Global Veterinary Services Market Outlook, 2028

A service known as veterinary services refers to a development that is used to care for and treat all animals, with the major focus being on outpatient care and small surgical operations requiring less than a four-day hospital stay. The demands of every animal species are a top priority for today's veterinarians, who put in a lot of effort. A branch of medicine called veterinary medicine focuses on identifying, preventing, and treating illnesses that affect the health of both domestic and wild animals as well as preventing the spread of these illnesses to humans. Given that more individuals are working from home and that pets are a significant part of many people's life, the epidemic has led to an increase in pet adoption. Many individuals consider their pet to be a member of the family. Cats and dogs are everywhere, and people are spending more money on them. Businesses in the veterinary industry created new goods, tools for diagnosis, and services to meet the demand that was expanding. It is anticipated that the adoption of veterinary services in cattle around the world will be accelerated by an increasing number of government measures to maintain food security and biosecurity. A veterinarian service is used for zoonoses, foodborne zoonotic dangers, and early detection and treatment of animal diseases. To reduce the likelihood of non-compliance regarding veterinary medicine residues in food of animal origin and the emergence of antimicrobial resistance (AMR), it depends on veterinary medical goods, such as antimicrobial agents. In addition, it helps with addressing animal production food safety and raising knowledge about food producers, processors, and distributors. Additionally, rising disposable incomes of consumers are projected to drive the growth of the global veterinary service market over the years to come. Initiatives by governments and continuous research & development regarding veterinary services are expected to create growth opportunities for key market players over the foreseeable future.

According to the research report, “Global Veterinary Services Market Outlook, 2028” the market is expected to cross USD 145.40 Billion market size, increasing from USD 100.16 Billion in 2022. The global market is forecasted to grow with 6.15% CAGR by 2023-28. As modern technology makes it possible for pet owners to get high-quality care from distant regions, telemedicine is gaining popularity. The distant clinical and non-clinical components of the healthcare system are included in the subset of telehealth known as telemedicine. It describes the direct communication that takes place between clients and veterinarians by phone, mail, and video conferencing technology. Additionally, this technology aids in strengthening current patient-client-veterinarian ties. The need for telemedicine services is being driven by busy lives and consumers' inclination for individualised services. For instance, Televet, Fuzzy Pet Health, and Healthpets are a few veterinary practises that provide telemedicine. The goals of policies are to ensure long-term viability, which can be achieved by balancing greater output with increased attention to veterinary care for animals. The Food and Agriculture Organisation estimates that animal-based foods make for 33.3% of people's protein intake in developing nations. Cattle efficiency is increasing as a result, which is essential for supplying the world's expanding population's dietary needs. Over the anticipated timeframe, these factors collectively account for a sizeable share of the veterinary services market held by producing animals. The digitalization of pet health records is streamlining administrative processes and improving patient care. Electronic health records (EHR) systems are becoming standard in veterinary clinics, enhancing data accuracy and accessibility. Mobile veterinary clinics and telemedicine services are expanding access to veterinary care in remote and underserved areas. These services are particularly valuable for routine check-ups, vaccinations, and minor treatments.

North America held the largest revenue share of the market in 2022. The main reasons for this enormous growth are the determined measures taken by various government animal welfare organisations with a goal of improving veterinary services in the US and Canada. According to projections, there will be an increase in access to these services as a result of the expansion of new animal education programmes in the United States, including unorthodox programmes seeking accreditation, which will also raise the likelihood that veterinary service, will be accepted in the years to come. On the other side, Asia Pacific is likely to experience the fastest rate of growth during the anticipated years. The reason for the exponential rise is the growing pet and livestock populations in the regions with developed and developing economies. Additionally, veterinary services contribute to reducing poverty, particularly in rural areas of developing countries, by helping to maintain the valuable livestock herd. There are more veterinarians in Japan who treat pets and other small animals, which could be a chance for the sector to grow. It is anticipated that India would have a greater need for veterinarians and their services as a result of the rising demand for products like meat and milk brought on by the country's growing population and animal husbandry.

