(PharmaNewsWire.Com, January 05, 2018 ) The European Veterinary Healthcare Market was worth $8.37 billion in 2016 and estimated to be growing at a CAGR of 6.4%, to reach $11.41 billion by 2021. Veterinary healthcare market covers both wild and pet animals and the market associated with diagnosis, treatment and prevention of their ailments. Increasing awareness of livestock health and pet animals’ numbers are the key factors influencing this market.
Very few requirements for animal health drugs approval combined with the growth in companion animal numbers are the major factors driving the market for Veterinary healthcare. Also awareness in rising incidences of zoonotic diseases is also a driving force for the market. However, increasing regulation on antibiotics is expected to remain a major restraint for the market. Apart from that increasing costs regulation related to animal testing is also a major hurdle for the growth of animal healthcare market.
The European Veterinary Healthcare market is segmented by animal type and by product. On the basis of animal type market is segmented into farm animals and companion animals. Further, Farm animals are sub segmented into cattle, swine, fish, sheep and poultry whereas companion animals are sub segmented as dogs and cats. Based on product the marketed is segmented into Vaccines, feed additives and pharmaceuticals, where Feed additives are further sub-segmented into Nutritional feed additives and Medicinal feed additives.
Based on Geography, European Veterinary Healthcare market is analyzed under various regions namely United Kingdom, France, Italy, Spain and Germany. Europe has the dominating share in the global wide market and tend to remain so in the forecast period.
Some of the major companies covered in the report are Merck & Co., Inc., Bayer AG, Boehringer Ingelheim GmbH, Cargill, Inc., Ceva Santé Animale, Novasep, Eli Lilly and Company, Koninklijke DSM N.V, Novartis AG, Nutreco N.V., Sanofi S.A., SeQuent Scientific Ltd., Virbac S.A., Vétoquinol S.A. and Zoetis Inc.
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