April 20, 2024

Europe Animal Healthcare Market Primed for Steady Growth amid Rising Pet Adoption Trends

The Europe animal healthcare market is witnessing steady expansion driven by increasing pet adoption and rising awareness about animal wellness. The market comprises products for diagnosis, therapeutics, and management of various animal conditions. Pet owners in the region are increasingly willing to spend more on advanced medical care for their companion animals.

The Europe animal healthcare market offers an array of products for disease diagnosis, treatment, and prevention among livestock and companion animals. Rising adoption of pets such as dogs, cats, and other small animals has boosted demand for veterinary medicines, vaccines, and pet care products. Growing emphasis on timely medical intervention and preventive healthcare for animals is a key factor fueling
The Global Europe Animal Healthcare Market is estimated to be valued at US$ 14,096.3 Mn in 2024 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030.

Key Takeaways
Key players operating in the Europe animal healthcare 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.

Growing demand for pet adoption in European countries is boosting the animal healthcare market in the region. The increase in pet ownership is expected to increase the sales of various animal healthcare products like medicines, vaccines.

The key players in the Europe animal healthcare market are focused on expansion in high potential countries to increase their market share. Companies are investing heavily in research and development activities to develop advanced pet care products and veterinary medicines.

Market Key Trends
Rising awareness about animal health and welfare among pet owners is a key trend in the Europe animal healthcare market. Pet owners are increasingly willing to spend more on premium pet food, medicines, and healthcare check-ups owing to humanization of pets. Growing focus on prevention and wellness care rather than curative treatments is driving demand for nutrition supplements and nutraceuticals for animals.

Porter’s Analysis
Threat of new entrants: High capital requirements and regulations limit new companies from entering the market. Bargaining power of buyers: Large buyers such as veterinarians have significant bargaining power to negotiate prices. Bargaining power of suppliers: The market has few major suppliers giving them bargaining power over production costs. Threat of new substitutes: Limited substitutes and customer loyalty to brands limits impact of substitutes. Competitive rivalry: Intense competition exists between major players to gain market share through innovation and pricing.

Geographical Regions
The European animal healthcare market is concentrated majorly in Western European countries. Western Europe accounts for over 65% of the total market value owing to higher per capita animal healthcare spending, growing pet population and robust veterinary infrastructure in countries such as Germany, UK, France and Italy.

Central and Eastern European regions especially Poland, Czech Republic, Hungary and Russia have emerged as the fastest growing geographical segments in recent years. Factors such as rising disposable incomes, increasing pet adoption rates and improvements in veterinary services have propelled animal healthcare market growth across Central and Eastern Europe at a CAGR above 6% during the forecast period.

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  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it