Europe Dog Dewormers Market is Anticipated to Produce US$ 1,178.20 Million by 2033 | Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
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Future Market Insights Global and Consulting Pvt. Ltd.
Norway's dog dewormers market is expected to develop at a swift rate throughout the forecast period. The United Kingdom is poised to be a major leader in the European market for years to come, with an estimated 14% share projected throughout this period.
NEWARK, Del, Jan. 31, 2023 (GLOBE NEWSWIRE) -- The Europe dog dewormers market was estimated to be worth US$ 427.49 million in 2023 and is projected to grow at a CAGR of 10.67% from 2023 to 2033. By 2033, the Europe dog dewormers market to be worth US$ 1,178.20 million.
Expanding Market Due to Increased Dog Healthcare Expenditures
A few of the key factors influencing the market expansion include rising healthcare costs for dogs and the increasing use of e-commerce platforms to purchase pet goods. The rising occurrences of worm infections, improvements in dewormers, and the rising frequency of animal diseases are all contributing to the Europe dog dewormers market growth. These trends, along with some additional elements including concern for animal health and active government backing, are anticipated to positively fuel the market growth.
Dog Dewormers Have Some Side Effects that May Constrain the Potential Market
The main things that can inhibit the Europe dog dewormers market growth are the negative effects of dog dewormers and the strict government requirements for the approval procedure of dog dewormers.
In Europe, the Dog Dewormer Market had a Growth Spurt.
The pandemic's spread paralyzed the area, impacting practically every region of Europe's research and development, medical supplies, and veterinary services. European nations like Germany, the United Kingdom, and Russia among others announced a total lockdown to stop the spread after the WHO declared the disease to be pandemic due to its broad nature. The animal healthcare sector has suffered as a result, much like numerous other industries.
Decreased veterinary clinic admission rates and supply chain disruptions for dewormer medicines are just a couple of the market effects of the pandemic. The market for dog dewormers in Europe recovered growth in late 2020 thanks to e-commerce channels, and the restart of veterinary services.
Key Takeaways
The distribution channel category for the veterinary clinics may account for a sizeable revenue share of 39% in the Europe dog dewormers market during the anticipated term.
E-commerce is expected to experience a significant growth rate of 11.08% over the forecasted period in the distribution channel category.
With a share of almost 14% during the projected period, the United Kingdom is expected to dominate.
Due to the existence of significant market participants, Germany had a remarkable revenue share over the forecast period at over 15.0%.
Norway's market is expected to develop at a quick rate throughout the forecast period.
Fairly fierce competition exists in the Europe dog dewormers market. The prominent market players include Merck & Co., Inc., Boehringer Ingelheim International GmbH, Ceva, Sava Healthcare, Beaphar, and Bob Martin, among others.
To acquire a competitive advantage over one another, these players engage in acquisitions, the introduction of new products, partnerships, and collaborations.
Recent Development
Approval
Boehringer Ingelheim International GmbH declared in January 2021 that NexGard medicines, which are used as antiparasitics in dogs and cats, have received marketing authorization approval in Europe. European Medicines Agency (EMA) and European Commission approved the request.
Acquisition to boost their pipeline-building efforts
In 2021, Dechra Pharmaceuticals boosted its pipeline activities by acquiring Mirataz, Osumia, and 15% of Medical Ethics.
Launch to treat stomach and lungworms, and other worms
In April 2019, Taurador, a dewormer for a topical treatment to treat lungworms, gastrointestinal roundworms, warbles, and other worms in cattle, was introduced by Norbrook Laboratories Ltd.
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