agencies on animal health and welfare.

Global Analysis
Regionally, Western Europe dominates the Europe Animal Healthcare market and accounts for over 55% of the total sales. Countries like France, Germany, UK and Italy have the highest number of companion animals as well as advanced veterinary infrastructure and practices. Therefore, Western Europe will continue to be the major revenue generator. However, Eastern Europe is expected to be the fastest growing regional market during the forecast period due to rising awareness about animal health and increasing investments in the sector.

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