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What are the Emerging Trends in the European Veterinary Industry?
Today, the animal health industry is thriving due to the significant technological developments and the increase in research and developmental operations in the veterinary pharmaceutical sector. With the help of technological improvements, the data generated in veterinary clinics can now be uploaded in the internet and shared with other researchers and clinicians. Technology such as big data, aids in facilitating real-time analysis of fluctuations in the prevalence of diseases. In order to optimize the veterinary healthcare sector, governments in several developed countries are undertaking initiatives and executing animal immunisation programs. The veterinary healthcare market focuses on the availability of treatment for animals and innovations in the range of treatment for their long life and longevity. Recent years have observed big mergers and acquisitions involving veterinary-related divisions of major corporations, along with the increasing demand for food and feed as well as the production of animals bred for meat and milk products. The business is growing due to a huge population investing in pet insurance in developed economies.
European Veterinary Healthcare Market
One of the fundamental reasons for the rise of the UK market for animal healthcare is the high level of awareness about the health and overall wellbeing of livestock and domestic animals. The government of UK has been investing in animal healthcare, particularly pigs and cattle, with a focus on endemic disease control and treatment. In December 2020, the National Office for Animal Health (NOAH) released new plans that urge farmers to provide better care for their cattle. The global veterinary healthcare market was worth USD 28.6 billion in 2019 and is expected to reach USD 47.8 billion by 2026, growing at a CAGR of 9.7% between 2020 and 2026. The growth of the market is attributed to rising awareness about animal health, increase in zoonotic diseases, technological developments in animal healthcare diagnostics, and government initiatives from global veterinary medical associations.
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COVID-19's Impact on Europe's Veterinary Healthcare Industry
The COVID-19 pandemic impacted all businesses, including the veterinary healthcare industry, affecting the export and import of veterinary medicines and diagnostics, resulting in lower sales of a variety of veterinary products. The European Medicines Agency (EMA) formulated and implemented few regulations to assure the availability of veterinary medicines in the European market. Across different geographies, the importance of vaccine has risen significantly. There are a few challenges in the veterinary sector that includes the scarcity of vaccines against various livestock vector-borne infections, as well as stringent regulatory approval processes for acquiring market authorisation. Over the forecast period, the importance of vaccines and their development are projected to propel the veterinary healthcare market.
Who are the key players in the European Veterinary Sector?
Recent technologies such as biotech, genomics, artificial intelligence, cloud computing, and big data have surged in popularity, putting giant animal health corporations in close competition. Thus, the veterinary healthcare market has become a very competitive industry. The Europe veterinary healthcare market is segmented by product (therapeutics, vaccines, parasiticides, anti-infectives, medical feed additives) and diagnostics (immunodiagnostic tests, molecular diagnostics, diagnostic imaging, clinical chemistry, and other diagnostics), animal type (dogs and cats, horses, ruminants, swine, poultry, and other animals), and geography (Germany, United Kingdom, France, Italy, Spain, and Rest of Europe). The major players in the market are: Elanco, Zoetis Inc., Boehringer Ingelheim International GmbH, Merck & Co., Inc. and Bayer AG are working in the European veterinary healthcare industry. To expand their market presence, they are implementing a variety of expansion strategies including partnerships, collaborations, agreements, mergers, and acquisitions.
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