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Europe animal healthcare market to accrue significant proceeds by 2026

Author : Ronak Bora | Published Date : 2021-01-16 

Not only is Europe the fountainhead of modern veterinary medicine, it is also a home to the world’s foremost animal health companies. In 2019, the Europe animal healthcare market was valued at $56.6 billion and is projected to surge at a CAGR of 3.5% between 2019 and 2026. With the bar for animal health set high by regulatory bodies, governments, and the responsible approach of pet owners, the Europe animal healthcare market is primed for phenomenal success and is expected to surpass $74 billion by 2026.

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The following top four trends have been fueling the Europe animal healthcare market growth:

Driven by the loneliness brought about by the pandemic, companion animals to witness high demand

The companion animal segment has been registering exponential growth rate, thanks to the ability of pets to cater to the emotional needs of individuals in the trying times of the COVID-19 pandemic. In 2019, the segment accounted for about $32.5 billion and is set to attain a higher revenue through the upcoming timeframe.

Due to the regulations imposed by the governments during the pandemic, the companionship of pet animals such as cats and dogs was valued and sought after, more deeply than ever. Since animals can offer comfort to humans during times of distress, the companion animal segment has been growing at  a fast pace, thereby pushing the overall Europe animal healthcare market share.

Veterinary services to claim a significant portion of the market share

Veterinary services are expected to rise continuously during and after the COVID-19 pandemic. The segment will grow at a CAGR of over 3.2% through the coming time, supported by effective treatments, diagnosis, and management of diseases and disorders by these services. Veterinary services comprise of a range of services including pet traveling service, preventive care services, surgery services, emergency care services, grooming services, among others.

The segment is expected to be powered by government plans and initiatives aiming to offer vaccines to animals. As animal vaccines can be crucial in preventing and treating illnesses, several government programs and non-profits consider animal vaccines as tools to progressively and proactively support entire populations of animals.  

Pharmacies to exhibit considerable prospects of expansion

By channel of distribution, the Europe animal healthcare market has been bifurcated into online, pharmacies, and distributors. The pharmacies segment is likely to gain momentum through the forthcoming period, owing to the increased awareness regarding high quality drugs, medications, and medicated feed additives.  The arrival of new drugs and products has been triggering the growth of this segment. Moreover, several pharmacies have been offering veterinary and pet supplies at a cheaper rate with doorstep delivery. These factors have been assisting the Europe animal healthcare market size to grow.

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Aided by government policies, UK to offer substantial growth opportunities

The high degree of awareness pertaining to the health and over-all wellbeing of livestock animals and pet animals is one of the primary reasons for the growth of the UK market for animal healthcare. The recent developments have been proving UK’s commitment to offering the best to animals. The government of UK has been investing in healthcare of livestock including pigs and cattle by targeting the management and treatment of endemic diseases. In December 2020, the National Office for Animal Health (NOAH) introduced new plans under which farmers are actively encouraged to take better care of livestock.

Due to the focus of European governments on enhanced healthcare facilities for animals, sustainability, and productivity, the industry is certain to display resilience through the forthcoming times, supporting the Europe animal healthcare market outlook.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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