The Europe Veterinary Pharmaceuticals Market size is expected to reach USD 9.0 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.8% from 2021 to 2028. The key factors anticipated to fuel the market growth include increasing demand for companion animal products, pet expenditure, the prevalence of diseases in companion as well as livestock animals, and initiatives by the market players. For instance, in September 2020, Boehringer Ingelheim collaborated with the Fraunhofer Institute for Molecular Biology and Applied Ecology IME to develop sustainable veterinary antiparasitics that are safe and effective.
The COVID-19 pandemic significantly impacted the
market leading to bottlenecks in the supply chain and reduced sales for several
companies. Other impacts on the market include reduced R&D activities, low
demand, and operational hurdles due to changing policies and restrictions.
However, soon governments, regulatory bodies, and companies began implementing
measures to help the economy and businesses recover. These measures included
the easing of restrictions, monetary stimulus and policy changes, conditional
exemptions, and other initiatives. As on-site GMP inspection visits were
disrupted due to COVID-19, the EMA extended the validity of GMP certificates
till the end of 2021 without any further action from the holder. These included
manufacturing or import sites of active substances as well as finished products
located in the EEA region.
In addition, to ensure an uninterrupted supply
of veterinary medicines in the EU Member States, product information
and labeling regulations were relaxed. For instance, during the pandemic and
within the boundaries of Article 61(1) of Directive 2001/82/EC, member states
may allow exemptions for labeling and packaging requirements for veterinary
products such as not translating labels into the official language and so on.
The rising pet population and increasing expenditure
on pets have led to a surge in demand for companion animal products, such as
pet foods, pharmaceuticals, and veterinary services. This trend is estimated to
continue over the forecast period. For instance, a 2020 report by FEDIAF
estimated the annual sales of pet food products at about EUR 21.8 billion.
Across the European region, the rise in single-person or small households,
along with the rising geriatric population, is also expected to contribute to
the growing pet population. In addition, the COVID-19 pandemic has catalyzed
market growth with a surge in pet adoption. In January 2021, Deutsche Welle— a
German media company reported an exponential rise in pet ownership in the
country.
Competition in the European market for veterinary
medicines is expected to remain high during the forecast period. The market is
highly fragmented owing to the presence of several small and large players.
This results in high competition among small players to sustain their market
position. Moreover, companies are increasingly adopting various strategies, such
as mergers & acquisitions, regional expansion, and product launches, to
grow in the market. For instance, in August 2021, Elanco accelerated its
expansion strategy in the pet health industry through the acquisition of
Kindred Biosciences. This complemented the company’s Innovation, Portfolio,
& Productivity (IPP) strategy and added three potential dermatology
blockbusters estimated to be launched by 2025, to its lineup.
Related Press Release@ Europe Veterinary Pharmaceuticals Market Report
Europe Veterinary Pharmaceuticals
Market Report Highlights
- The market is expected to remain innovation-led with frequent
acquisitions and strategic alliances
- By product, the anti-infectives segment dominated the market in
2020. This can be attributed to the rising incidence of pathogenic
infections in pets due to bacteria, viruses, or fungi
- The need to reduce the incidence of parasitic infections to secure
food sources by safeguarding the health of livestock animals is also
estimated to propel market growth in the coming years
- The growing pet market is anticipated to fuel demand for companion
animal pharmaceuticals targeting various pathogens and conditions. The
rising concerns over zoonoses, especially since the COVID-19 pandemic,
have increased concerns among pet parents regarding their pet’s health
- Market players are investing in R&D activities and developing
new as well as existing products for better animal health outcomes
- For instance, in 2019, Dechra pharmaceuticals launched 15 products
from its Le Vet pipeline. Additionally, Norbrook has launched 5 R&D
projects during 2020, with plans to develop 10 more products in the next 2
years
About Us:
Grand View Research, Inc. is a U.S. based market research
and consulting company, registered in the State of California and headquartered
in San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
No comments:
Post a Comment