Europe Veterinary Pharmaceuticals Market to Grow with a CAGR of 7.03% through 2028
Increasing pet ownership and growing awareness of
animal health are expected to drive the Europe Veterinary Pharmaceuticals Market
growth in the forecast period, 2024-2028.
According to TechSci Research report, “Europe Veterinary
Pharmaceuticals Market –Industry Size, Share, Trends, Competition Forecast
& Opportunities, 2028”, the Europe Veterinary Pharmaceuticals Market
stood at USD 6.62 billion in 2022 and is anticipated to grow with a CAGR of 7.03%
in the forecast period, 2024-2028. This can be attributed to global pandemic
preparedness. The COVID-19 pandemic highlighted the interconnectedness of human
and animal health. Governments and organizations are now investing in
strengthening animal healthcare infrastructure to better prepare for potential
zoonotic diseases. This investment includes the development and distribution of
veterinary pharmaceuticals.
Moreover, the rise in pet insurance and wellness plans
is encouraging pet owners to seek preventive care and invest in pharmaceutical
products for their pets. These financial support systems are likely to boost
the demand for veterinary pharmaceuticals.
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Zoonoses, which are infectious diseases that can pass
between animals and humans, have played a significant role in stimulating
market growth. The proliferation of zoonotic diseases like avian influenza and
bovine tuberculosis has raised concerns about both public health and animal
well-being, leading to an increased demand for veterinary medicines. In 2022,
according to the European Centre for Disease Prevention and Control (ECDC),
there were instances of human infections with influenza viruses A(H1N2)v and
A(H1N1)v originating from pigs in two European countries, namely Germany and
the Netherlands.
The impact of the COVID-19 pandemic on the European
market was diverse. Adverse consequences included reduced demand, operational
challenges, and lower sales due to factors like movement restrictions,
government-imposed quarantine measures, and postponed or canceled veterinary
appointments during lockdowns. For instance, MSD's (Merck) animal health
division estimated a negative impact of roughly USD 100 million in 2020, while
Elanco experienced a 25% revenue decline in Q2 2020. Elanco's food animal
products segment was particularly affected due to economic pressures on
producers, plant closures, and decreased demand from the food service sector.
The reduced demand for products typically administered in veterinary clinics,
especially vaccines, had a noticeable impact on the companion animal segment.
However, companies also observed increased demand for
pet medications and a rise in telehealth adoption. Boehringer Ingelheim, for
example, saw increased product sales in the companion animal segment despite
limited access to veterinary clinics due to lockdown measures. Nevertheless,
the company reported a significant drop in demand for its livestock products
due to the closure of slaughterhouses and restaurants. Additionally, the
pandemic accelerated the use of online channels, influencing customer purchasing
behaviors and promoting curbside or virtual veterinary consultations. According
to Boehringer Ingelheim, therapeutic innovation is expected to drive growth in
the animal health industry in the future.
The Europe Veterinary Pharmaceuticals Market is segmented
into animal type, product, mode of administration, distribution channel,
regional distribution, and company.
Based on its distribution channel, the veterinary
hospitals and clinics category held the largest share of revenue in 2022. This
dominance is attributed to the higher number of visitors to veterinary
hospitals and clinics. In 2018, Mars Petcare, the largest operator of
veterinary hospitals, expanded its presence in Europe through the acquisition
of AniCura, a chain of over 200 veterinary clinics and hospitals operating in
multiple European countries, including Norway, Denmark, Sweden, Austria,
Switzerland, Germany, Spain, Italy, the Netherlands, France, Portugal, and
Belgium. Furthermore, the market's growth can also be credited to the
increasing rate of pet ownership and growing awareness regarding animal
healthcare.
On the other hand, the digital or e-commerce segment
is expected to experience the most rapid CAGR in the forecast period. This
growth is driven by the increasing digitalization within the animal health
industry, evolving customer preferences, the adoption of veterinary telehealth,
and the preference for e-commerce platforms as the primary choice for making
purchases. Elanco has observed a shift in the buying habits of veterinarians,
farmers, and pet owners towards online channels. Consequently, the company has
identified ongoing enhancement of its digital ecosystem as a key driver of
growth. In September 2022, the European Union (EU) introduced a standard logo
for the sale of veterinary pharmaceuticals by online pharmacies and retailers
in EU member states. This logo serves as a certification of the legitimacy of
these websites and ensures the safety of the products they offer.
Based on product, the anti-infective segment not only
held the largest share of revenue in 2022 but is also expected to exhibit the
most rapid CAGR during the forecast period. This growth can be attributed to
the increasing efforts and innovations introduced by market players in this
sector. The parasiticides segment, on the other hand, secured the
second-largest share in 2022. This was primarily due to the high prevalence of
ectoparasitic and endoparasitic infections in animals and the widespread
availability of related products. As per research published by BioMed Central
Ltd for the Western European Region, 22.8% of dogs were found to have
intestinal parasites, with Giardia being the most commonly detected parasite.
Additionally, in September 2022, Zoetis launched APOQUEL chewable tablets in
the UK, which offer swift and effective relief from canine dermatitis.
In 2020, the combined revenue from Zoetis'
anti-infectives and parasiticides segments accounted for 36% of the company's
total revenue. This was followed by the dermatology segment and other
pharmaceutical products. However, there are increasing initiatives from
prominent public health and regulatory bodies aimed at overseeing and reducing
the use of antimicrobials in animals, which could potentially limit the market
growth for specific product segments. The Committee for Medicinal Products for
Veterinary Use (CVMP) has been tasked with implementing the provisions of the
Veterinary Medicines Regulation to advance the EU's One Health Action Plan
against antimicrobial resistance.
Major companies operating in Europe Veterinary
Pharmaceuticals Market are:
- Merck & Co., Inc.
- Vetoquinol SA
- Zoetis Inc.
- Boehringer Ingelheim International
GmbH
- Elanco LLC
- Virbac SA
- Laboratorios Calier SA
- Bimeda Corporate
- Prodiet Farmaceutica SA
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“The Europe Veterinary Pharmaceuticals Market is on
the brink of significant transformation, driven by personalized medicine,
digital health, biotechnology, sustainability, and ethical practices. As the
industry adapts to these emerging trends, it will continue to play a pivotal
role in safeguarding the health and well-being of animals, promoting food
safety, and contributing to the overall welfare of both animals and humans.
Staying at the forefront of these developments will be crucial for companies in
the veterinary pharmaceutical sector to thrive in the evolving European market,”
said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“Europe Veterinary Pharmaceuticals Market By Animal
Type (Companion Animals, Livestock Animals), By Product (Parasiticides, Anti-infectives,
Anti-inflammatory, Analgesics, Others), By Mode of Administration (Oral,
Parenteral, Topical, Others), By Distribution Channel (Veterinary Hospitals
& Clinics, Pharmacies & Retail Store, Digital or E-commerce), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Europe Veterinary Pharmaceuticals Market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Europe Veterinary Pharmaceuticals Market.
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