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 2020-2027. The animal health market is growing primarily due to the initiatives by governments and animal welfare associations. Restraining factor such as 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. Over the last two decades, the costs and time of developing an animal health product have both increased by >100% and six years, respectively. According to the Animal Health Institute’s Research and Development Survey, animal health companies spent $ 663 million in 2006 in the R&D pertaining to new potential products as well as in the research for maintaining the long life of offered products. This constitutes a 7% increase over the spending reported in 2005. Innovative research accounts for 86% of total R&D spending, while the remaining 14% was occupied by the research required to ensure prolonged performance of existing products.Investments by the significant players are further likely to augment the market growth. For instance, Zoetis is focused on continuous innovation to develop animal health solutions meeting the needs of buyers. R&D is at the center of the company’s efforts to provide innovation outcomes that anticipate the future needs of veterinarians and livestock producers in their local markets around the world. On January 30, 2020, Zoetis and Colorado State University signed an agreement to establish the Zoetis Incubator Research Lab and begin a research collaboration focused on exploring the livestock immune system to target new immunotherapies. Further, Merck Animal Health, a leading animal health company, is focused on exploring better adjuvants to boost vaccine effectiveness by leveraging advanced technologies in the field of immunogenomics and bioinformatics. Hence, the continuous R&D for coming up with new veterinary products is likely to offer lucrative opportunities to the corresponding market players during the forecast period. In 2019, the Germany accounted for the largest market share in Europe animal health market, and it is also expected to grow at a faster pace over the forecast period. Rising support from the governments is the major factor that is responsible for the highest revenue share of the country. Also, a government agency such as the Federal Ministry is continuously working with the veterinary authorities of the other Member States and third countries. Hence, considering the mentioned factors, the animal health market is expected to grow at a significant pace in the Germany during the forecast period. Rest of Europe Animal Health Market Revenue and Forecasts to 2027 (US$ Mn) EUROPE ANIMAL HEALTH – MARKET SEGMENTATION By ProductPrescriptionFeed additivesPharmaceuticalVaccinesDiagnosticsNon-prescriptionNutrition/SupplementsGrooming ProductsParasiticidesBy Animal TypeProduction AnimalCompanion Animal By GeographyEuropeUKGermanyFranceItalySpainCompany ProfilesBoehringer Ingelheim International GmbHVirbacVetoquinol SABayer AGCeva Santé Animale
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