Veterinary Services Market Size, Share, Growth Analysis, By Animal Type (Companion Animals, Production Animals), By Service Type (Medical Services, Non-Medical Services), By Region - Industry Forecast 2024-2031

Global Veterinary Services Market size was valued at USD 23.0 billion in 2022 and is poised to grow from USD 24.59 billion in 2023 to USD 41.93 billion by 2031, growing at a CAGR of 6.9% during the forecast period (2024-2031).

The global veterinary services market is witnessing significant growth, driven by increasing government initiatives aimed at ensuring food security and biosecurity, particularly in livestock management. The World Organisation for Animal Health (OIE) plays a pivotal role in advancing food safety practices through guidelines that mitigate biological risks throughout the supply chain. The post-COVID landscape has accelerated the availability of online veterinary services and pet insurance, coinciding with a rise in pet adoption fueled by remote work trends. Livestock is crucial, contributing 33.3% of protein intake in emerging markets, prompting veterinary firms to innovate new products and diagnostic solutions, such as Zoet's VetscanImagyst for detecting intestinal parasites. This commitment to animal welfare is further strengthening the demand for veterinary services.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Veterinary Services market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Veterinary Services Market Segmental Analysis

Global Veterinary Services Market is segmented by animal type, service type and region. Based on animal type, the market is segmented into companion animals and production animals. Based on service type, the market is segmented into medical services and non-medical services. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

Driver of the Global Veterinary Services Market

The global veterinary services market is poised for growth, driven by increasing awareness of pet health and the rising need for effective medical care. Initiatives like those by the Federation of Indian Animal Protection Organization (FIAPO) highlight the importance of animal welfare through collaboration and public awareness campaigns. Additionally, the growing incidence of zoonotic diseases is significantly influencing market expansion, as these diseases are prevalent worldwide. According to the Centers for Disease Control and Prevention (CDC), over 60% of known infectious diseases in humans are animal-transmitted, underscoring the vital role veterinary services play in safeguarding both animal and human health.

Restraints in the Global Veterinary Services Market

The growth of the global veterinary services market faces significant constraints primarily due to the high costs associated with these services and a shortage of qualified personnel. The expenses related to diagnostic imaging equipment and veterinary medications contribute to the overall increase in service prices, making them less accessible. Moreover, in developing and underdeveloped regions, limited awareness about veterinary care further hampers market expansion. Additionally, the prevalence of common companion animals like cats and dogs poses risks of zoonotic infections, highlighting the need for professional services while simultaneously indicating the challenges in promoting these essential veterinary practices.

Market Trends of the Global Veterinary Services Market

The global veterinary services market is experiencing significant growth, driven by the increasing availability of advanced products and services offered by key players. Initiatives such as PetSmart's launch of PetSmart Veterinary Services (PVS) in June 2022 exemplify this trend, providing a comprehensive solution for veterinarians to establish franchised practices while facilitating connections between pet parents and local veterinarians. This model enhances accessibility to veterinary care within familiar retail environments, further propelling market expansion. As consumer demand for quality and convenient pet healthcare escalates, the integration of innovative veterinary services is poised to redefine the landscape, fostering robust growth in the sector.