At GrowthMedics, we take pride in facilitating global veterinary device manufacturers in establishing a robust presence in the dynamic markets of Europe and the Middle East & North Africa (MENA). Leveraging our expertise in market development, we provide unparalleled sales support to ensure a seamless entry and sustained growth in these regions.
Whether navigating complex regulatory landscapes, tailoring sales strategies to diverse markets, or fostering international partnerships, we stand as a strategic ally for veterinary device manufacturers seeking to flourish in Europe and MENA. By tapping into our extensive network, industry insights, and dedicated sales professionals, we empower manufacturers to navigate the intricacies of these markets, fostering success and making a lasting impact.
European veterinary market size:
Valuation in 2024: As of 2024, the veterinary market in Europe is valued at an impressive USD 11.4 Billion. This valuation underscores the significance and economic magnitude of the veterinary healthcare sector within the European landscape.
Steady Expansion: The market is not merely holding ground; it is experiencing steady expansion. Projections indicate a compound annual growth rate (CAGR) of 6.2% from 2024 to 2028.
Anticipated Value: By the end of 2028, the veterinary market in Europe is expected to reach new heights, with an estimated valuation of USD 14.7 Billion. This anticipated growth signifies both the resilience and the increasing demand for veterinary services.
Take a look at current market trends:
The veterinary healthcare market in Europe is witnessing significant transformations, driven by a convergence of factors that reflect the dynamic landscape of animal care. Here are the prevailing market trends as of 2024, supported by specific facts to ensure authenticity:
Adoption of Telemedicine:
Telemedicine in veterinary care is gaining traction, enabling remote consultations for pet owners. The European telemedicine market in veterinary healthcare is estimated to grow at a CAGR of 18% from 2023 to 2028.
Integration of Technology in Diagnostics:
Advanced diagnostic technologies, such as imaging and molecular diagnostics, are becoming integral to veterinary practices. The European veterinary diagnostics market is expected to surpass USD 1.2 billion by 2024.
Emphasis on Animal Welfare Legislation:
Stringent animal welfare legislations within the European Union are influencing healthcare practices and treatment standards. The EU has comprehensive legislation covering animal health and welfare, ensuring ethical treatment and care standards.
Growth of Veterinary Pharmaceuticals:
The increasing prevalence of chronic diseases in animals is driving the demand for veterinary pharmaceuticals. The European market for veterinary pharmaceuticals is valued at USD 5.7 billion in 2024, with an anticipated CAGR of 5.8%.
Increased Pet Insurance Adoption:
Pet owners are increasingly opting for insurance coverage, driving the growth of the veterinary insurance market. The penetration of pet insurance in Europe has reached 25%, with an annual growth rate of 12%. The Nordics countries leads the insurance rate with ~30% followed by the UK with ~ 20%.
Largest veterinary OEM markets in Europe:
The European veterinary OEM market is multifaceted, with several countries contributing significantly to the production of veterinary equipment and devices. Among these, Germany stands out as a powerhouse, leveraging advanced manufacturing capabilities to produce a diverse array of veterinary technologies. Germany leads Europe with the highest concentration of veterinary OEMs which accumulates for around 4.5 billion Euros as of 2024. Renowned for its precision engineering and innovation, Germany’s OEMs contribute significantly to the development of advanced medical devices for animals.
The United Kingdom, with its strong focus on research and innovation, is a key player, supplying high-quality veterinary devices across Europe. France, known for its vibrant veterinary sector, specializes in diagnostic imaging and surgical equipment. The Netherlands, strategically located with robust infrastructure, has emerged as a noteworthy hub for veterinary OEMs. Italy’s emphasis on precision engineering and Spain’s commitment to meeting evolving industry needs also contribute to the overall competitiveness of the European veterinary OEM landscape.
While Germany takes the lead, other European countries, including the United Kingdom, France, the Netherlands, and Switzerland, also contribute significantly to the OEM landscape. The collaborative efforts of these OEMs drive advancements in veterinary medical technologies and contribute to the overall growth and excellence of the European veterinary healthcare industry.
Here are some growing companies to watch out for in 2024:
Felmo is a Berlin-based startup that is transforming the way pet owners access veterinary care. The company offers a mobile app that connects pet owners with veterinarians for at-home consultations, vaccinations, and other services. Felmo’s platform is designed to make veterinary care more convenient and accessible for pet owners, particularly those who live in rural areas or have difficulty taking their pets to traditional veterinary clinics.
Dalma is a Paris based start-up which is a pet health monitoring platform that uses artificial intelligence (AI) to identify potential health issues in pets. The company’s platform uses a wearable device to track a pet’s activity, sleep patterns, heart rate, and other vital signs. Dalma’s AI algorithms analyze this data to identify patterns that may indicate a developing illness.
Lassie is a Swedish fintech startup that is revolutionizing pet insurance with a personalized approach that focuses on prevention. The company’s platform uses a combination of data science, AI, and machine learning to assess a pet’s risk factors and provide personalized recommendations for insurance coverage and preventative care.
Upcoming veterinary market tradeshows:
Overview: The London Vet Show is one of the largest veterinary events in Europe, bringing together professionals, exhibitors, and speakers from various veterinary fields. It covers a wide range of topics, including clinical practice, business management, and the latest advancements in veterinary medicine.
Dates: 14-15 November, 2024
Location: London, UK.
Overview: The European Veterinary Conference is a prestigious event that gathers veterinarians, researchers, and industry experts. It provides a platform for sharing knowledge on veterinary emergency and critical care.
Dates: 30 May – 1 June, 2024
Location: Gothenburg, Sweden
Overview: The Federation of European Companion Animal Veterinary Associations (FECAVA) EuroCongress is a major event for companion animal veterinarians. It provides a platform for learning about new developments, networking, and sharing experiences in small animal veterinary medicine.
Dates: 12-14 September, 2024
Location: Athens, Greece
Overview: SCIVAC, the Società Culturale Italiana Veterinari per Animali da Compagnia, is a leading trade show for the veterinary industry in Italy. Held annually in Cremona, Italy, SCIVAC attracts thousands of veterinarians, breeders, pet owners, and other industry professionals from around the world.
Dates: 24-25 May, 2024
Location: Rimini, Italy
Overview: AFVAC stands for Association Française des Vétérinaires pour Animaux de Compagnie, which translates to the French Association of Veterinarians for Companion Animals. AFVAC Le Congrès is a prominent event that brings together veterinarians, breeders, pet owners, and other industry professionals from around the globe to connect, learn, and explore the latest advancements in veterinary medicine.
Dates: 21-23 November, 2024
Location: Lyon, France
As we anticipate the impactful discussions and breakthroughs that these events will bring, we extend our best wishes to all those dedicated to advancing veterinary healthcare in Europe.