According to the recent research report titled ‘Europe Animal Healthcare Market Value By Animal Type, Product, Distribution Channel, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 – 2026’, available with Market Study Report, Europe animal healthcare market is anticipated to amass USD 74 billion by the year 2026.
 

Growing government support for pet care, regulations for animal protection, and existence of  organizations with aim to curb wildlife abuse are the key factors driving the growth of Europe animal healthcare market. Notably, PETA (People for Ethical Treatment of Animals) encourages adoption of animals by providing legislation, animal rescue, cruelty investigations, and public education among others.
 

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As a result, European region has seen an increase in adoption of pets for companionship in the recent past. As per European Commission, over 100 million dogs and cats are adopted in EU till date. Moreover, animals are preferred as companions for elderly people in order to offer emotional support and protection.
 

Increasing pet adoption, rising animal surgeries, demand for vaccination, medicines, along with inclination towards suitable diet and generic drugs will foster Europe animal healthcare market size. The industry will further grow, attributable to rising cognizance regarding companionship among the population.
 

According to report, pharmaceuticals segment held majority share of Europe animal healthcare market in the past year and is projected to record a CAGR of 4.5% over the analysis period. The widespread usage of antibiotics as growth promoters as well as therapeutic veterinary drugs will propel the market growth. Additionally, adoption of pharmaceuticals to reduce animal infection incidences will further contribute to the segmental growth over the study period.
 

Speaking of animal type, companion animals segment of Europe animal healthcare market was worth USD 32,5000 million in the year 2019. The segmental growth is credited to increasing animal healthcare spending and growing pet adoption. In 2018, as per People’s Dispensary for Sick Animals, 49% of total UK population owned pets, of which 24% were dogs and 25% were cats. Further, rising concerns regarding pet health along with improved cognizance about zoonotic diseases will also augment the market outlook.
 

The report cites that distributors segment is likely to amass USD 74,500 by the year 2026, owing to strong geographical network along with comprehensive product & service portfolio provided by distributors.
 

Citing the regional landscape, Spain animal healthcare market is projected to expand with 5% CAGR during the analysis period. Rising cognizance among owners about pet well-being and favorable initiatives by government to enhance pet health services are accelerating the industry expansion in Spain.
 

Leading organizations in Europe animal healthcare market sphere are IDEXX Laboratories, Elanco, B. Braun Melsungen AG, and Bayer AG among others.