Pharmaceuticals such as anti-inflammatory, parasiticides, anti-infectives are widely used in treatment of various livestock and pet ailments while diagnostic tools aid early detection and treatment of diseases. Advancement in pharmaceuticals and vaccine technologies have enabled development of therapeutics and prevention measures for complex diseases. The Global Europe animal healthcare market is estimated to be valued at US$ 15,270.3 Mn in 2024 and is expected to exhibit a CAGR of 5.1% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the Europe animal healthcare are 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. These players are investing in development of novel drugs and vaccines to expand their product portfolio.
The key opportunities in the Europe Animal Healthcare Market Demand include growing pet insurance schemes that reimburse vet care expenses encouraging owners to spend more on animal healthcare. Additionally, rising adoption of companion animals for emotional support during the pandemic is boosting pet care investments including advanced veterinary treatments.
Technological advancements like development of recombinant and advanced vaccines, 3D printing for veterinary medical devices and wearable technology for monitoring animal health are finding increasing applications. Smart diagnostics and precision animal farming also offer lucrative growth prospects.
Market Drivers
Growing pet ownership accompanied by increasing pet humanization is a key factor driving higher veterinary healthcare spending. An aging pet population also necessitates improved medical care extended life expectancy. Rising meat consumption along with initiatives to ensure animal welfare during farming will further support the Europe animal healthcare industry growth over the forecast period.
Current Challenges in Europe Animal Healthcare Market
The Europe animal healthcare market faces several challenges that hampers its growth. Pet care spending has increased over the years due to humanization of pets. However, the rising cost of treatment poses a significant challenge. The increasing frequency and severity of zoonotic diseases carried by pets also raises concerns among owners about the health risks. Further, providing optimum healthcare to farm animals is challenging given the large animal populations and resource constraints. Ensuring animal welfare during medical procedures and transport remains an area that needs improvement. Additionally, the market sees shortage of skilled veterinary workforce to cater to the growing need across the region.
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