by The global veterinary services industry encompasses services related to diagnosis and treatment of animal diseases, vaccination, spaying and neutering pets along with administrative services such as boarding. Veterinary services help ensure the health and wellbeing of companion animals such as dogs and cats which are increasingly being adopted as pets worldwide due to various social and economic factors. The growing human-animal bond has augmented the demand for quality veterinary care and products that can address pets’ medical needs effectively.
The global Veterinary Services Market is estimated to be valued at US$45 billion in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023-2023, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increasing Pet Adoption
One of the key drivers for the veterinary services industry is the rising pet adoption rate globally as more people, especially millennials, view pets as companions and an integral part of the family. According to the American Pet Products Association, around 67% of U.S. households, or about 85 million families, own a pet. This growing human-animal bond has led many pet owners to invest more resources in their animals’ healthcare which is benefitting veterinary clinics. Moreover, the COVID-19 pandemic further propelled pet adoption with people seeking emotional support during lockdowns which is anticipated to augment veterinary services demand in the coming years.
SWOT Analysis
Strength: Veterinary services play a vital role in animal healthcare and keeping diseases at bay. This reduces the risk of zoonotic diseases transmission to humans.
Weakness: High costs involved in setting up veterinary infrastructure, equipment, and hiring trained staff. Dependence on livestock owners who may sometimes hesitate to opt for paid veterinary care.
Opportunity: Rising pet adoption and growing awareness about animal health present an opportunity to expand small animal veterinary practices. Telehealth can help increase access to veterinary consultations.
Threats: Shortage of trained veterinarians in some regions poses a challenge. Natural disasters and outbreaks of infectious diseases threaten animal health.
Key Takeaways
The Global Veterinary Services Market Size is expected to witness high growth over the forecast period. The market demand is driven by factors such as rising pet adoption, increasing consumption of animal-based food products and importance given to animal welfare.
Regional analysis: North America dominates the global veterinary services market currently. This can be attributed to growing pet care industry and regulatory requirements regarding veterinary care in the region. Asia Pacific is projected to be the fastest growing regional market stimulated by growing livestock population, rising per capita income, and increasing veterinary infrastructure in developing countries.
Key players: Key players operating in the veterinary services market are IDEXX Laboratories, Mars, Greencross Limited, National Veterinary Care Ltd. These companies focus on strengthening their service portfolio and expanding globally through strategic partnerships & collaborations to consolidate market presence.
Key players: Key players operating in the veterinary services market are IDEXX Laboratories, Mars, Greencross Limited, National Veterinary Care Ltd. These companies focus on strengthening their service portfolio and expanding globally through strategic partnerships & collaborations to consolidate market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
