The latest report by Renub Research, titled “Europe Veterinary Healthcare Market Forecast 2021-2027, Industry Trends, Share, Insight, Growth, Impact of COVID-19, Opportunity Company Analysis” finds that the Europe Veterinary Healthcare Market will be US$ 8.89 Billion by 2027. Veterinary healthcare is essential in the same way as human healthcare services in Europe. With the rising awareness of veterinary healthcare, Europe is becoming much more knowledgeable and well-encouraged to regularly take pets to a veterinary doctor at a veterinary health centre. Veterinary doctors are educated to protect the health of animals; they run hard to address the health and welfare requirements of every species of animal. They also plays a critical role in environmental protection, food safety, research, and public health.
Further, the increasing number of households with pets and growing awareness regarding animal health has been the leading causes for the growth of the veterinary healthcare market in Europe, coupled with rising initiatives by several governments and improved animal healthcare. In addition, technological advancements in animal diagnostic technologies for accurate diagnostics and the increasing penetration of some of the key and leading players in the market are propelling the European veterinary healthcare industry growth.
Vaccine Segment hold the Biggest Market Share
Based on product, European veterinary healthcare is segmented into vaccines, Parasiticides, Antimicrobials and others. Vaccines are the treatment regimen used for the prevention and treatment of infections in animals. In Europe, a wide range of Vaccines is being approved and commercialized by different animal healthcare companies. In addition, increased usage of vaccines among livestock and pets animals boosts the demand for the product.
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Moreover, European veterinary hospitals and clinics are providing a wide range of certain vaccines; Parasiticides and Antimicrobials treatment, diagnostic options and focus on the care of livestock, horses, Poultry, Aquatics and others. They’re trained especially to meet the requirements of these types of farm animals. Some large animal veterinarians work at a large animal veterinary hospital while most others travel around in a specially-equipped vehicle to see their patients wherever they live.
Germany & United Kingdom has Highest & Second Highest Dog Population in European Union
Europe, new Animal Health Law on transmissible animal diseases (Regulation (EU) 2016/429) has applied from 21st April 2021. Other areas such as EU veterinary expenditure, authorization and use of veterinary medicines or medicated feed, veterinary education, official controls are dealt with in other pieces of legislation.
Germany shows the most significant number of pet humanizations in Europe. The strict government regulations related to veterinary health and the high disposable income of the German people caused increased interest in farm animals and companion animals. Increasing awareness among the German population about the significance of companion and farm animals’ health is responsible for the demand for veterinary healthcare. As per Renub Research findings, Germany had the highest pet dog population in the European Union, with more than 10 Million dogs. The United Kingdom ranked second with a dog population of 8.5 Million in 2020.
Furthermore, the risk from zoonotic diseases and the rising adoption of pet animals are the significant factors servicing the market for veterinary healthcare in the UK. As per the Zoonosis Report UK 2019, Bovine tuberculosis (bTB), produced by Mycobacterium Bovis, is one of the various serious health difficulties for the cattle industry in the United Kingdom, with the British government alone contributing GBP 70 Million a year on disease control, with the cost to an industry considered to be a further GBP 50 Million.
Impact of COVID-19 on Europe Veterinary Industry Growth Trends
The outbreak of COVID-19 has impacted the European veterinary healthcare industry. The drop is mainly due to the COVID-19 attack and the lockdown measures to contain it. Several veterinary care facilities is affected in European countries have been completely closed or only provided minimum treatment for emergencies. There is also worldwide demand and supply issue due to inadequate production of veterinary care devices because of the limitations imposed by governments of various European countries to shut down factories or function with minimal staffing to contain the range of the virus and keep the staff safe.
Major players such as Boehringer Ingelheim, International GmbH, Elanco, Zoetis Inc, Merck & Co Inc. and Bayer AG in the European veterinary healthcare industry implement various strategic initiatives to achieve their growth objectives and increase market share. New product launches, expansion of local and regional footprint, partnerships & collaborations, and mergers & acquisitions are some of the initiatives deployed by major companies.
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