LOS ANGELES, July 25, 2022 (GLOBE NEWSWIRE) — The Global Veterinary Services Market size accounted for USD 99.5 Billion in 2021 and is expected to reach USD 162.5 Billion by 2030 growing at a CAGR of 5.8% during the forecast timeframe from 2022 to 2030.
Veterinary services are animal wellness services provided by veterinary clinics and hospitals to help animals live better lives. Veterinary healthcare facilities and clinics work with multiple veterinary associations to offer a variety of veterinary wellness plans and programs. Veterinary services offer customers the opportunity to discover the benefits of proactive animal care. Veterinary health and wellbeing care can help with the early detection of chronic disorders, which assists in the formulation of appropriate medication. By enhancing the quality of veterinary care, veterinary services also strengthen client-hospital relationships. Veterinary services plans can give pet owners an estimated budget for enhanced companion animals’ lives and explain how they can lower their dogs’ healthcare bills.
Veterinary services are expected to grow at an exponential rate over the forecast period due to increased pet popularity worldwide as a result of increased pet adoption. As per the American Hospital Association, 80% of animal lovers treat their pets like children, raising overall veterinary care expenditures. The concept of public healthcare will acquire the most popular in the global veterinary services industry. In the veterinary services industry, the farm animals category is expected to gain the most market share. In the worldwide veterinary services market, diagnostic tests and imaging will be the fastest-growing service provider sector.
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|Market||Veterinary Services Market|
|Market Size 2021||USD 99.5 Billion|
|Market Forecast 2030||USD 162.5 Billion|
|CAGR During 2022 – 2030||5.8%|
|Analysis Period||2018 – 2030|
|Forecast Data||2022 – 2030|
|Segments Covered||By Animal Type, By Service, And By Geography|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Mars, Inc., Idexx Laboratories, Greencross Ltd., CVS Group Plc, National Veterinary Care Ltd., Addison Biological Laboratory, Patterson Companies Inc., Ethos Veterinary Health, Animart LLC, Armor Animal Health, Pets At Home Group Plc, and Petiq LLC.|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
|Customization Scope||10 hrs of free customization and expert consultation|
Global Veterinary Services Market Growth Aspects
In the past few years, there has been a significant increase in the popularity of domesticated animals as human companions, such as cats, dogs, and even horses. Furthermore, agricultural animals such as sheep and swine are being taken in for a number of commercial reasons. Due to their favorable economic conditions, developed economies have a disproportionately large proportion of companion animal adoption. Pet ownership for companionship has expanded, as has disposable income, which has raised the demand for veterinary medical services. Diagnostic tests, imaging, and physical health monitoring accounted for roughly half of the total ongoing expenses. As a result, rapidly rising animal healthcare capital spending is projected to drive market dynamics. Additionally, a surge in the global pet population has driven the growth of the veterinary services market.
In general, the veterinary services market is expected to expand fast as a result of growing animal adoption, higher prevalence of livestock diseases, enhanced animal health awareness, and greater international technology transfer and government operations. Government-supported actions to safeguard food and nutrition security are expected to boost the global adoption of better veterinarian care. The huge increase in companion animals and humanization worldwide is partly to blame for the growing need for veterinary care centers, which is fueling the growth of the market.
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Aside from that, the high cost of several advanced diagnostic devices and veterinary medications, as well as the rising cost of veterinary practitioners, are likely to impede market expansion throughout the projection period. The emergence of the COVID-19 influenza virus has a substantial impact on the overall operation of the medical business. Several absolutely necessary items and services showed multi-fold increases in sales, whereas their non-essential counterparts saw decreases across regions. The COVID-19 virus was proven to have slowed the growth of the veterinary services company.
Veterinary Services Market Regional Overview
North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa are the regional classification of the global veterinary services market. Asia-Pacific is projected to be the fastest-growing regional market over the next few years. The increasing population of livestock and domesticated animals in this region’s advanced and developing countries is driving the massive increase. Furthermore, by aiding in the conservation of valuable livestock and poultry, veterinary services contribute to economic prosperity, particularly in rural communities in emerging economies. Furthermore, during the projection period, the continuing transition of complex healthcare infrastructures is expected to boost growth. It has been stated that the market’s potential, particularly in the Asia-Pacific region, has grown as a result of rising veterinary healthcare and a burgeoning pet community in emerging economies such As India and China.
Veterinary Services Market Segmentation
The global veterinary services market has been segmented by Acumen Research and Consulting based on animal type, and services. Based on the animal type, the market is divided into companion animal, and farm animal. Based on the services, the market is categorized into diagnostic tests and imaging, surgery, physical health monitoring, and other services.
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Veterinary Services Market Players
Some key players covered globally in the veterinary services industry are Mars, Inc., Idexx Laboratories, Greencross Ltd., CVS Group Plc, National Veterinary Care Ltd., Addison Biological Laboratory, Patterson Companies Inc., Ethos Veterinary Health, Animart LLC, Armor Animal Health, Pets At Home Group Plc, and Petiq LLC.
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Acumen Research and Consulting is a global provider of market intelligence and consulting services to information technology, investment, telecommunication, manufacturing, and consumer technology markets. ARC helps investment communities, IT professionals, and business executives to make fact-based decisions on technology purchases and develop firm growth strategies to sustain market competition. With the team size of 100+ Analysts and collective industry experience of more than 200 years, Acumen Research and Consulting assures to deliver a combination of industry knowledge along with global and country level expertise.
Mr. Richard Johnson
Acumen Research and Consulting
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