Europe Veterinary Healthcare Market will be US$ 8.89 Billion by 2027 from US$ 5.75 Billion in 2020, growing at a CAGR of 6.42%
The European veterinary healthcare industry has undergone significant changes in the last decade, including a greater focus on companion animal medicine and considerable group solidification of veterinary practices. In Europe, the veterinary industry is a portion of the wider healthcare sector.
It is an essential part of animal care like Pets, Livestock, Poultry, Horses, Aquatics, Rabbits and Others. In Europe, it can be defined as the veterinary science, medical specialty involved with the prevention, control, treatment and diagnosis, of disorders affecting the health of domestic and wild animals and with the prevention of transmission of animal viruses to people
Moreover, the main factor adding to the growth of the European veterinary market is the rising animal adoption in European countries, coupled with growing initiatives by various governments and improved animal healthcare and improving productivity at the risk of an emerging zoonosis.
The rising interest in the production of livestock animals is generating growth in the European veterinary healthcare market.
Impact of COVID-19 on Europe Veterinary Health Industry
The global outbreak of COVID-19 has impacted all industries, including veterinary healthcare. This has hit the export and import activities of veterinary medicines and diagnostics, which led to the decline in sales of veterinary industry of many products. The European Medicines Agency (EMA) designed and implemented few guidelines to ensure the availability of veterinary medicines in the European market.
In 2020, according to Health for Animals article, the World Veterinary Association (WVA) and local veterinary associations in Europe declared veterinary services as 'essential' in the same way as human healthcare services, and therefore, many veterinarians are continuing to practice in current COVID-19 situation as well
By Product: Vaccine Segment has held the largest market share
Veterinary healthcare encompasses various veterinary healthcare products such as vaccines, Parasiticides, Antimicrobials and others. Vaccines are comprised of bacteria, viruses, or other disease-causing organisms that have been removed or altered so that they cannot cause any disease, thus, boosting immunity. The building initiatives by European governments have improved animal healthcare and led to the growing demand for veterinary vaccines.
Further, certain vaccines, Parasiticides and Antimicrobials are only available in accredited veterinary hospitals and clinics in Europe. Veterinary hospitals and clinics provide a wide range of treatment as well as diagnostic options such as advanced diagnostic imaging, novel therapies, nuclear and regenerative medicines, laser diagnostics, and specialized surgeries, available in the European vet hospitals and clinics for an animal such as Pets, Livestock, Poultry, Horses, Aquatics, Rabbits and Others
Germany, France & United Kingdom Veterinary Healthcare Market offers huge Opportunity
The veterinary healthcare market in Europe is segmented into Germany, France, the United Kingdom, Italy, Russia, Spain, and the Rest of Europe. In Germany, veterinary health is safeguarded by legislation and veterinary administration. The strict government laws related to veterinary health and the high disposable income of the German people causing increased interest in Pets, Livestock, Poultry, and Horses.
In addition, the United Kingdom veterinary healthcare industry is growing and includes therapeutic products and solutions for farm and companion animals. Companion pets like dogs and cats can be tamed or adopted for association or farm animals, and house/office guards are raised for meat and milk-related products.
Companion animals include dogs, cats, and horses, and farm animals include swine, poultry, and ruminants. In 2018, according to the People's Dispensary for Sick Animals, 49% of the adults in the United Kingdom owned a pet. 25% of the adults had a pet cat, and 24% owned a pet dog
Key Players in the European Veterinary Healthcare Industry
Major players such as Elanco, Zoetis Inc., Boehringer Ingelheim International GmbH, Merck & Co., Inc. and Bayer AG are working in the European veterinary healthcare industry.
To enhance their market presence, they are engaging in various growth strategies, such as partnerships, collaborations, agreements, mergers, and acquisitions.