Like many other industries, the European Healthcare Industry suffered because of COVID-19, but the numbers show it’s starting to get better.
In 2020, the Animal Healthcare Market was worth $5.75 billion. In the next five years, the market is expected to grow by 6.42% annually up to 2027, when it’s predicted to reach $8.89 billion.
The numbers are still not as high as for the American Vet Market, which was valued at $30.2 billion in 2020, but it looks like Europeans are starting to spend more money on animal health.
The high growth comes from the improvements in the animal health industry, more serious initiatives by governments, and rising pet adoptions.
Also, veterinary healthcare is now highly accessible in most European countries. In contrast, only 3% of pets have insurance in the US, making it hard for some owners to pay for adequate healthcare.
In countries such as Germany and the UK, there’s also a high interest in raising livestock, poultry, and horses, so the spending is also growing. Additionally, people from more developed European countries have higher incomes and spend more money on their pets.
The biggest spenders in Europe are Germany, France, the United Kingdom, Italy, Russia, and Spain. Other parts of Europe do not spend as much money on animal healthcare yet.
Vaccines take the largest market share, but therapeutic products and solutions are starting to take off in certain countries.
With all the factors included, the situation in the vet healthcare market in Europe is showing progress and can be expected to reach the expected $8.89 billion easily.