July 21, 2024

Growing companion animal ownership to propel growth of the Europe Animal Healthcare Market

The Europe animal healthcare market covers products like veterinary pharmaceuticals, vaccines, feed additives, and other medical devices that help prevent and treat animal diseases. Veterinary pharmaceuticals dominate the market as they are widely used to treat a variety of pet illnesses and infections. Vaccines are also increasingly adopted to immunize pets and livestock. Rising pet ownership is driving demand for pet food and additives to ensure proper nutrition and care of companion animals. Advanced medical devices are further improving diagnostics and surgical procedures for veterinary care.

The global 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 key trends:
One of the major trends in the Europe animal healthcare market is the growing popularity of pets. According to some estimates, over 62 million households in Europe own a pet. This has led to increased spending on premium pet food, treatments, insurance, and technology. Advancements in vaccine technology is another trend, with the development of thermostable and single-dose vaccines improving vaccination programs for animal health. Digital/electronic tracking systems are also gaining adoption to manage vaccination schedules and medical records of livestock. This is improving disease monitoring and management on farms.

Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate due to well established players and regulations in the animal healthcare market. However, growth opportunities in developing markets with low penetration can attract new players.

Bargaining power of buyers: The bargaining power of buyers is high due to presence of many suppliers and availability of generic drugs. Buyers can negotiate on price and switch between suppliers easily.

Bargaining power of suppliers: The bargaining power of suppliers is moderate due to dependence of suppliers on few raw material providers and retailers. However, supplier concentration is low reducing their bargaining power.

Threat of new substitutes: The threat of substitute products is low as animal healthcare products do not have close substitutes. However, alternatives like traditional remedies, herbs and homeopathy pose minimal threat.

Competitive rivalry: The competitive rivalry is high among major players to increase market share through new product launches, mergers and acquisitions.

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 adoption and animal protein consumption in the region.

Regional analysis: Geographically, Germany dominates the Europe animal healthcare market due to high pet ownerships and growing animal farms. The UK and France also have significant shares due to large cattle population and rising awareness. However, countries like Italy, Spain and Eastern Europe are expected to be the fastest growing markets due to increasing demand.

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 focusing on new product launches to strengthen their market position.

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  1. Source: Coherent Market Insights, Public sources, Desk research

2.      We have leveraged AI tools to mine information and compile