Coherent Market Insights

Europe Animal Healthcare Market to Surpass US$ 21,575.4 Mn by 2031

Europe Animal Healthcare Market to Surpass US$ 21,575.4 Mn by 2031 - Coherent Market Insights

Publish In: Apr 22, 2024

The Europe animal healthcare market is estimated to be valued at USD 15,270.3 Mn in 2024 and is expected to exhibit a CAGR of 5.1% over the forecast period (2024-2031). Rising awareness about animal health among pet owners as well as farm owners is driving the market growth. Furthermore, advancements in animal healthcare products and services along with growing veterinary infrastructure is expected to fuel the market growth in the coming years.

Market Dynamics:

Rising pet ownership continues to be a key driver for the Europe animal healthcare market. According data published by Health for Animals, a global animal health association, it was stated that over 65 million pets are owned across countries in Europe representing a significant consumer base. Growing humanization of pets has led owners to spend more on healthcare and nutrition of their pets. This is positively impacting the sales of vaccines, parasiticides and other pet care products in the region. Another major factor propelling the market growth is increasing meat consumption which has intensified animal farming activities. Farm owners are increasingly focusing on animal health and productivity to cater to the rising demand for meat and dairy. This has augmented the demand for animal healthcare products like feed additives, parasiticides and vaccines especially for cattle and pigs. Leading players are also investing in development of advanced veterinary drugs and solutions to better address

Increased Veterinary Healthcare Expenditure

Veterinary healthcare expenditure in Europe has seen steady growth over the past decade. According to the data  by European Commission, veterinary healthcare spending in Europe reached US$ 11.7 billion in 2020 and is projected to exceed $15 billion by 2027. This increase can be attributed to rising pet ownership, growing awareness about pet health, and higher disposable incomes which have allowed pet owners to spend more on veterinary care and services. Higher spending on vet care means increased demand for animal healthcare products like vaccines, parasiticides and other pharmaceuticals which act as a key driver for this market.

Growing Focus on Zoonotic Diseases

There is growing awareness in Europe about zoonotic diseases which can be transmitted from animals to humans. Diseases like rabies, avian influenza, anthrax have raised concerns among public health officials and regulatory bodies. This has led governments to implement stringent regulations for monitoring and control of zoonotic diseases. Animal healthcare product manufacturers are developing new vaccines and therapeutics to help curb the spread of these diseases. The need to prevent outbreaks of zoonosis drives demand for animal healthcare in the region.

Budget Constraints of Small Biotechnological Companies

One major restraint is the tight budget of small and mid-sized biotech companies, which form a significant customer base for CROs. As developing a new drug requires massive investments, biotech firms often have limited funds that restrict their outsourcing potential. Any uncertainty or delays in drug development can further strain their budgets, limiting new project approvals and restraining CRO revenue growth.

Stringent Regulations for Drug Development and Approval

The Europe animal healthcare market is regulated by bodies like European Medicine Agency which ensure product safety and effectiveness through a long and costly approval process. Clinical trials and demonstration of efficacy for veterinary drugs takes significant time and investment. This poses a major challenge for small manufacturers and delays market entry of new products. The lengthy and complex regulatory procedures can discourage R&D and act as a restraint.

Price Controls and Reimbursement Issues

Many countries in Europe have enacted laws to control veterinary drug prices and regulate markup percentages for wholesalers and retailers. Additionally, unlike the US, there is minimal reimbursement for pet insurance which makes the overall cost of treatment a hindrance. This discourages pet owners from opting for expensive licensed veterinary medicines and drives them towards cheaper alternatives or illegal channels. Unfavorable price and reimbursement policies restrict market growth.

Growth in Companion Animal Ownership

Pet adoption trends have been on the rise across Europe with over 140 million dogs and cats kept as companion animals. This surging pet population coupled with humanization of pets creates sustained demand for better veterinary care and services. Pet owners today seek enhanced nutrition, grooming products, pet insurance and therapeutic options thereby opening numerous opportunities for animal healthcare companies.

Link - https://www.coherentmarketinsights.com/market-insight/animal-healthcare-market-550

Key Developments

  • In April, 2023, Bioiberica S.A.U, a life science company that offers products for human, animal, and plant heal, announced the launch of the Atopivet Collar, a skin health solution for the treatment of atopic dermatitis in dogs. Atopivet Collar is a cosmetic product for dogs and cats that maintains healthy skin by hydrating and nourishing the skin of pets
  • In April 2023, Government of France, announced that they had launched a tender for 80 million doses of bird flu vaccines in order to be ready to start its vaccination programme
  • In October 2021, Zoetis, an animal health company, expanded its manufacturing and development facility in Tullamore, Ireland, in order to increase its production capacity of veterinary monoclonal antibodies (mAbs)
  • In December 2020, SeQuent Scientific, an India-based integrated pharmaceutical company, launched Halofusol 0.5 mg/ml oral solution for calves in 19 European countries. Halofusol is an oral anti-protozoal solution for the prevention and reduction of diarrhea in newborn calves.

Key Players: Merck & Co., Inc., Virbac, Dechra Pharmaceuticals, Vetoquinol S.A., Zoetis Inc., Ceva Santé Animale, Bayer AG, Elanco, Evonik Industries AG, Archer Daniels Midland Company, Cargill, Incorporated, SeQuent Scientific Ltd., Hester Biosciences, and Bioiberica S.A.U

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