SEATTLE–(BUSINESS WIRE)–#AnimalHealthcare–According to Coherent Market Insights, the Europe animal healthcare market is estimated to be valued at US$ 13,119.7 million in 2020 and is expected to exhibit a CAGR of 4.5% over the forecast period (2020-2027).
Key Trends and Analysis of the Europe Animal Healthcare Market:
Key trends in the market are rising incidence of zoonotic viral pathogens, increasing demand for protein from animal sources, and government initiatives to provide improved animal healthcare.
Market players are focused on launches and approvals of products for better offerings in the market. For instance, in August 2017, Boehringer Ingelheim launched Centragard, a transdermal solution for the treatment and control of three most common intestinal parasites in cats such as hookworms, roundworms, and tapeworms.
Increasing adoption of various growth strategies by market players such as investments in order to maintain a competitive edge in the market is expected to drive the market growth. For instance, in July 2018, Boehringer Ingelheim announced investment of around US$ 221 million for establishing a production center to cater to the increasing demand for drugs of foot-and-mouth disease and Bluetongue virus.
The most common zoonotic viral diseases diagnosed in Europe over the past few years include rabies, influenza virus, Rift Valley fever, dengue fever, West Nile fever, crimean-congo hemorrhagic fever, and others. According to the HealthforAnimals Association, around 60% of diseases in the world are zoonotic, which are responsible for 2.4 billion cases of human illnesses and 2.2 million deaths, annually.
Furthermore, companies and the subsidiaries operating in the Europe intend to leverage their proprietary technologies for the development of novel therapeutics to treat serious medical conditions in pets. For instance, in 2017, OPKO Health Spain evaluated Enko 1 for use in companion animals. Enko 1 is a patented intra-articular injectable hyaluronic acid and chondroitin sulfate complex to relieve pain.
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However, stringent regulations on sales and usage of antibiotics, and high cost of animal healthcare services are major factors hindering the market growth. Antimicrobial resistance (AMR) is a major concern limiting the usage of antibiotics, which has resulted in lesser use of antibiotics. In 2015, the Europe government published guidelines regarding the proper use of antimicrobial agents in veterinary medicine to control AMR in animals, which has led to various restrictions.
Key Market Takeaways:
The Europe animal healthcare market is expected to exhibit a CAGR of 4.5% over the forecast period, owing to rising incidence of zoonotic viral pathogens, increasing demand for protein from animal sources, increasing government initiatives to provide improved animal healthcare, and adoption of inorganic growth strategies such as acquisitions and collaborations by market players. For instance, in February 2019, UNION Therapeutics A/S and Ceva Santé Animale S.A. partnered for the development of UNI836 for treating canine pyoderma in companion animals.
Key players in the market are focused on product approvals and launches to enhance their product portfolio, which in turn is expected to propel the market growth over the forecast period. For instance, in September 2015, Oculus Innovative Sciences, Inc. launched MicrocynAH Anti-Itch Spray Gel and MicrocynAH Hot Spot Spray Gel containing dimethicone for treating animals suffering from pain and skin irritations, lacerations, abrasions, and minor burns.
Key players operating in the Europe animal healthcare market include Merck & Co., Inc., Virbac, Dechra Pharmaceuticals Plc, Vetoquinol S.A., Zoetis, Ceva, Bayer AG, Elanco, Evonik Industries AG, and Archer Daniels Midland Company.
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Europe Animal Healthcare Market, By Animal Type:
- Herbal Extracts
Europe Animal Healthcare Market, By Route of Administration:
- Memory Enhancement
- Subcutaneous Injections
- Intramuscular Injections
- Intravenous Injections
- Intra-peritoneal Injections
Europe Animal Healthcare Market, By Indication:
- Infectious Disease
- Autoimmune Disease
Europe Animal Healthcare Market, By Country:
- Rest of Europe
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide.
Senior Client Partner – Business Development
Coherent Market Insights
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