The business intelligence report on ‘Europe Animal Healthcare Market’ is an insightful take on numerous vital aspects of this industry vertical. The document analyzes the prevailing business dynamics along with historic trends to predict the overall market valuation and growth pattern for the period of 2020-2026. It also enlists the catalysts, restraints, challenges, and opportunities which influence the expansion of the market.
As per the findings by industry experts, Europe animal healthcare market is projected to be remunerated at USD 74 billion by the year 2026. Supportive government policies for pet care, in consort with emphasis among federal agencies on animal protection and stopping abuse are propelling the market growth. Citing an instance, PETA (People for the Ethical Treatment of Animals) educate public to promote animal adoption, undertake animal rescue and cruelty investigations.
Europe animal healthcare market, as per the report, is studied based on animal type, product type, and distribution channels. Industry share held by these segments, alongside their contribution to remuneration scale are highlighted in the report. Moreover, factors and prospects impelling the regional market growth are entailed, while business profiles and product portfolios of key market partakers are presented to give readers a thorough understanding about the industry sphere.
Rising trend of pet adoption for companionship along with subsequent demand for vaccinations, generic drugs, surgeries, suitable diet, and medicines for pets are stimulating Europe animal healthcare industry outlook.
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Further, elderly care programs introduced by government, wherein companion pets are chosen to provide emotional support and protection to elderly individuals, will impel the market growth. On the contrary, high cost of animal healthcare drugs might act as restraints for the business sphere.
Considering animal type:
Estimates claim that companion animals segment of Europe animal healthcare market was valued at USD 32,500 million in 2019 and is poised to grow substantially over the forecast period, on account of increasing adoption of companion animals, and booming healthcare expenditure. According to data published by Peoples’ Dispensary for Sick Animals, 49% population in United Kingdom owned pets in 2018, the ratio being almost equal for cats and dogs. Rising cognizance of pet health, and concerns regarding zoonotic diseases boosting the segmental share.
Elaborating product terrain:
As per seasoned experts, pharmaceuticals segment held a considerable share of Europe animal healthcare industry in 2019 and is anticipated to grow with a CAGR of 4.5% through 2026. The growth is creditable to widespread usage of antibiotics as growth promoters as well as therapeutic veterinary drugs, in tandem with administration of pharmaceuticals to avert infections in animals.
Analyzing distribution channels:
Europe animal healthcare market revenue from distributors is reckoned to reach USD 74,500 million by the year 2026, attributable to wide range of products & services offered by the distributers, along with presence of strong geographic network.
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Regional outlook:
Spain animal healthcare market is estimated to record a y-o-y growth rate of 5% over 2020-2026, cite the credible sources. Government initiatives to enhance pet health infrastructure, and focus among pet owners towards pet well-being are contributing towards industry remuneration.
Competitive hierarchy:
Companies boasting to strong presence in Europe animal healthcare industry are IDEXX Laboratories Inc., Elanco Animal Health Inc., B. Braun Melsungen AG, BioNTech SE, and Bayer AG among others. These industry colossuses are entering into collaborations, partnerships, and undertaking acquisitions to improve their stake in the market space. Citing an instance, Bayer AG and BioNTech SE entered into a partnership to develop novel therapeutics and mRNA vaccines for animals.
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With the increasing awareness among owners regarding animal health issues, the global animal healthcare market is projected to witness a lucrative rate of growth over the forecast timespan. Various government initiatives and growing support for pet care across the world is further anticipated to drive the animal healthcare market growth. Furthermore, on a global level, several government and private organizations are working towards the development of animal healthcare sector. For instance, the United States government recently introduced Feed the Future initiative, a public initiative by the government that gives training to both public and private animal health workers. This initiative also provided breeding programs, while working to create various business opportunities for slaughterhouses that are privately held in the United States.
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