The Global Veterinary Services Market Size in 2021 was USD​ 99.5 Billion, Market Value set to reach USD 162.5 Billion at 5.8% CAGR by 2030

Veterinary Services Market Overview

The global veterinary services market is experiencing significant growth due to the rising demand for animal healthcare services and increasing pet ownership. Veterinary services cater to the healthcare needs of various animals, including pets, livestock, and other wildlife species. The market includes various segments such as pet care, animal hospitals, veterinary clinics, and others. The pet care segment is witnessing a surge in demand due to the growing popularity of pet grooming and boarding services. The animal hospitals and veterinary clinics segment is the largest segment of the veterinary services market, as it offers medical treatment, surgeries, and other essential services to pets and livestock. The market is highly competitive and consists of various key players, including Mars Inc., Idexx Laboratories Inc., and Zoetis Inc. These companies focus on expanding their market presence through mergers, acquisitions, and strategic partnerships. With the growing awareness of animal health care and increasing pet adoption rates, the veterinary services market is expected to witness steady growth in the coming years.

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Trends in the Veterinary Services Market

• Personalized Nutrition Plans: The focus on personalized nutrition plans for pets is growing, with veterinarians providing tailored diets for pets based on their individual needs and health conditions.
• Online Pharmacy Services: The growth of online pharmacy services for pet medications is enabling pet owners to purchase necessary medicines and supplements conveniently and at a lower cost.
• End-of-Life Care: The demand for end-of-life care for pets is increasing, with services such as hospice care, palliative care, and euthanasia being offered by veterinary clinics.
• Pet Insurance: Pet insurance is gaining popularity, as it provides financial protection for pet owners against unexpected veterinary costs.
• DNA Testing: DNA testing for pets is becoming more common, providing insights into the pet’s breed, potential health risks, and genetic traits.
• Mobile Veterinary Clinics: Mobile veterinary clinics are gaining popularity, providing pet care services in remote areas and underserved communities.
• Electronic Medical Records: The adoption of electronic medical records in veterinary services is increasing, streamlining patient data management and improving patient care.
• Stem Cell Therapy: The use of stem cell therapy is becoming more common in veterinary services, offering a promising treatment option for various health conditions in pets.

Veterinary Services Market Dynamics

• Increasing Awareness of Animal Health: The growing awareness of animal health and welfare is driving demand for veterinary services, with pet owners prioritizing their pet’s health and wellbeing.
• Advancements in Veterinary Medicine: Advancements in veterinary medicine, such as advanced diagnostic tools, surgical techniques, and treatment options, are driving demand for veterinary services.
• Increased Spending on Pet Care: The growing trend of humanizing pets and the willingness of pet owners to spend more on their pets is driving the growth of the veterinary services market.
• Growing Emphasis on Preventative Care: The growing emphasis on preventative care, such as routine check-ups and vaccinations, is driving demand for veterinary services and promoting overall pet health.
• Aging Pet Population: The aging pet population is driving demand for veterinary services, as older pets require more frequent and specialized care to maintain their health.
• Increased Demand for Specialty Services: The growing demand for specialty services, such as emergency care, surgery, and dental care, is driving the growth of the veterinary services market.
• Shift towards Organic and Natural Pet Care: The growing trend towards organic and natural pet care is driving demand for veterinary services that provide holistic and alternative treatment options.

Growth Hampering Factors in the Market for Veterinary Services

• Lack of Insurance Coverage: The lack of insurance coverage for pets can limit the accessibility of veterinary services, reducing demand for these services.
• Limited Availability of Veterinarians: A shortage of veterinarians, particularly in rural areas, can limit the accessibility of veterinary services, and reduce the growth of the market.
• Reduced Government Funding: Reduced government funding for animal health programs and initiatives can limit the accessibility of veterinary services, particularly in underserved communities.
• Limited Consumer Awareness: Limited consumer awareness of the importance of preventative care and the role of veterinary services in promoting animal health can limit the growth of the veterinary services market.
• High Cost of Veterinary Education: The high cost of veterinary education can limit the number of new veterinarians entering the workforce, limiting the growth of the veterinary services market.
• Animal Rights Activism: The growing influence of animal rights activism can limit the growth of the veterinary services market, particularly in cases where certain treatments or procedures are viewed as controversial.
• Growing Concerns about Antimicrobial Resistance: The growing concern about antimicrobial resistance can limit the use of antibiotics in veterinary medicine, limiting the treatment options available to veterinarians and hampering the growth of the veterinary services market.
• Regulatory Hurdles: Regulatory hurdles, such as licensing requirements and compliance with veterinary medicine regulations, can limit the accessibility of veterinary services, particularly in emerging markets.

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Market Segmentation

Type Of Animal

• Companion Animals
• Dogs
• Horses
• Cats
• Others
• Farm Animals
• Swine
• Poultry
• Cattle
• Others

By Service

• Physical Health Monitoring
• Surgery
• Diagnostic Tests and Imaging
• Other Services

Veterinary Services Market Key Players

The global veterinary services market is competitive and consists of several major players. Some of the key players in the market include VCA Inc., Banfield Pet Hospital, Greencross Ltd., CVS Group Plc, Mars, Incorporated, National Veterinary Associates, Inc., and The Animal Health Center. Other players in the market include Medivet Group Ltd., The Bergh Memorial Animal Hospital, Inc., Independent Vetcare Ltd., Linnaeus Group Limited, VetPartners, Pets at Home Group Plc, Nippon Veterinary and Life Science University, CVS Group plc, Idexx Laboratories, Inc., Patterson Companies Inc., Zoetis, and Merck Co., Inc. These companies are focused on developing innovative veterinary services and products, expanding their geographical presence, and engaging in mergers and acquisitions to increase their market share.

Veterinary Services Market Overview by Region

• North America’s Veterinary Services market share is the highest globally, with the United States being the largest contributor. The region has a large number of pet owners who are willing to spend on veterinary care. In addition, the growing trend of pet humanization, coupled with an increase in pet adoption and pet insurance coverage, is expected to drive the growth of the market. The region is also witnessing a shift towards preventive care, which is expected to further boost the market growth.
• The Asia-Pacific region’s Veterinary Services Market share is also huge and is growing at the fastest rate. The region has a large population of livestock, and the increasing demand for animal protein is driving the growth of the market. In addition, the region is experiencing a rise in pet ownership, particularly in countries like China, India, and Japan. The growing awareness about animal health and the increase in pet insurance coverage are also expected to contribute to the growth of the market.
• Europe is another key market for Veterinary Services, with countries like the United Kingdom, Germany, and France being the major contributors. The region has a high pet ownership rate, particularly for dogs and cats. The increasing prevalence of zoonotic diseases, such as Lyme disease and rabies, is driving demand for veterinary services. Furthermore, the increasing awareness about pet health and the growing trend of pet humanization are expected to contribute to the growth of the market.
• The South American and MEA regions have a smaller Veterinary Services market share, however it is expected to grow at a steady pace. Growth is driven by an increasing demand for animal protein and a growing pet ownership rate. The region has a high prevalence of zoonotic diseases, such as Leishmaniasis and Chagas disease, which is driving demand for veterinary services.

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