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  • Published In : Apr 2024
  • Code : CMI550
  • Pages :195
  • Formats :
      Excel and PDF
  • Industry : Pharmaceutical

Market Size and Trends

The Europe animal healthcare market is estimated to be valued at USD 15,270.3 Mn in 2024 and is expected to reach USD 21,575.4 Mn by 2031, exhibiting a compound annual growth rate (CAGR) of 5.1% from 2024 to 2031.

Europe Animal Healthcare Market Key Factors

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The Europe animal healthcare market is expected to witness positive growth over the forecast period. Rising pet adoption in European countries such as the U.K., France, and Germany is driving the demand for animal healthcare products and services. Additionally, growing awareness among pet owners about animal health and increasing pet humanization will propel the demand for vaccinations and nutritional products. However, high costs associated with veterinary services and treatments may hamper the market growth to some extent. Overall, increasing focus of key players on product innovation and development of advanced medical devices for veterinary usage is expected to create new growth opportunities for this market.

Market Driver – Rising Pet Ownership

With growing urbanization and modern lifestyles, ownership of pets is increasing at a significant pace across Europe. People are increasingly adopting pets such as dogs, cats, and other small animals due to companionship and need for affection. This has led to dogs and cats far outnumbering children in many European households in recent years. As a result, there is rising awareness about the health and wellbeing of pets. Pet owners understand that their pets also need proper healthcare, nutrition and preventive care similar to humans. The growing expenditure on premium food, insurance, treatment, and services indicates that pet owners want their companions to live long and healthy lives through quality healthcare interventions. As the trend towards nuclear families continues, citizens particularly in urban centers who lack extended family support find pets as a dependable source of unconditional affection. This will further fuel the demand for animal healthcare products and services.

/p>Increasing Mutual Recognition Agreement among Regulatory Authorities

Increasing mutual recognition agreement among regulatory authorities for the inspections of animal healthcare drugs is expected to drive the Europe animal healthcare market growth over the forecast period. For instance, in June 2023, the U.S. Food and Drug Administration and European Medicines Agency announced a U.S.-EU Mutual Recognition Agreement (MRA) for pharmaceutical good manufacturing practices inspections of animal drugs. By extending coverage to animal drug manufacturers, the FDA will be able to rely on inspection reports created by certain European authorities minimizing the need for additional animal drug facility inspections and freeing up regulatory resources. The MRA extends only to surveillance inspections of drug establishments, not to pre-approval inspections.

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