The Europe veterinary pharmaceuticals market size was valued at USD 5.4 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.8% from 2021 to 2028. The growing awareness about zoonoses, the humanization of pets, the availability of pet insurance, and R&D initiatives by market players are the key factors anticipated to fuel the market growth in the coming years. Boehringer Ingelheim, for instance, initiated over 450 clinical studies in 2020. The company received over 240 product authorizations that included approval for Aservo Equihaler in the EU for the alleviation of severe equine asthma. The impact of the COVID-19 pandemic on the European market was varied.
Pharmaceutical drugs sold as prescription medications to treat pets may be needed for the short term or as a lifelong medication to improve the quality of life. As perAnimalhealthEurope, European households spent over EUR 2.7 billion on veterinary medicines in 2019. In order to help pet owners offset the high costs of veterinary medications and treatment, insurance companies have started offering custom or tiered pet insurance plans. Pet insurance policies provide a wide coverage including medication, tests, surgery, and diagnostics. For instance, Agria, the largest pet insurance provider in Sweden, provides coverage for several veterinary care procedures including prescription medicines as well as drugs purchased through online channels. The rising adoption of pet insurance is thus expected to fuel the market growth.
Key Player Mentioned:
- MSD
- Ceva
- Vetoquinol S.A.
- Zoetis
- Boehringer Ingelheim International GmbH
- Elanco
- Virbac
- Calier
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Product Segment Analysis:
- Parasiticides
- Anti-infectives
- Anti-inflammatory
- Analgesics
- Others
The availability and use of generic veterinary medicines are also growing as per the European Group for Generic Veterinary Products (EGGVP). This is owing to the expiry of patents and increasing R&D activities by small, medium, and large-sized market players to leverage the opportunity and increase their market share. The formulation patent for Draxxin (a product of Zoetis) containing the active ingredient tulathromycin expired in late 2020 in Europe and other key markets.
Regional Segment Analysis: North America, Europe, Asia Pacific, Latin America, and Mideast and Africa
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However, companies also recorded increased demand for pet medications and the adoption of telehealth. Boehringer Ingelheim, for instance, experienced a rise in product sales in the companion animal segment despite restricted access to veterinary clinics due to lockdown measures. However, the company reported a drastic decline in demand for its livestock products due to the closures of slaughterhouses and restaurants. In addition, the pandemic propelled the use of online channels, thus impacting customer buying patterns and promoting curb-side or virtual vet visits.
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