Spain Veterinary Healthcare Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Spain Veterinary Healthcare Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Spain veterinary healthcare market is expected to register a CAGR of 7.8% over the forecast period (2022-2027).

The COVID-19 pandemic has highlighted the adaptability and response of veterinary healthcare to an emerging infectious disease and its role in maintaining animal health and protecting human public health. The collaborative initiatives taken by the organization for the testing of COVID-19 in animals have positively impacted the market. However, the disruption in the supply chain and delays in delivery of diagnostic instruments, consumables, and reagents during the pandemic across Spain have adversely impacted the market initially. Some major issues faced by the market during a pandemic include trucking bottlenecks and port checkpoints slowing down their deliveries, including critical supplies; export bans were imposed in many countries, and only a few manufacturing units were functional. Therefore, such factors impeded the market growth rate initially, on the other hand, the outbreak of the pandemic increased the ownership of pets in Spain, which positively impacted the market growth. For instance, as per the report published by the International Trade Administration in March 2021, the pet sector in Spain increased tremendously by 25.0% during the pandemic. The same report also indicated that Spain is the fifth largest pet market in Europe, after the United Kingdom, France, Germany, and Italy, with 28.0 million registered pets, including 6.7 million dogs and 3.8 million cats. The data suggested that the pandemic has increased the number of people who have integrated one or more than one pets into their homes, mostly a dog or cat. Therefore, the pandemic has boosted the profitability of the pet sector, making it one of the most profitable businesses in 2021 in the country.

Similarly, as per the report published by the Spanish Association of Pet Food Manufacturers in May 2022, around 54.0% of growth in the number of cats and around 38.0% of growth in the number of dogs were observed in Spain during the pandemic. Therefore, such an increase in pet ownership in Spain amid the pandemic is anticipated to positively impact the Spain healthcare veterinary market over the forecast period.

Moreover, the increasing pet ownership in Spain and government initiatives toward pet ownership are expected to propel the Spain veterinary healthcare market over the analysis period. For instance, in December 2021, the Spanish government passed a new law to provide increased protection for adopted animals. The new law amends the Civil Code so that animals can no longer be considered as things but as sentient beings and members of the family, and that animal owners are now obliged to provide their animals with appropriate care to ensure their well-being in accordance with the characteristics of each animal species. Therefore, such initiatives are anticipated to spur the demand for advanced veterinary healthcare, owing to which the demand for diagnostics and therapeutics is likely to increase among the Spanish population.

However, the lack of veterinarians and the high cost associated with veterinary healthcare practice are the major factors restraining the growth of the veterinary healthcare market in Spain.

Key Market TrendsVaccines Segment is Expected to Witness Growth Over the Forecast Period

Vaccines consist of viruses, bacteria, or other disease-causing organisms that have been killed or altered so that they cannot cause any disease, thereby boosting immunity. The vaccines segment is expected to be driven by innovations in vaccines, increasing awareness of animal health, increasing investment by government bodies and associations, increasing demand for animal proteins including milk, meat, eggs, and fish, and increasing spending on pet healthcare animals. Growing initiatives by the Spanish government in the country have improved animal healthcare and led to an increasing demand for veterinary vaccines. For instance, the Spanish Ministry of Health has adopted a new draft of the Royal Decree on Industrially Manufactured Veterinary Medicinal Products. The new proposal introduces specific provisions for the application of Regulation (European Union) 2019/6 of the European Parliament and of the Council of the 11th of December 2018 on veterinary medicinal products (hereinafter referred to as "Regulation 2019/6") in Spain, which together with Regulation (European Union) 2019/4 of the European Parliament and of the Council of the 11th of December 2018 on the production, placing on the market and use of medicated feed, represents the legislative framework adopted in the middle of the European One Health action plan against antimicrobial resistance.

Moreover, growing public and private sector initiatives to launch new vaccines and animal vaccination measures are expected to drive segment growth over the forecast period. For example, in June 2020 the Federation of Veterinarians of Europe, in cooperation with the European Union, announced that the new legislation on veterinary drugs will apply in all EU countries from January 2022. In addition, in January 2020, Boehringer Ingelheim launched the VAXXITEK HVT+IBD+ND vaccine, which provides a strong immune basis and optimized protection against Mark's disease, Infectious Bursa (classic and variant types), and Newcastle disease.

Therefore, due to the abovementioned factors, the segment is anticipated to witness considerable growth over the forecast period.

Competitive Landscape

The Spain Veterinary Healthcare market displays high competition among market players. Major market players are investing high capital in R&D and generating many strategies such as new product launches and developments, geographical expansions, collaborations, and acquisitions to strengthen their market position in Spain's Veterinary Healthcare market. The competitive landscape includes an analysis of a few international as well as local companies which hold the market shares and are well known including Zoetis Inc., MSD Animal Health, Bayer Healthcare, Ceva Animal Health Inc., Boehringer Ingelheim International GmbH, S.P. Veterinaria, SUPER'S DIANA, S.L., among others.

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