by The global veterinary services market is estimated to be valued at US$ 200 billion in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The veterinary services market offers medical care and treatment for animals, including pets, livestock, and wildlife. The market provides a range of services such as vaccinations, surgeries, diagnostics, dental care, and emergency care. Rising pet ownership, coupled with increasing awareness about animal health and the human-animal bond, is driving the demand for veterinary services globally. Pet owners are increasingly seeking high-quality healthcare services for their pets, leading to the growth of this market. Veterinary services play a crucial role in ensuring the health and well-being of animals, as well as the prevention and control of zoonotic diseases.
Market Key Trends:
One key trend in the veterinary services market is the growing adoption of telemedicine and digital platforms for veterinary consultations. Telemedicine allows pet owners to connect with veterinarians remotely, enabling timely diagnosis and treatment. This trend is driven by the increasing use of smartphones, the convenience of virtual consultations, and the need for social distancing during the COVID-19 pandemic. Telemedicine in veterinary services improves accessibility, reduces pet owners’ costs, and provides efficient healthcare delivery. Additionally, digital platforms offer online pharmacies, appointment scheduling, and access to pet health records, enhancing overall customer experience and driving market growth.
Segment Analysis:
The Global Veterinary Services Market can be segmented based on animal type, service type, and region. Based on animal type, the market is dominated by companion animals, which include dogs, cats, and other small pets. Companion animals account for a significant share in the veterinary services market due to the increasing trend of pet adoption, growing pet humanization, and rising spending on pet healthcare. These factors drive the demand for veterinary services such as preventive care, diagnostics, surgeries, and advanced treatments for companion animals.
Key Takeaways:
The global veterinary services market is expected to witness high growth, exhibiting a CAGR of 6.9% over the forecast period of 2021 to 2030. This growth can be attributed to various factors. Firstly, the increasing adoption of pets and the growing trend of pet humanization are driving the demand for veterinary services. Pet owners are increasingly willing to spend on their pets’ healthcare, leading to a higher demand for veterinary services. Additionally, advancements in veterinary medicine and technology are enabling the provision of more advanced and specialized treatments, further fueling market growth.
In terms of regional analysis, North America is the fastest-growing and dominating region in the veterinary services market. This can be attributed to factors such as high pet ownership, increased awareness about pet health and wellness, and the presence of well-established veterinary clinics and hospitals. Additionally, favorable government policies and initiatives promoting pet healthcare and the availability of advanced veterinary services contribute to the dominance of North America in the market.
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 (Animart), among others. These key players have a strong market presence, offering a wide range of veterinary services, including preventive care, diagnostics, surgeries, and specialized treatments. They focus on strategic collaborations, mergers and acquisitions, and technological advancements to strengthen their market position and expand their customer base.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
