Market Trends of Europe Veterinary Healthcare Industry
Dogs and Cats Segment is Expected to Witness Significant Growth During the Forecast Period
- The growing population of dogs and the increasing number of pet owners have significantly boosted the European veterinary healthcare market. This trend is driven by the rising awareness of pet health and wellness, which leads to higher spending on veterinary diagnostics, medications, and preventive care.
- Pet owners are showing a growing commitment to the health and welfare of their dogs and cats, contributing to the expansion of the veterinary segment. For instance, according to a July 2023 report by the European Pet Food Industry Federation (FEDIAF), 26% of European households owned a cat, and 25% owned a dog. In Romania, over 43% of households had at least one dog, while over 48% had a cat. The report also noted a rise in cat and dog ownership from 205 million in 2021 to 231 million in 2022.
- Increased product approvals, strategic partnerships, and collaborations among key industry players drive market growth. For instance, in December 2023, Merck Animal Health received favorable feedback from the European Medicines Agency's Committee for Veterinary Medicinal Products (CVMP) for BRAVECTO (fluralaner) 150 mg/ml powder and solvent for suspension for injection for dogs. The CVMP approved this product, citing its efficacy in treating and persistently killing fleas and ticks for up to 12 months.
- In conclusion, the growth of the veterinary medicine market in Europe is propelled by the rising significance of cats and dogs in households, advancements in veterinary technology, and the expansion of pet healthcare therapeutics and products.
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The United Kingdom is Expected to Hold a Significant Share in the Market During the Forecast Period
- The UK veterinary healthcare market is poised for significant growth, driven by rising product launches and increased awareness of diseases such as bartonellosis, tularemia, arthritis, cancer, and joint disorders in companion and livestock animals. The growing demand for pets, fueled by a shift toward pet adoption and purchase in households, is expected to stimulate market expansion further. The growing trend in pet ownership, coupled with a heightened emphasis on pet health and pain management, is anticipated to drive significant growth in the veterinary healthcare market during the forecast period.
- The substantial prevalence of osteoarthritis among animals in the United Kingdom is anticipated to bolster market growth. For instance, according to a report published by Vet Help Direct in March 2024, approximately one in five dogs in the United States develop osteoarthritis, a painful joint condition. Furthermore, a report published by the Frontiers in Veterinary Science in April 2024 highlighted the significant impact of chronic pain on animal health, leading to various musculoskeletal conditions. This considerable disease burden is expected to drive demand for veterinary healthcare, supporting market expansion.
- Additionally, supportive government legislation to enhance animal healthcare is expected to accelerate industry growth. For instance, in February 2023, the UK government launched an initiative to fund livestock farmers and veterinarians to improve animal health. Such initiatives are projected to spur demand for innovative diagnostic and treatment solutions, further propelling market growth during the study period.
- In conclusion, the UK veterinary healthcare market is poised for robust growth, driven by technological advancements, increased disease awareness, rising pet ownership, and supportive government legislation.
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