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Europe animal healthcare market is forecast to expand with 2.7% CAGR over the forecast period, due to high number of pet animals, disposable incomes, increasing animal husbandry practices for meeting ever increasing demand for non-vegetarian food.
Animal Healthcare Market is poised to cross USD 36 billion by 2024, as per a new research report.
France animal healthcare market is the largest in European region and is estimated to with expand at CAGR 2.2% over the forecast period, owing to having large population of farm and pet animals. As per Eurostat, it accounted for nearly 20% of total cattle population in European region, 12% of poultry population, 8.6% of pig population and 11.3% of goat and sheep population. High income of pet owners as well as availability of pet insurance augment pet healthcare practices across the country.
Veterinary vaccines market is anticipated to expand with 3.9% CAGR during the projection years; owing to rapid increasing number of new products resulting from innovative research and development in the field. Farm animal vaccine market should reach USD 6 billion by 2024; as a result of mandatory vaccination of farm animals.
Leading companies in the industry include, Zoetis, Elanco, Bayer, Boehringer Ingelheim, Virbac, Merck, Ceva Sante Animale, Vetoquinol, Phirbo Animal Health. Timely introduction of new products and efforts on geographical expansion happen to be some of major strategies adopted by these enterprises to increase market foothold.