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| Europe Animal Healthcare Market Size |
The global Europe Animal Healthcare Market is estimated to be valued at US$ 14,096.3 million in 2023and is
expected to exhibit a CAGR of 4.8% over
the forecast period 2023-2030, as
highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Europe Animal Healthcare Market offers a wide range of products and
services to ensure the well-being and health of animals. These products include
pharmaceuticals, vaccines, feed additives, and diagnostic products. The market
is driven by the increasing prevalence of various animal diseases and the
growing demand for animal health products. Animal owners and veterinarians are
increasingly recognizing the importance of preventive healthcare for animals to
ensure their longevity and quality of life.
Market Key Trends:
One key trend in the Europe Animal Healthcare Market is the rising adoption of
companion animals. With increasing urbanization and changing lifestyles, more
households are opting to keep pets as companions. This has led to a surge in
demand for animal healthcare products and services. Additionally, there is a
growing focus on research and development for the development of advanced
animal healthcare products, such as personalized medicine and regenerative
therapies. These trends are expected to drive the growth of the Europe Animal
Healthcare Market over the forecast period.
Porter’s Analysis
Threat of New Entrants: The Europe
Animal Healthcare Market Size is expected to face a moderate threat of
new entrants. Although the market is growing at a steady pace, the presence of
well-established key players and the stringent regulatory requirements act as
barriers for new entrants.
Bargaining Power of Buyers: The bargaining power of buyers in the Europe animal
healthcare market is relatively low. The market is characterized by a high
degree of specialization and limited options for buyers. Additionally, the
increasing awareness regarding animal health and the rising disposable income
among pet owners contribute to reduced bargaining power.
Bargaining Power of Suppliers: The bargaining power of suppliers in the Europe
animal healthcare market is relatively high. The market heavily relies on raw
materials and ingredients from suppliers, and any disruption in the supply
chain can impact the market. Additionally, the presence of limited suppliers
and the high switching costs for buyers further enhance the bargaining power of
suppliers.
Threat of New Substitutes: The threat of new substitutes in the Europe animal
healthcare market is low. The demand for animal healthcare products and
services remains relatively stable, and there are limited alternatives
available for pet owners to ensure the health and well-being of their animals.
Competitive Rivalry: The competitive rivalry in the Europe animal healthcare
market is intense. The market is characterized by the presence of several key
players competing for market share. The key players invest heavily in research
and development activities to introduce innovative products and gain a
competitive edge.
Key Takeaways
The global Europe animal healthcare market is expected to witness high growth,
exhibiting a CAGR of 4.8% over the
forecast period (2023-2030). This
growth can be attributed to factors such as the increasing pet ownership,
rising disposable income, and the growing awareness regarding animal health.
The market is driven by the need for effective and safe animal healthcare
products and services.
The regional analysis reveals that Europe is the fastest-growing and dominating
region in the animal healthcare market. The region has a high pet adoption rate
and a significant number of pet owners who are willing to spend on their
animals' healthcare. Additionally, the presence of well-established key players
in the region further contributes to the market's growth.
Key players operating in the Europe animal healthcare market include Merck
& Co., Inc., Virbac, Dechra Pharmaceuticals Plc., Vetoquinol S.A., Zoetis
Inc., Ceva Santé Animale, Bayer AG, Elanco, Evonik Industries AG, and Archer
Daniels Midland Company. These key players invest in strategic mergers and
acquisitions, collaborations, and product launches to strengthen their market
position and expand their customer base.
In summary, the Europe animal healthcare market is expected to experience
significant growth in the coming years. The market is driven by increasing pet
ownership, rising disposable income, and growing awareness regarding animal
health. The region is the fastest-growing and dominating market, supported by
well-established key players.
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