According to a recent report by Grand View Research, Inc., the Europe veterinary pharmaceuticals market is projected to reach USD 11.85 billion by 2030, growing at a compound annual growth rate (CAGR) of 7.3% from 2023 to 2030. Key drivers of this growth include increasing demand for companion animal products, rising pet-related expenditures, a growing prevalence of diseases in both companion and livestock animals, and proactive efforts by industry participants. For example, in September 2020, Boehringer Ingelheim partnered with the Fraunhofer Institute for Molecular Biology and Applied Ecology IME to develop sustainable, effective veterinary antiparasitic solutions.
The COVID-19 pandemic had a notable impact on the market, causing supply chain disruptions and a drop in sales for many companies. Additionally, the pandemic led to reduced R&D efforts, lower demand, and operational challenges stemming from evolving regulations and restrictions. In response, governments, regulatory authorities, and companies implemented various recovery strategies, including relaxed restrictions, financial stimulus packages, policy adjustments, and conditional exemptions. One such measure was the European Medicines Agency’s (EMA) decision to extend the validity of GMP certificates until the end of 2021, eliminating the need for further action by the certificate holders. This applied to manufacturing and import sites of both active substances and finished veterinary products within the EEA.
To ensure veterinary medicines remained accessible in EU Member States, adjustments were made to product information and labeling requirements. For instance, under Article 61(1) of Directive 2001/82/EC, exemptions were granted during the pandemic, such as allowing product labels not to be translated into the official national languages.
The expanding pet population and growing spending on pets have significantly boosted demand for companion animal products, including pet food, veterinary medications, and services. This upward trend is expected to continue throughout the forecast period. As an illustration, a 2020 FEDIAF report estimated annual pet food sales at approximately EUR 21.8 billion. Additionally, an increase in single-person and small households, alongside an aging population across Europe, is contributing to higher pet ownership. The COVID-19 pandemic further accelerated this trend, with a January 2021 report by Deutsche Welle highlighting a sharp rise in pet adoption in Germany.
Get a preview of the latest developments in the Europe Veterinary Pharmaceuticals Market! Download your FREE sample PDF today and explore key data and trends
The competitive landscape of the European veterinary pharmaceuticals market is anticipated to remain intense over the coming years. The market features a mix of numerous small and large players, resulting in stiff competition, particularly among smaller companies vying to maintain their market share. Businesses are increasingly pursuing strategies such as mergers and acquisitions, product launches, and regional expansion to enhance their market presence. For example, in August 2021, Elanco advanced its growth strategy in the pet health sector by acquiring Kindred Biosciences, thereby supporting its Innovation, Portfolio, & Productivity (IPP) strategy. The acquisition brought three potential blockbuster dermatology treatments—expected to launch by 2025—into Elanco’s pipeline.
Highlights of the Europe Veterinary Pharmaceuticals Market Report:
Leading Companies in the Europe Veterinary Pharmaceuticals Market:
Gather more insights about the market drivers, restrains and growth of the Europe Veterinary Pharmaceuticals Market
The global Veterinary Pharmaceuticals Market research report, published by Value Market Research, is designed to offer various market framework such as market size, portion, trends, growth path, value and factors that impact the current market dynamics over the forecast period 2020-2027.
Most importantly, this report also provides the latest significant strategies adopted by major players along with their market share.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the veterinary pharmaceuticals market include Merck & Co. Inc; Zoetis Inc.; Eli Lilly and Company; Bayer AG; Boehringer Ingelheim GmbH.
This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Veterinary Pharmaceuticals Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/veterinary-pharmaceuticals-market/download-sampleMarket DynamicsThe upsurge in the cases of zoonotic and chronic diseases, the rapid increase in the world livestock population over the last few decades contribute significantly to the advancement of the veterinary pharmaceutical market.
In addition, rising R and procedural developments, pet adoption rates, rising meat consumption, and required immunization are expected to increase demand for veterinary medications and vaccines for animals, leading to the escalation of the market.
Lack of awareness regarding animal's health poses a hurdle in the market's growth.
Our reports have been revised for market size, forecasts, and strategies to take on 2021 after the COVID-19 impact: https://www.thebusinessresearchcompany.com/global-market-reportsThe Veterinary Pharmaceuticals Global Market Report 2020-30 by The Business Research Company describes and explains the global veterinary pharmaceuticals market and covers 2015 to 2020, termed the historic period, and 2020 to 2025, termed the forecast period, along with further forecasts for the period 2025-2030.
The report evaluates the market across each region and for the major economies within each region.The Veterinary Pharmaceuticals Global Market Report 2021 covers veterinary pharmaceuticals market drivers, veterinary pharmaceuticals market trends, veterinary pharmaceuticals market segments, veterinary pharmaceuticals market growth rate, veterinary pharmaceuticals market major players, and veterinary pharmaceuticals market size.View Complete Report: https://www.thebusinessresearchcompany.com/report/veterinary-pharmaceuticals-marketThe veterinary pharmaceuticals market report provides an in-depth analysis of the impact of COVID-19 on the global veterinary pharmaceuticals industry, along with revised market numbers due to the effects of the coronavirus and the expected veterinary pharmaceuticals market growth numbers 2021-2030.Veterinary Pharmaceuticals Global Market Report 2021 is the most comprehensive report available on this market and will help gain a truly global perspective as it covers 60 geographies.
The chapter on the impact of COVID-19 gives valuable insights on supply chain disruptions, logistical challenges, and other economic implications of the virus on the market.
The chapter also covers markets which have been positively affected by the pandemic.Request For The Sample Now: https://www.thebusinessresearchcompany.com/sample.aspx?id=2558=smpThe increasing penetration of pet insurance is expected to drive the veterinary pharmaceuticals market.
Globally, the pet insurance market is largely untapped with extremely low penetration rates providing a large market opportunity.The report covers the veterinary pharmaceutical market segments-1) By Type Of Pharmaceutical: Veterinary Parasiticides, Veterinary Vaccines, Others - Veterinary Pharmaceuticals, Veterinary Antibiotics.2) By Animal Type: Livestock, Companion Animal.3) By Route Of Administration: Oral, Others.4) By End Use Channel: Veterinary Hospitals, Pharmacies And Drug Stores, Veterinary Clinics.About The Business Research Company: The Business Research Company is a market research and intelligence firm that excels in company, market, and consumer research.
It has over 200 research professionals at its offices in India, the UK and the US, as well a network of trained researchers globally.
Veterinary Pharmaceuticals Global Market Report 2021 by The Business Research Company is the most comprehensive report available on this market and will help gain a truly global perspective as it covers 60 geographies.
The chapter on the impact – both negative and positive – of COVID-19 on the veterinary pharmaceuticals industry gives valuable insights on supply chain disruptions, logistical challenges, and other economic implications of the virus on the market.
View Complete Report:https://www.thebusinessresearchcompany.com/report/veterinary-pharmaceuticals-global-market-report The Veterinary Pharmaceuticals Global Market Report 2020-30 by The Business Research Company provides an in-depth analysis of the global veterinary pharmaceuticals market and covers both the historic period, 2015 to 2020, and the forecast period, 2020 to 2030.
The decline is mainly due to the COVID-19 outbreak and the measures to contain it.
COVID-19 pandemic is affecting industries across the globe including the animal sector.
Request For The Sample Now: https://www.thebusinessresearchcompany.com/sample.aspx?id=3407=smp The report covers the veterinary pharmaceuticals market segments- 1) By Type: Veterinary Vaccines, Veterinary Antibiotics, Veterinary Parasiticides, Others.
