Market Overview:
Animal healthcare refers to the treatment and prevention of disease, injury, and disability for companion animals and livestock animals. Key animal healthcare products include vaccines, parasiticides, anti-infectives, medical feed additives, and others designed to ensure optimal health status for pets as well as farm animals across Europe. Rising pet adoption rates coupled with growing concerns for animal welfare are expected to drive the demand for quality animal healthcare in the region over the forecast period.

Market Dynamics:
Growing pet adoption rates across European countries represent a major driver for the region's animal healthcare market. According to the European Pet Food Industry Federation, over 160 million pets were owned in Western Europe in 2018. Dogs and cats remain the most popular companion animals, with dogs being the preferred choice in Northern Europe and cats dominating Southern Europe. Moreover, increasing humanization of pets along with rising pet care expenditures is further fueling demand for patented veterinary medicines, nutritional foods, and other products that enhance pet health and wellbeing. At the same time, stringent regulations enforcing animal welfare standards on farms are creating opportunities for animal health solution providers in Europe. For instance, the Europe Union's Animal Welfare Directive and Preventive Measures Package outline minimum requirements regarding livestock housing, transport, and slaughter. Adherence to such norms requires optimized farm management practices and preventive animal healthcare measures, thus propelling market revenues.

The global Europe Animal Healthcare Market Trends is estimated to be valued at US$ 14772.92 Mn or in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

SWOT Analysis
Strength: The Europe animal healthcare market is well developed with the presence of major international players. There is increased awareness among pet owners about animal health and wellness in the region. Government initiatives to promote animal welfare boost the market growth.
Weakness: High costs associated with research and development for new drugs and therapeutics is a challenge. Stringent regulations for approval of veterinary drugs delay market launch of new products.
Opportunity: Rising adoption of companion animals and increasing pet healthcare expenditure present an opportunity. Growing demand for quality animal food with added nutritional supplements will support market expansion.
Threats: Threat from alternative veterinary healthcare practices and supply chain disruptions due to pandemic pose challenges to market growth. Stringent government regulations pertaining to veterinary drugs also threaten market prospects.

Key Takeaways
The global Europe animal healthcare market is expected to witness high growth, exhibiting CAGR of 4.8% over the forecast period, due to increasing pet ownership and growing expenditure on pet wellness. Germany dominates the Europe animal healthcare market with over 25% share, followed by UK and France. Rising number of veterinary practitioners and growing pet insurance penetration will boost the market in the region.

Regional analysis
Germany accounts for a major share of over 25% in the Europe animal healthcare market due to high adoption of pets and growing livestock population in the country. UK and France hold around 20-25% combined market share in Europe attributed to increasing pet healthcare expenditure and availability of advanced animal care facilities. Strong presence of leading international players also contributes to market dominance of these regions over the forecast period.

Key players
Key players operating in the Europe animal healthcare market are Merck & Co., Inc., Virbac, Dechra Pharmaceuticals Plc., Vetoquinol S.A., Zoetis Inc.,Bayer AG, Elanco, Evonik Industries AG, and Archer Daniels Midland Company. Key players are focused on new product launches, acquisitions, and geographical expansion to strengthen their market position.

Read More: https://www.ukwebwire.com/the-growth-of-europe-animal-healthcare-market-trend-and-share-analysis/