Europe Animal Healthcare Market, By Animal Type (Livestock Animals and Companion Animal), By Route of Administration (Oral, Topical, and Injectable), By Indication (Infectious Disease, Pain, Autoimmune Disease, and Others), and by Country (U.K., Germany, France, Spain, Russia, Switzerland, Netherlands, Italy, and Rest of Europe), is estimated to be valued at US$ 13,119.7 million in 2020 and is expected to exhibit a CAGR of 4.5% over the forecast period (2020-2027), as highlighted in a new report published by Coherent Market Insights.
Increasing approvals and launches by market players is expected to augment the market growth
Key players in the market are focused on launches and approvals of products in order to provide affordable treatment options, which is expected to propel growth of the market. For instance, in April 2019, Vetoquinol S.A. launched Flexprofen, a generic chewable tablet consisting of carprofen, which acts as a non-steroidal anti-inflammatory (NSAID) for treatment of dogs suffering from postoperative pain due to orthopedic surgeries. Moreover, in September 2015, Oculus Innovative Sciences, Inc. launched MicrocynAH Anti-Itch Spray Gel and MicrocynAH Hot Spot Spray Gel, which helps in relieving itchiness and pain associated with skin diseases in animals such as dogs, cats, horses, rabbits, and livestock.
Increasing transmission of zoonotic pathogens to humans working in close proximity of infected animals is expected to aid in growth of the Europe animal healthcare market. Europe has witnessed a substantial increase in zoonotic diseases, which has led to high demand for animal vaccines in the region. For instance, according to the European Centre for Disease Prevention and Control (ECDC), in 2017, around 381 cases of brucellosis were reported in Europe, in which Greece, Italy, and Spain accounted for around 67.2% of all brucellosis cases reported in Europe.
Global Europe Animal Healthcare Market – Impact of Coronavirus (Covid-19) Pandemic
The Food and Agriculture Organization of the United Nations provided guidelines to mitigate the impact of the COVID-19 pandemic on livestock production and animal health, which included the following recommendations for the livestock farmers to prevent spread of the coronavirus infection:
Browse 38 Market Data Tables and 27 Figures spread through 183 Pages and in-depth TOC on “Europe Animal Healthcare Market - By Animal Type (Livestock Animals and Companion Animal), By Route of Administration (Oral, Topical, and Injectable), By Indication (Infectious Disease, Pain, Autoimmune Disease, and Others), and by Country (U.K., Germany, France, Spain, Russia, Switzerland, Netherlands, Italy, and Rest of Europe) - Global Forecast to 2027”
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Furthermore, increasing number of partnerships and collaborations among market players for the development of new products and rising awareness regarding animal health are expected to drive the market growth over the forecast period. For instance, in March 2017, Boehringer Ingelheim Animal Health and Novozymes entered into a strategic agreement for the development and commercialization of probiotic products for poultry production.
Key Takeaways of the Europe Animal Healthcare Market: