July 20, 2024
Veterinary Services Market

Veterinary Services Market Is Estimated To Witness High Growth Owing To Growing Pet Adoption

The global veterinary services market is estimated to be valued at US$ 92,238.4 million 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 encompasses a variety of healthcare services provided to animals. These services include medical examinations, diagnostics, surgeries, vaccinations, and preventive care, among others. The market is driven by the increasing adoption of pets worldwide and the rising awareness about animal health and welfare. Pet owners are increasingly seeking quality veterinary care for their beloved companions, leading to the growth of the veterinary services market. The market offers several advantages, such as improved animal health outcomes, early disease detection, and the prevention of zoonotic diseases. These factors contribute to the growing need for veterinary services in both developed and developing regions.

Market Key Trends:
One key trend driving the veterinary services market is the rising demand for specialty veterinary services. In recent years, there has been a significant increase in the availability of specialized veterinary clinics that offer advanced treatment and care for specific animal conditions. These include specialty clinics for orthopedics, neurology, cardiology, oncology, and dentistry, among others. The demand for such services is driven by the growing prevalence of chronic and complex diseases in animals, as well as the increasing willingness of pet owners to opt for specialized care. Additionally, advancements in veterinary technology and the availability of advanced diagnostic tools have further fuelled the demand for specialty veterinary services. This trend is expected to continue over the forecast period, driving the growth of the veterinary services market.

PEST Analysis:

Political: The political factors influencing the Global Veterinary Services Market include government regulations and policies pertaining to animal health and welfare. Increased focus on animal rights and stringent regulations regarding the use of antibiotics in veterinary treatments can impact the market.

Economic: The economic factors related to this market involve the overall economic growth, disposable income, and expenditure patterns of pet owners. A strong economy enables pet owners to afford veterinary services, leading to increased demand for such services.

Social: The social factors influencing the veterinary services market include changing attitudes towards pets and the rising awareness about the importance of animal health. Increasing pet ownership, humanization of pets, and the willingness of pet owners to spend on their pets’ healthcare contribute to the growth of the market.

Technological: Technological advancements in the veterinary field, such as advanced diagnostic tools, telemedicine, and electronic health records, have revolutionized the way veterinary services are delivered. These technological advancements enhance the effectiveness and efficiency of veterinary treatments, driving the market growth.

Key Takeaways:

The global veterinary services market is expected to witness high growth, exhibiting a CAGR of 6.9% over the forecast period (2023-2030), reaching a market size of US$ 92,238.4 million in 2023. The market is driven by various factors, including the increasing pet ownership, growing awareness about pet health, and technological advancements in the veterinary industry.

Regionally, North America is anticipated to be the fastest-growing and dominating region in the veterinary services market. This can be attributed to factors such as high pet ownership, advanced veterinary infrastructure, favorable government policies, and the presence of key market players in the region.

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 play a crucial role in driving the market growth by offering a wide range of veterinary services, innovative products, and strategic collaborations in the market.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it