by The Veterinary Services Market is estimated to be valued at US$ 112626.87 Mn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Veterinary services involve prevention, diagnosis and treatment of diseases and injuries in pets such as dogs, cats and others. The market caters to a wide range of services such as preventive care, pet grooming, surgical procedures, and dental care. Veterinary clinics offer digital x-rays, ultrasonography, in-house diagnostics and advanced treatment options. With rising pet adoption and humanization of pets, veterinary services play a crucial role in ensuring animal welfare.
Market Dynamics:
Increasing pet ownership is a key driver for the veterinary services market growth. According to the Association for Pet Obesity Prevention, over 60% of dogs and cats in the US are overweight or obese. The growing risk of obesity and related disorders have increased the demand for preventive healthcare services. Additionally, rising pet humanization trend have encouraged pet owners to invest more on advanced veterinary treatments for optimum care and wellbeing of their pet companions. In 2020, over 85% of US households owned pets resulting in huge market potential. However, shortage of veterinarians poses a challenge for wider service penetration across regions.
Segment Analysis
The global veterinary services market is segmented into companion animal and farm animal. The companion animal segment dominates the market and accounts for over 65% share. This is because of increasing pet ownership globally along with rising spending on pet healthcare. People are treating companion animals as family members and want them to live long and healthy lives.
PEST Analysis
Political: Regulations regarding animal welfare and healthcare are becoming more stringent globally which is positively impacting the market growth. Many countries have also banned the use of certain antibiotics in livestock feeding which is boosting preventive healthcare expenditure.
Economic: Rising disposable incomes and growing urbanization are major drivers of increasing spending on pet healthcare. The farm animal segment is also growing due to increase in meat consumption worldwide and demand for quality meat and dairy products.
Social: Changing social trends indicate that people are viewing companion animals more as family members rather than just pets. This is reflected in higher spending on nutrition, medication and healthcare of companion animals. Growing numbers of nuclear families also contribute to increased adoption of pets.
Technological: Adoption of advanced diagnostic tools and equipment as well as digital platforms for services like telehealth and online appointments are providing opportunities for market players to enhance service quality and expand their reach. Integration of AI and Big Data analytics can also help optimize operations.
Key Takeaways
Global Veterinary Services Market Demand is expected to witness high growth, exhibiting CAGR of 6.9% over the forecast period, due to increasing companion animal ownership globally. The market size for 2023 is estimated at US$ 112626.87 Mn.
Regional analysis: North America dominates the global veterinary services market currently, accounting for over 35% share due to growing pet population and increasing per capita pet healthcare expenditure in the region. Asia Pacific is expected to be the fastest growing regional market exhibiting a CAGR of around 8% during the forecast period owing to rising awareness about animal health and welfare in developing countries of the region.
Key players: Key players operating in the veterinary services market include Mars Inc., CVS Group PLC, Greencross Vets, Ethos Veterinary Health, Idexx Laboratories Inc., Pets at Home Group PLC, CityVet Inc., FirstVet, Kremer Veterinary Services, and Armor Animal Health, among others. These players are focusing on adopting innovative technologies to offer better quality services and expanding into emerging markets through strategic partnerships and acquisitions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
