According to Custom Market Insights (CMI), the European Animal Health Market size was estimated at USD 41.65 billion in 2023 and is anticipated to reach around USD 56.68 billion by 2030, recording a CAGR of roughly 4.5% between 2023 and 2030.
As per the CMI expert team, the European animal health market is expected to experience growth due to the advancements made in diagnostic technology, which have led to more accurate diagnoses of animal diseases. Additionally, the market is anticipated to expand as major players increase their presence and market share.
Browse the full “Europe Animal Healthcare Market Size, Trends and Insights By Distribution Channel (Pharmacies, Online, Distributors), By Product (Pharmaceuticals, Vaccines, Medical Devices, Veterinary Services), By Animal Type (Livestock Animals, Companion Animals), and By Region – Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032” report at https://www.custommarketinsights.com/report/europe-animal-healthcare-market/
European Animal Health Market: Growth Factors and Dynamics
The European Animal Health Market is expected to experience growth due to several factors and dynamics:
Increasing demand for animal protein:
With the rise in population and disposable income, there is an increasing demand for animal protein, such as meat and dairy products. This has led to an increase in the number of animals reared for food, which in turn drives the demand for animal healthcare products.
Technological advancements in animal healthcare products, such as diagnostic tools and vaccines, have resulted in more effective and efficient treatments for animal diseases. This has led to increased adoption of these products by veterinarians and animal owners, driving the growth of the animal healthcare market.
Increase in pet ownership:
There has been an increase in pet ownership in Europe, particularly of cats and dogs, which has driven the demand for animal healthcare products such as vaccines, flea and tick control products, and other preventive healthcare products.
The prevalence of zoonotic diseases, which can be transmitted from animals to humans, has increased in recent years. This has led to an increased focus on animal healthcare, as the prevention and control of these diseases require effective animal healthcare products.
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European Animal Health Market: COVID-19 Analysis
The European Animal Health Market has been impacted by the COVID-19 pandemic in several ways. While the pandemic has disrupted the supply chain and manufacturing of animal healthcare products, it has also resulted in changes in consumer behavior and an increased focus on animal health.
One of the key impacts of the pandemic has been the disruption of supply chains, which has resulted in shortages of animal healthcare products. This has led to an increase in the prices of some products and has affected the availability of certain products in the market.
However, the pandemic has also led to an increased focus on animal health, as people spend more time with their pets and livestock due to lockdowns and stay-at-home orders. This has resulted in an increased demand for animal healthcare products, such as flea and tick control products and other preventive healthcare products.
List of the prominent players in the European Animal Health Market:
- Zoetis Inc.
- Merck & Co. Inc.
- Boehringer Ingelheim International GmbH
- Bayer AG
- Ceva Santé Animale
- Dechra Pharmaceuticals PLC
- IDEXX Laboratories Inc.
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