As per the research report, the size of the Europe Companion Animal Healthcare Market is valued at USD 3.96 Billion in 2023 and estimated to reach USD 5.37 Billion by the end of 2028 with a growing potential of 6.25 %, during the forecast period 2023 to 2028.
Companies are focusing their efforts on developing new medications and vaccines for intriguing and newly diagnosed diseases, which is expected to encourage market growth. Key market players in the region are implementing market strategies such as mergers and acquisitions in the companion animal healthcare business to gain expertise in producing new active pharmaceutical ingredients/drugs.
The prevalence of zoonotic and food-borne illnesses will be a potential concern for pet animal health, resulting in increased pet/companion ownership, which will drive the European Companion Animal Healthcare Market. Pet owners' health concerns are rising, as is their demand for better nutrition.
The increasing prevalence of animal healthcare and the provision of high-quality food products have boosted the market's growth rate. Furthermore, the expansion of veterinary hospitals in both private and public entities is also boosting the market. Moreover, a rise in disposable income and current trends have increased the number of companion animals and expanded pet insurance alternatives in several regions, increasing the companion animal healthcare market demand.
Companion animal diseases are more undoubtedly to be spread to humans. For example, dog and cat bites cause a variety of illnesses in humans. Other conditions found in pets include neoplasia, distemper, parvovirus, leukemia, panleukopenia, and viral rhinotracheitis. Many of these diseases are lethal even with adequate treatment, so most pet owners have their animals vaccinated regularly. The growing need for prophylactic vaccines will propel the market forward.
Restrictions by regulatory bodies have a negative influence on antibiotics sales, growing costs, and tightening laws on animal testing have prevented several healthcare businesses from manufacturing new advanced pharmaceuticals, among the obstacles that will hinder market expansion.
This research report on the Europe Companion Animal Healthcare Market has been segmented and sub-segmented into the following categories
By Product Type:
Geographically, the companion animal healthcare market in Europe is the world's second-largest due to a rise in pet ownership government tax reduction. In addition, the market is expected to grow due to the increased implementation of regulatory standards by European regional and local governments during the overall improvement of animal healthcare. As a result, significant countries such as the United Kingdom, Germany, France, Italy, and Spain significantly contribute to the European companion animal healthcare market. Next, a biological therapeutics company producing monoclonal antibody therapy for companion animals in pain and other therapeutic areas was acquired by Zoetis in April 2017.
The UK companion animal healthcare market captured the most significant share of the companion animal healthcare market. A high level of knowledge about the health and overall wellbeing of livestock and domestic animals is the primary cause for the growth of the U.K. companion animal healthcare market. In addition, the recent events have demonstrated the United Kingdom's commitment to providing the finest possible care for animals. The United Kingdom government has invested in animal health, mainly pigs and cattle, focusing on endemic disease control and treatment. The National Office for Animal Health (NOAH) released new plans in December 2020 that urge farmers to take better care of their cattle.
KEY MARKET PLAYERS:
Key players operating in the Europe Companion Animal Healthcare Market profiled in this report are Bayer HealthCare Pharmaceuticals LLC, Boehringer Ingelheim, Elanco, Merck & Co., Merial, Virbac, Zoetis
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