Market Trends of Spain Veterinary Healthcare Industry
This section covers the major market trends shaping the Spain Veterinary Healthcare Market according to our research experts:
Vaccines Segment is Expected to Witness Growth Over the Forecast Period
Vaccines consist of viruses, bacteria, or other disease-causing organisms that have been killed or altered so that they cannot cause any disease, thereby boosting immunity. The vaccines segment is expected to be driven by innovations in vaccines, increasing awareness of animal health, increasing investment by government bodies and associations, increasing demand for animal proteins including milk, meat, eggs, and fish, and increasing spending on pet healthcare animals. Growing initiatives by the Spanish government in the country have improved animal healthcare and led to an increasing demand for veterinary vaccines. For instance, the Spanish Ministry of Health has adopted a new draft of the Royal Decree on Industrially Manufactured Veterinary Medicinal Products. The new proposal introduces specific provisions for the application of Regulation (European Union) 2019/6 of the European Parliament and of the Council of the 11th of December 2018 on veterinary medicinal products (hereinafter referred to as "Regulation 2019/6") in Spain, which together with Regulation (European Union) 2019/4 of the European Parliament and of the Council of the 11th of December 2018 on the production, placing on the market and use of medicated feed, represents the legislative framework adopted in the middle of the European One Health action plan against antimicrobial resistance.
Moreover, growing public and private sector initiatives to launch new vaccines and animal vaccination measures are expected to drive segment growth over the forecast period. For example, in June 2020 the Federation of Veterinarians of Europe, in cooperation with the European Union, announced that the new legislation on veterinary drugs will apply in all EU countries from January 2022. In addition, in January 2020, Boehringer Ingelheim launched the VAXXITEK HVT+IBD+ND vaccine, which provides a strong immune basis and optimized protection against Mark's disease, Infectious Bursa (classic and variant types), and Newcastle disease.
Therefore, due to the abovementioned factors, the segment is anticipated to witness considerable growth over the forecast period.
