Europe Companion Animal Health Market - 2023-2030

Europe Companion Animal Health Market - 2023-2030

Market Overview
The Europe companion animal health market size was valued at US$ 5,432.70 million in 2022 and is estimated to reach US$ 10,262.74 million by 2030, growing at a CAGR of 8.5% during the forecast period (2023-2030).

It includes illness, injuries, fatalities, and medical treatments as necessary, as well as the prevention, treatment, and control of diseases and ailments affecting the individual animal, herd, or flock. To identify illnesses and other disorders that could endanger the lives of companion animals, companion animals' health is regularly monitored.

Market Dynamics
The major factors driving the Europe Companion animal health market are the increasing number of companion animal ownership, advances in animal health medicines and vaccines and rising initiatives by government and animal welfare associations.

An increasing number of companion animal ownership is expected to drive the market’s growth.
Growing pet ownership prompted the creation of several pet monitoring and tracking solutions that keep tabs on pets' activities and look after their health, fueling market expansion. For instance, in June 2022, FEDIAF EuropeanPetFood published its annual Facts & Figures about the pet population and pet food market in Europe. This data confirms the growth of pet ownership in Europe, with 90 million European households (46%) owning companion animals, which resulted in over 20 billion EUR worth of related services and products. Matching this trend, the pet food industry grew by 3.1% in 2021 and is now worth 27.7 billion EUR. Employment in the sector also increased over the past year while the number of pet food companies and plants remains unchanged. Similarly to the previous year, cats (26%) and dogs (25%) remain Europe's most popular companion animals.

Despite the numerous difficulties the epidemic brought over the previous two years, it is comforting to know that 90 million homes in Europe benefited from the love and companionship of a pet. Given the established advantages of pets for both physical and mental health, FEDIAF continues to promote the value of pets in society, particularly through the efforts of the Pet Alliance Europe.

Sales of antimicrobials for animals are decreasing will expected to hamper the market’s growth.
However, the expansion of the animal healthcare market in Europe is anticipated to be hampered by declining sales of antimicrobials for use in animals. For instance, the European Medical Agency reports that in November 2021, animal antibiotic use in Europe decreased considerably. Statistics from the 25 nations that provided input for the entire period of 2011-2020 show that overall sales of veterinary antimicrobials in European countries were 43% lower in 2011-2020.

COVID-19 Impact Analysis
Since the COVID-19 viral epidemic in December 2019, the disease has spread to over 100 countries, and on January 30, 2020, the World Health Organization declared it a public health emergency.
The worldwide COVID-19 outbreak, including veterinary healthcare, has touched all areas of the economy. This has affected the export and import of veterinary medicines and diagnostics, resulting in a fall in the sales of numerous items in the veterinary business. A few rules were created and applied by the European Medicines Agency (EMA) to guarantee the accessibility of veterinary medications on the European market. According to a Health for Animals article, the World Veterinary Association (WVA) and regional veterinary associations in Europe declared veterinary services ""essential"" in 2020, just like medical services for people. As a result, many veterinarians are still in practice under COVID-19 regulations.

Segment Analysis
The anti-infectives segment is expected to grow at the fastest CAGR during the forecast period (2023-2030)
The Anti-infectives market share for product type is anticipated to be high. Anti-infectives are administered to animals to both prevent and treat infections. In Europe, many animal healthcare companies are obtaining permission for and commercializing a wide range of anti-infectives. An increase in the prevalence of various animal diseases is also predicted to fuel the overall market expansion under research over the forecast period. In November 2021, domestic pigs at a sizable commercial facility in the eastern state of Mecklenburg-Vorpommern were found to have a new outbreak of African swine fever, according to a report published by the Department for Environment, Food, and Rural Affairs Animal and Plant Health Agency Advice Services.

Furthermore, according to a German study released in September 2022, diarrhea affects 18.5% of the nearly 14,000 newborn calves investigated from 731 German dairy herds, making it the most prevalent ailment. In addition, 45 instances of the West Nile virus were documented in Italy in September 2021, according to a report released by the HM Government in September 2021. Thus, segmental expansion is anticipated to be fueled by the rising occurrence of numerous animal diseases.

Geographical Analysis
Germany holds the largest market share in the Europe Companion Animal Health market.
Germany dominates the Europe companion animal health market primarily due to its large population, excellent medical infrastructure, and high-income levels. Germany is expected to hold a significant market share in the industry under analysis over the forecast period due to rising animal adoption and expanding meat export.

For instance, the FEDIAF report 2021 states that 10,300,000 dogs and 16,700,000 cats make up the estimated 27,000,000 pets in Germany. As a result, it is anticipated that the increasing number of pets adopted in Germany will increase demand for veterinary care and spur market expansion. According to a Global Agriculture Information Network report, Germany had 34.7 million pets and 83 million of the world's wealthiest consumers in May 2022, making it a significant market for pet food products.

Another aspect of the market's growth is the introduction of new products by the major players. For instance, Boehringer Ingelheim disclosed in July 2021 that the FreVAX intramuscular needle-free device could be controlled using the FreVAX Smartphone app 2.0. It was created to enhance communication with the FreVAX system, a tool for administering intramuscular vaccines to pigs without using needles.

Competitive Landscape
The Companion Animal Health market is moderately competitive with local and Europe companies’ presence. Inovet, Zoetis, Boehringer Ingelheim, Elanco, Merck Animal Health, IDEXX Laboratories, VetPharma, Dechra Pharmaceuticals, Ceva Sante Animale, Neogen Corporation. The key players are adopting various growth strategies such as product launches, mergers & acquisitions, partnerships, and collaborations, contributing to the market’s growth. For instance, in October 14, 2021, Vaccine specialist Verovaccines GmbH announces the completion of its Mid-Seven-Figure Series B financing round. Together with funding from the Federal Government's GO-Bio program, the funds will be used to further validate the innovative platform technology and to further develop its portfolio of animal vaccines.

Zoetis Inc.
Overview: Zoetis Inc. (Zoetis) is a global animal health firm with a focus on livestock and companion animals that is involved in the discovery, development, production, and sale of animal health drugs, vaccinations, and diagnostic devices. Its products are supplemented by biodevices, genetic diagnostics, and precision cattle husbandry. The company sells vaccines, parasiticides, anti-infective medications, and medicated feed additives among other things. It also offers contract manufacturing services to other parties via its client supply services (CSS) company.

Product Portfolio
CYTOPOINT: Cytopoint makes a meaningful difference in the lives of pet owners, veterinarians and dogs with allergic itch in an injection administered by the veterinarian containing a caninized monoclonal antibody. Lasting relief achieved through compliance and collaboration with the pet owner and veterinarian.

The Europe Companion Animal Health market report would provide access to approx.: 45+market data table, 40+figures and 200 (approximate) pages.