Europe Veterinary Healthcare Market Share, Trends, Revenue, Scope, Challenges, Future Investment and Growth Opportunities Till 2033

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Europe Veterinary Healthcare Market Share, Trends, Revenue, Scope, Challenges, Future Investment and Growth Opportunities Till 2033: SPER Market Research


 Category : Healthcare

 Published: Feb-2024
 Author: SPER Analyst


Europe Veterinary Healthcare Market is projected to be worth USD 21.62 billion by 2033 and is anticipated to surge at a CAGR of 7.8%.

"Veterinary healthcare" refers to the medical care and services provided to animals, particularly livestock and household pets, with the intention of maintaining their health and welfare. It encompasses a wide range of operations and treatments intended to prevent, detect, and treat illnesses, wounds, and other medical problems in animals. It involves taking steps to prevent illnesses and maintain the general health of animals through wellness check-ups, dental care, nutrition counseling, and routine vaccinations. Veterinary healthcare professionals also play a crucial role in promoting animal welfare by addressing animal abuse or neglect, advocating for humane treatment, and ensuring the wellbeing of animals in various settings.

Europe Veterinary Healthcare Market Driving Factors and Challenges

Drivers:
Growing animal adoption in European nations, along with more government initiatives and better animal healthcare, is the main driver of the veterinary healthcare market in Europe. Since the pandemic started in 2021, 3.2 million households in the UK have acquired a pet, according to the Pet Food Manufacturers Association. Furthermore, it is anticipated that market growth will be fueled by improvements in animal diagnostic technologies for precise diagnosis as well as increased market penetration by some of the major and dominant players. Furthermore, advancements in animal diagnostic technologies to facilitate precise diagnosis and the growing market share of major players are anticipated to drive market expansion.  

Challenges:
The European veterinary healthcare market is impacted by multiple challenges that impact its overall effectiveness and dynamics. The primary issue is the increasing prevalence of zoonotic diseases, or infections that are transmitted from animals to people. Due to the need for complex and specialized care, veterinary healthcare systems are under pressure to adopt effective preventative measures and stay up to date with emerging illnesses. Due to the growing cost of veterinary care and the increased demand for pet insurance, both pet owners and healthcare professionals are experiencing financial difficulties. Further impeding the seamless integration of markets is regulatory complexity among European countries, which results in disparities in standards, licensing, and approval processes for veterinary medications and therapies.


Impact of COVID-19 on Europe Veterinary Healthcare Market
The COVID-19 pandemic in Europe resulted in supply chain disruptions and delivery delays of diagnostic equipment, consumables, and reagents, which initially negatively impacted the market. Several countries imposed export bans, only a small number of manufacturing facilities were operating, and port checkpoints and truck traffic jams hindered the delivery of essential supplies, among other major challenges faced by the market during a pandemic. As a result, these variables initially slowed the market's rate of growth. In contrast, Spain saw an increase in pet ownership as a result of the pandemic, which aided in the market's growth.

Europe Veterinary Healthcare Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players are; Boehringer Ingelheim International GmbH, Ceva Sante Animale (CEVA), Dechra Pharmaceuticals PLC., Dopharma, ECO Animal Health Group Plc, Elanco, Hipra, Idexx Laboratories, Inc., Laboratorios Syva, MSD Animal Health, Norbrook, Orion Corporation, Vetoquinol S.A., Virbac, Others.

 
Europe Veterinary Healthcare Market Segmentation:

By Product: Based on the Product, Europe Veterinary Healthcare Market is segmented as; Therapeutics, Diagnostics.

By Animal Type: Based on the Animal Type, Europe Veterinary Healthcare Market is segmented as; Dogs and Cats, Horses, Ruminants, Swine, Poultry, Others.

By Region: This research also includes data for Germany, United Kingdom, France, Italy, Spain, Rest of Europe.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.

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