Veterinary Services Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F

The Global Veterinary Services Market reached a valuation of USD 111.67 Billion in 2022 and is expected to experience strong growth in the forecast period, projecting a Compound Annual Growth Rate (CAGR) of 9.10% and expected to reach USD 187.57 Billion through 2028. This market encompasses a wide range of healthcare services provided to animals, including companion pets, livestock, and exotic species. These services encompass medical care, diagnostics, surgical procedures, vaccinations, preventive care, and wellness programs. The market is a vital component of animal health and welfare, addressing the medical needs of animals and ensuring their well-being.

Key Market Drivers:

1. Advancements in Veterinary Medicine: Significant advancements in veterinary medicine have transformed the global Veterinary Services Market, enhancing the quality of care, diagnosis, treatment options, and overall well-being of animals. These advancements include advanced diagnostic tools, minimally invasive surgical techniques, stem cell therapy, personalized medicine, telemedicine, research into animal nutrition, dental health, rehabilitation, and behavioral medicine. They have expanded the scope of services offered by veterinary practices, improving animal health outcomes.

2. Growing Focus on Preventive Care: The global Veterinary Services Market has witnessed a growing emphasis on preventive care, reflecting a shift in consumer attitudes and veterinary practices. Preventive care involves strategies and practices aimed at maintaining animal health, reducing the risk of diseases, and promoting early detection. This approach has led to regular check-ups, vaccinations, and early disease detection becoming standard practice, contributing to healthier animals and longer lifespans.

3. Nutritional and Dietary Advancements: Advances in nutritional and dietary science have played a pivotal role in the global Veterinary Services Market. These advancements have led to a better understanding of the specific dietary needs of different animal species, breeds, and individual conditions. Specialized diets, therapeutic diets, nutraceuticals, tailored diets for different life stages, and dietary strategies have optimized animal health.

4. Humanization of Pets: The humanization of pets has led to a fundamental shift in the global Veterinary Services Market. Pets are now regarded as integral family members, leading to higher demand for quality healthcare services. This trend has driven increased spending on pet healthcare, advanced treatments, diagnostics, and specialized diets to ensure pets' optimal health and well-being.

5. Pet Insurance and Financial Planning: The adoption of pet insurance and financial planning has become increasingly relevant within the Veterinary Services Market. Pet insurance policies help pet owners manage the financial aspects of veterinary care, covering various medical expenses. This trend encourages pet owners to seek comprehensive veterinary services, as it mitigates economic constraints and ensures the best possible care for animals.

Segmental Insights:

Animal Type Insights: In 2022, the Veterinary Services Market was predominantly driven by the companion animal segment, including dogs, cats, horses, and others. This is attributed to increasing pet ownership, growing awareness of pet health and nutrition, and the rising trend of pet humanization. Additionally, the production animal segment, comprising cattle, poultry, swine, and others, remains essential due to its significance in food production.

Type Insights: The non-medical services segment dominated the Veterinary Services Market in 2022 and is anticipated to continue its expansion. This growth is attributed to increased government support and various strategic initiatives implemented by key market players, which have positively influenced the segment's growth.

Regional Insights: North America held the largest revenue share in the Veterinary Services Market in 2022. This can be attributed to technological advancements, cost-effective services, and overall improvements in veterinary services, particularly in the United States and Canada. These factors have been key drivers of regional market growth.

Key Market Players

• CVS Group Plc
• Mars Incorporated
• National Veterinary Associates
• Pets at Home Group PLC
• Greencross Vets
• Fetch! Pet Care
• IVC Evidensia
• A Place for Rover, Inc.
• PetSmart LLC
• Airpets International

Report Scope:

In this report, the Global Veterinary Services Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Global Veterinary Services Market, By Animal Type:

• Companion Animals
• Production Animals

Global Veterinary Services Market, By Service Type:

• Medical Services
• Non-Medical Services

Global Veterinary Services Market, By Companion Animals:

• Dogs
• Cats
• Horses
• Others

Global Veterinary Services Market, By Production Animals:

• Cattle
• Poultry
• Swine
• Others

Global Veterinary Services Market, By Region:

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

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Veterinary Services Market.

Available Customizations:

Global Veterinary Services Market report with the given market data, the publisher offers customizations according to a company's specific needs.


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