Based on Animal Type, the market is fragmented into Production Animals and Companion Animals. The production animals segment of the global veterinary services market holds the highest market. Production animals play a vital role in the global economy. They are a primary source of food products such as meat, milk, and eggs. As a result, the health and well-being of production animals are of paramount importance to ensure a stable food supply chain. Farmers and livestock producers heavily rely on veterinary services to maintain the health and productivity of their animals. Production animals are susceptible to various diseases that can have significant economic implications. Outbreaks of diseases like avian influenza, foot-and-mouth disease, and swine flu can result in massive financial losses for the livestock industry. Veterinary services are essential in preventing, controlling, and managing these diseases. Globally, there is a growing concern about antibiotic resistance. Regulatory bodies are imposing stricter controls on the use of antibiotics in livestock. Veterinary services are vital in helping farmers adopt alternative strategies for disease prevention and treatment, such as probiotics, vaccines, and improved hygiene practices. In addition, the Companion Animals segment is expected to have the highest CAGR in the global veterinary services market during the forecast period. There is a growing trend of humanizing pets, where owners are willing to spend more on their pets' healthcare, nutrition, and overall comfort. This includes preventive care, advanced medical treatments, and even pet insurance, all of which contribute to the growth of veterinary services. Pets are living longer due to improved healthcare, nutrition, and living conditions. However, ageing animals are more prone to health issues such as arthritis, diabetes, and cancer. As pets age, they require more frequent medical attention and specialized care, leading to increased demand for veterinary services.

In terms of Companion animals, the veterinary services market is segmented into Dogs, Cats, Horses and Others. The Dogs segment within the Companion Animals category is expected to have the highest market share in the global veterinary services. Dogs are one of the most popular and widely kept companion animals globally. Their popularity transcends cultural and geographical boundaries. The sheer number of dogs as pets drives the demand for veterinary services. Dogs have long been cherished for their role as companions to humans. They provide emotional support, loyalty, and a sense of security to their owners. This strong emotional connection leads dog owners to prioritize the health and well-being of their canine companions, driving them to seek veterinary care regularly. Many dog owners consider their pets to be family members. This familial bond motivates owners to invest in high-quality healthcare for their dogs, including regular check-ups, vaccinations, and treatments for various health conditions. In addition, The Others category encompasses a wide array of animals that serve as pets, reflecting the diversity of choices available to pet owners. This diversity has grown in recent years as people seek unique and exotic pets, driving interest in veterinary care for these species. Some animals in the Others category are bred for conservation efforts and as exotic pets. Zoos, wildlife reserves, and breeders of exotic animals often require veterinary services for breeding programs, health assessments, and disease control. Zoos, aquariums, and educational institutions often house animals from the Others category as part of their conservation and educational efforts. These institutions require veterinary services to ensure the health and welfare of their animals and to facilitate public education.

In terms of production animals, the veterinary services market is segmented into cattle, poultry, swine and others. The Cattle segment within the Production Animals category is expected to have the highest market share in the global veterinary services market because of the economic significance of cattle, their large population, susceptibility to diseases, and their role in food production. Cattle are among the most economically important production animals globally. They are primarily raised for meat (beef) and dairy production. As a major source of food, the health and well-being of cattle are critical to food security and the agricultural economy. The global cattle population is substantial, with billions of cattle raised for various purposes. The sheer number of cattle necessitates a vast amount of veterinary care, ranging from routine health checks to disease management. Cattle are susceptible to a variety of diseases that can have a significant economic impact. Diseases like foot-and-mouth disease, brucellosis, and bovine respiratory diseases can spread rapidly within cattle herds. Veterinary services are crucial for disease prevention, control, and management. In addition, each species within the Others category serves specific purposes and has its own market niche. For example, goats are raised for meat, milk, and fiber production, while aquaculture species are crucial for seafood production. These niche markets often require specialized veterinary services. Many of the animals in the Others category have specialized healthcare requirements. For instance, equine veterinary care involves dental care, hoof care, and orthopaedic treatments. Fish health management requires expertise in aquatic medicine, water quality control, and disease prevention.

