Europe Animal Healthcare Market is expected to exceed $74 billion by 2026

 


Europe is not only the birthplace of modern veterinary medicine; it is also home to the world's leading animal health companies. The European animal healthcare market was worth $56.6 billion in 2019 and is expected to grow at a CAGR of 3.5 percent between 2019 and 2026. With regulatory bodies, governments, and responsible pet owners raising the bar for animal health, the European animal healthcare market is poised for phenomenal growth and is expected to exceed $74 billion by 2026.

Companion animals will be in high demand as a result of the pandemic's loneliness.

The companion animal segment has been growing at an exponential rate, owing to pets' ability to cater to people's emotional needs during the COVID-19 pandemic. The segment generated approximately $32.5 billion in revenue in 2019 and is expected to grow in the coming years. Because of government regulations imposed during the pandemic, the companionship of pet animals such as cats and dogs was valued and sought after more than ever. Because animals can provide comfort to humans in times of distress, the companion animal segment has been rapidly expanding, pushing the overall European animal healthcare market share higher.

The demand for veterinary services is expected to rise steadily during and after the COVID-19 pandemic. The segment will grow at a CAGR of more than 3.2 percent in the coming years, owing to these services' effective treatments, diagnosis, and management of diseases and disorders. Veterinary services include a variety of services such as pet transportation, preventive care services, surgery services, emergency care services, and grooming services, among others.

The segment is expected to be fueled by government plans and initiatives aimed at providing animal vaccines. Because animal vaccines can be critical in preventing and treating illnesses, several government programs and non-profits view animal vaccines as tools for gradually and proactively supporting entire populations of animals. The European animal healthcare market has been divided into three segments based on distribution channels: online, pharmacies, and distributors. Because of increased awareness about high-quality drugs, medications, and medicated feed additives, the pharmacies segment is expected to gain traction in the coming years. The introduction of new drugs and products has fueled the growth of this market segment. Furthermore, several pharmacies have begun to offer discounted veterinary and pet supplies with door-to-door delivery. These factors have contributed to the market's expansion.

One of the primary reasons for the growth of the UK market for animal, healthcare is the high level of awareness regarding the health and overall well-being of livestock animals and pet animals. Recent developments have demonstrated the United Kingdom's commitment to providing the best possible care for animals.

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