PUBLISHER: The Business Research Company | PRODUCT CODE: 1435605
PUBLISHER: The Business Research Company | PRODUCT CODE: 1435605
Veterinary services encompass the provision of medical care to pets, farm animals, and animals residing in zoos and wildlife parks. These services, delivered through animal hospitals and veterinary clinics, involve consultations, treatments, and the administration of curative medicines aimed at enhancing the health and life cycles of animals.
The primary categories of veterinary services include animal hospitals, veterinary clinics, and veterinary laboratory testing services. Veterinary laboratory testing services focus on testing animals for various diseases, offering both onsite and offsite testing options for both livestock and companion animals. Expenditure on these services can be attributed to both public and private sectors.
The veterinary services research report is one of a series of new reports from The Business Research Company that provides veterinary services statistics, including veterinary services industry global market size, regional shares, competitors with veterinary services share, detailed veterinary services segments, market trends and opportunities, and any further data you may need to thrive in the veterinary services industry. This veterinary services research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The veterinary services market size has grown strongly in recent years. It will grow from $138.94 billion in 2023 to $148.77 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth witnessed in the historical period can be ascribed to the increasing trends in pet ownership, the humanization of pets, urbanization, and population density, along with the rise of companion animal insurance.
The veterinary services market size is expected to see strong growth in the next few years. It will grow to $194.28 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The anticipated growth in the forecast period can be attributed to the expansion of preventive and wellness services, the provision of specialized veterinary care, the adoption of a one-health approach, the increasing presence of e-commerce in pet pharmaceuticals, and the impact of the global pandemic. Major trends expected in the forecast period include ongoing technological innovations, the rise of telemedicine and remote consultations, advancements in veterinary medicine, the emergence of telehealth for pets, and a heightened focus on preventive care.
The veterinary services market is anticipated to experience growth in the forecast period, supported by the expected increase in global meat production. As reported by the US Department of Agriculture, beef production in the USA reached 27.5 billion pounds in 2020, marking the highest volume recorded. Notably, developing countries such as China, India, and Brazil are witnessing significant growth in meat production due to rising populations and increased income levels, with a projected 76% increase in meat and poultry production in emerging markets by 2027. China, specifically, is anticipated to witness a remarkable surge in meat imports, growing over 3,500% to $150 billion by 2050, driven by elevated consumption of chicken, pork, and beef among the rising middle class. The surge in meat production, fueled by a growing population, is expected to escalate the demand for feed additives in the livestock industry, thereby propelling the veterinary services market.
The growth of the veterinary services market is further expected to be propelled by the increasing adoption of companion animals. These animals, considered housemates or close to humans, have diverse physical, emotional, behavioral, and social needs that necessitate veterinary services for diagnosis, treatment, well-being, and prevention of zoonotic diseases. A notable example is the substantial expenditure on pet health in the United States, reaching $136.8 billion in 2022, denoting a 10.68% increase from $123.6 billion in 2021, as reported by the American Pet Products Association. Consequently, the rising adoption of companion animals stands out as a key driver for the growth of the veterinary services market.
The outbreak of the COVID-19 pandemic acted as a significant impediment to the veterinary services market in 2020. The disruptions in supply chains due to trade restrictions and a decline in consumption caused by global lockdowns had adverse effects. However, it is anticipated that the veterinary services market will recover over the forecast period, considering COVID-19 as an unforeseen event rather than an indication of inherent weaknesses in the market or the global economy.
Telemedicine is gaining popularity as it allows pet owners to access quality care from remote locations, representing a subset of telehealth encompassing both clinical and non-clinical elements of the healthcare system. This technology facilitates direct communication between veterinarians and clients through various communication systems, such as phones, email, and video conferencing technologies. Additionally, telemedicine contributes to enhancing existing veterinarian-client-patient relationships, addressing the demand driven by busy lifestyles and consumers' preference for personalized services. Several veterinary clinics offering telemedicine services include Televet, Fuzzy Pet Health, and Healthpets.
Major companies are strategically focusing on developing partnerships to enhance their revenues. Such collaborations offer various advantages, including access to new technologies, expanded customer choices, global service capabilities, collaborative platforms, and service integration. A notable example is the partnership between GlobalVetLink, a US-based provider of software services and informatics solutions in the animal field, and Veterinary Innovative Partners in September 2022. This collaboration aims to streamline clinic processes by implementing the GlobalVetLink Compliance Assistant platform. Veterinary Innovative Partners seeks to enhance efficiency in managing animal health certificates and other compliance documents required for pet travel through this platform, which is a comprehensive Software-as-a-Service (SaaS) designed to streamline animal health compliance across all veterinary practices.
Major companies operating in the veterinary services market report are Mars Inc., Zoetis Inc., VCA Inc., IDEXX Laboratories Inc., Qiagen N.V., Pets at Home Group PLC, BluePearl Pet Hospital, Dechra Pharmaceuticals PLC, PetIQ LLC, CVS Group PLC, Banfield Pet Hospital, Neogen Corporation, Vetpartners, Greencross Limited, National Veterinary Associates Inc., Pathway Vet Alliance LLC, Ethos Veterinary Health LLC, Southern Veterinary Partners, VetCor, VetStrategy, National Veterinary Care Ltd., VetnCare, PetVet Care Centers, Kremer Veterinary Services, Armor Animal Health, Addison Biological Lab Inc., FirstVet AB, Vetnovo
North America was the largest region in the veterinary services market in 2023. Asia-Pacific was the second-largest region in the veterinary services market. The regions covered in the veterinary services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the veterinary services market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.
The veterinary services market includes revenues earned by entities by providing treatment for ill animals, prevention of production-limiting conditions, distribution of medicines, vaccinations, and other products. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Veterinary Services Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on veterinary services market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for veterinary services ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The veterinary services market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.