Based on service Type, the veterinary services market is segregated into Physical Health Monitoring, Surgery, Diagnostic Tests& imaging, Artificial Insemination, Grooming, Vaccination and Others (Biosecurity, Dental Care, etc.). The Physical Health Monitoring segment is expected to grow at the highest market share. The increasing prevalence of chronic diseases in pets is a major driver of this growth. As pets live longer, they are more likely to develop these diseases, which require regular monitoring and treatment. The growing popularity of pet insurance is also a major driver of this growth. Pet insurance can help pet owners pay for the cost of preventive care and treatment, which can be expensive. The development of new technologies is also a major driver of this growth. New technologies, such as wearable devices and telemedicine, are making it easier and more convenient for pet owners to monitor their pets' health. The increasing awareness of the importance of preventive care is also a major driver of this growth. Pet owners are becoming more aware of the importance of preventive care, such as vaccinations and regular check-ups. In addition, the Diagnostic Tests & Imaging segment is expected to have the highest CAGR during the forecast period due to the increasing prevalence of chronic diseases in pets, the growing popularity of pet insurance, the development of new technologies, and the increasing awareness of the importance of early diagnosis. The segment is also expected to be driven by the development of new technologies, such as ultrasound, CT scans, and MRIs. These technologies are making it easier and more accurate to diagnose diseases in pets. They are also becoming more affordable, which is making them more accessible to pet owners.

The market is divided into Veterinary Hospital, Veterinary Clinic, Outdoors/ Ambulatory and Online based on end user. Veterinary hospitals are known for providing a comprehensive range of services, encompassing preventive care, diagnostics, surgeries, emergency care, and specialized treatments. This one-stop-shop approach appeals to a wide clientele, from pet owners seeking routine check-ups to those requiring advanced medical attention for their animals. Veterinary hospitals are equipped with state-of-the-art medical devices and diagnostic equipment, including X-ray machines, ultrasound scanners, CT scanners, and surgical suites. These facilities enable veterinarians to deliver high-quality care, perform complex procedures, and provide accurate diagnostics, making them the preferred choice for many pet owners. Veterinary hospitals typically offer 24/7 emergency services and critical care units staffed with specialists. This readiness to respond to accidents, sudden illnesses, and emergencies is a significant attraction for pet owners who value the assurance of immediate attention when their pets are in distress. In addition, the Online segment in the global veterinary services market is expected to experience high CAGR during the forecast period due to factors such as convenience, accessibility, the rise of telehealth, the growth of e-commerce, the impact of the COVID-19 pandemic, and the increasing use of digital tools and information by pet owners. The growth of e-commerce platforms dedicated to pet products, medications, and even prescription diets has surged. Pet owners can conveniently order these items online, often with doorstep delivery, making it an attractive option. Online applications and mobile apps designed for pet health monitoring and wellness tracking have gained popularity. These apps allow pet owners to monitor their pets' health, track medication schedules, and receive reminders for vaccinations and check-ups.

Market Dynamics:

Increasing Prevalence of Zoonotic Diseases: The increasing prevalence of zoonotic diseases has led to a heightened demand for veterinary services that focus on disease control and prevention. Veterinarians play a crucial role in diagnosing, treating, and managing zoonotic infections in both animals and humans. Veterinary services are involved in surveillance programs to monitor zoonotic disease trends and identify emerging threats. Early detection is critical for prompt response and containment. Veterinary research plays a pivotal role in understanding the biology, transmission, and treatment of zoonotic pathogens. This research informs the development of vaccines, diagnostic tests, and treatment protocols for both animals and humans. Ensuring food safety is a priority for veterinary services. They are involved in inspecting and regulating food production facilities to minimize the risk of zoonotic pathogens entering the food supply chain.

