Europe, the animal health market, is anticipated to reach US$ 37,605.1 Mn in 2027 from US$ 22,922.8 Mn in 2019. The market is projected to grow with a CAGR of 6.5% from 2019-2027.
The animal health market is growing primarily due to the initiatives by governments and animal welfare associations. Restraining factors, such as the use of falsified products, is likely to damage the growth of the market in the coming years. On the other hand, growing R&D activities is expected to have a positive impact on the growth of the Europe animal health market in the coming years.
Controlling animal health by preventing animal disease epidemic and monitoring animal food supplies is vital to the any economy and safety of the any country's food supply. Breeding of healthy livestock guarantees a safe supply of food and keep selling prices stable. Animal disease epidemic costs the country millions of dollars owing to livestock trade halts, animal slaughters and subsequent disease elimination efforts. For example, in November 2017, Porcine reproductive and respiratory syndrome virus (PRRSV), causes stillborn piglets which costs U.S. farmers an annual $600 million. Animal diseases with human health connection can adversely affect public health, international trade, and the stability of the agricultural sector. Disease free and healthy animals likely to result in safer food supplies, higher farm productivity, reduced environmental impacts, reduced use of antibiotics.
At present, the veterinary healthcare market is receiving a significant improvement from initiatives led by the animal welfare association’s governments and of several countries, globally. To increase the adoption of animal health services, governments directly get involved in activities raising awareness regarding animal diseases, along promoting the privatization of animal healthcare services. In Europe, the Livestock Insurance scheme was implemented to increase the efficiency and effectiveness of animal healthcare systems. Moreover, the World Organization for Animal Health (OIE) is the intergovernmental organization in charge of improving animal health worldwide. In the UK, the Cattle Health and Welfare Group (CHAWG) addresses important cattle health and welfare issues; however, in the US, at associations such as Winter Haven, veterinary healthcare associates support the human-animal bond and provide high-quality services for any situation. Similarly, the 2020 Healthy Pets Healthy Families Initiative (HPHF) was launched by the Veterinary Public Health Program (VPH) at the Los Angeles County Department of Public Health to develop both animal and human health. Thus, such major awareness programs and support from several organizations for animal healthcare are driving the animal health market growth.
In 2019, the prescription segment accounted for the largest market share in the Europe animal health market based on the product. However, the non-prescription segment is estimated to mark the highest CAGR in the market during the forecast period, owing to the standard shift from Rx to OTC by most of the pharmaceutical manufacturers.
Some of the significant primary and secondary sources for animal health included in the report are Centers For Disease Control And Prevention (CDC), European Pet Food Industry Federation (FEDIAF), Veterinary Public Health Program (VPH), and among others.