May 29, 2024
Veterinary Services Market

The Global Veterinary Services Market is expected to be Flourished by High Pet Adoption Rates

The veterinary services market encompasses various medical services provided to animals such as dogs, cats, livestock animals, and other pets. Veterinary procedures include vaccination, surgical procedures, health checkups, pet grooming, and other services. With rising pet adoption worldwide, the demand for veterinary healthcare facilities is increasing rapidly. Pet owners are increasingly willing to spend on preventive care and advanced treatment procedures like surgeries to ensure the overall well-being of their pets.

The global veterinary services market is estimated to be valued at US$ 130.16 billion in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics

The veterinary services market is expected to witness significant growth over the forecast period, driven by rapid urbanization and growing pet humanization trend worldwide. Rapidly increasing pet adoption in developing countries like India and China is driving the demand for veterinary facilities like clinics, hospitals, and pharmacies for routine check-ups and medical consultations. With growing pet healthcare expenditure, key players are focusing on offering specialized and advanced treatment procedures for various diseases and injuries. Further, integration of digital technologies like IoT, telemedicine, and use of apps is facilitating enhanced access to veterinary consultations and pet health monitoring. However, high setup and operational costs associated with advanced infrastructure is a major challenge for new entrants in the veterinary services industry.

Segment Analysis

Veterinary Services market can be segmented based on application into animal hospitals services, lab diagnostics, radiology and imaging services, nursing and rehabilitation services, animal food supply services and others. Among these, animal hospital services segment dominates the veterinary services market with around 50% share. Animal hospitals provide advanced medical treatments by veterinarian doctors which have increased demand for pet owners.

PEST Analysis

Political: Government policies to promote animal healthcare and welfare will drive the market growth. Regulations regarding veterinary drugs and treatments impact the market.

Economic: Rising disposable income and growing trend of pet adoption are major economic drivers. The market growth can be hampered due to high cost of advanced veterinary treatments.

Social: Increase in humanization of pets, ownership of multiple pets per household and changing attitude towards pet care and health benefits the market. Growing awareness regarding zoonotic diseases augments the demand.

Technological: Adoption of digital technologies like telehealth, AI, IoT for enhanced diagnostics, monitoring and animal care supplements the market growth. Advancement in surgical procedures, medicines and therapies expands treatment options.

Key Takeaways

The Global Veterinary Services Market Share is expected to grow from US$ 130.16 Bn in 2024 to US$ 190.86 Bn by 2031 at a CAGR of 5.0%.

Regional analysis – North America dominates the global veterinary services market owing to factors such as rising pet adoption, increasing pet healthcare expenditure and advanced healthcare infrastructure.

Key players operating in the Veterinary Services market are Fagron Sterile Services US, New Drug Loft & VLS Pharmacy, Nora Apothecary, Lifecare Pharmacy, Avella Specialty Pharmacy, Triangle Compounding Pharmacy, O’Brien Pharmacy, Tache Pharmacy, Northmark Pharmacy, Edge Pharma, and ImprimisRx. Key players are focussed on expanding their service portfolio and geographical presence through mergers & acquisitions.

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