Increase in pet adoption: During the coronavirus outbreak, a lot of people worked from home, which resulted in an increase in pet adoption. Many individuals consider their pet to be a member of the family. A number of new products, services, and diagnostic tools were created by veterinary enterprises to suit the need. Rising consumer spending on veterinary care, an increase in pet ownership, and an increase in the number of poultry and cow farms are all predicted to support the growth of the veterinary services industry. Rising pet adoption in Southeast Asia and Central America would further support the veterinary services market throughout the expected period. Pet owners worry more about their animals' health and take better care of their livestock in the event of an incident or infection. The market price for veterinary services will consequently see a major increase in the near future.

High Cost of Veterinary Services: The growth of the global veterinary service industry is hampered by the high cost of veterinary services and a lack of competent labour. The high cost of veterinary services is a result of the high cost of veterinary medications and diagnostic imaging supplies. One of the primary reasons for the high cost of veterinary services is the investment in advanced medical equipment and technology. Veterinary clinics and hospitals require specialized tools and diagnostic equipment, which can be expensive to acquire and maintain. These technologies, such as MRI machines, ultrasound scanners, and digital X-ray systems, enable accurate diagnoses and treatment planning but contribute to higher service costs.

Recent Developments:

• In 2023, Mars Petcare launched a new line of pet food for pets with allergies. This line of pet food is made with hypoallergenic ingredients that are less likely to trigger allergies in pets. It is available in a variety of flavours and textures to suit the individual needs of each pet.
• In 2023, Ceva Sante Animale is a new vaccine that can help prevent canine influenza. This vaccine is designed to protect dogs from the canine influenza virus, which is a respiratory illness that can be serious for some dogs.
• In 2023, Virbac is a new eye drop that can help treat dry eyes in dogs. These eye drops are designed to help relieve the symptoms of dry eye, such as itching, redness, and discharge.
• In 2023, Zoetis is a new heartworm medication that is more effective and easier to administer than previous medications. This new medication is a single-dose chewable tablet that is easier to give to pets than previous heartworm medications.
• In 2023, Vetsource is beginning offering telemedicine services. This allows veterinarians to provide care to pets remotely, which is convenient and affordable for pet owners.

Key Players Insights:

IDEXX Laboratories Inc, Mars, Incorporated , Neogen Corporation, Zoetis Inc , Boehringer Ingelheim, Virbac, Dechra Pharmaceuticals plc , Elanco Animal Health Incorporated, CVS Group plc , Phibro Animal Health Corporation, Indian Immunologicals Limited, Pets at Home Group PLC, Vetoquinol, Greencross, Patterson Companies Inc., PetSmart, Karyopharm Therapeutics, Inc., City Vet Inc, ECO Animal Health Group plc, Ethos Veterinary Health LLC.

Considered in this report

• Geography: Global
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report

• Global Veterinary Services with its value and forecast along with its segments
• Country-wise Veterinary Services market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Regions & Countries covered in the report:

• North America (United States, Canada, Mexico)
• Europe (Germany, United Kingdom, France, Spain, Italy, Russia)
• Asia-Pacific (China, Japan, India, Australia, South Korea)
• South America (Brazil, Argentina, Colombia)
• Middle-East & Africa (UAE, Saudi Arabia, South Africa)

By Animal Type

• Production Animals
• Companion Animals

By Companion Animals

• Dogs
• Cats
• Horses
• Others

By Production Animals

• Cattle
• Poultry
• Swine
• Others

By service Type

• Physical Health Monitoring
• Surgery
• Diagnostic Tests& imaging
• Artificial Insemination
• Grooming
• Vaccination
• Others (Biosecurity, Dental Care, etc.)

By End User

• Veterinary Hospital
• Veterinary Clinic
• outdoors/ Ambulatory
• online

The approach of the report:

This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources.

Intended audience

This report can be useful to industry consultants, manufacturers, suppliers, associations and organizations related to the Veterinary Services industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.