USD 23 billion
Veterinary Services Market Size, Share, Growth Analysis, By Service type(Diagnostic tests, imaging, surgery, physical health monitoring), By Animal type(Companion animals, production animals), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35I2225 |
Region:
Global |
Published Date: July, 2036
Pages:
157
|Tables:
64
|Figures:
75
Veterinary Services Market Insights
Veterinary Services Market size was valued at USD 23 billion in 2019 and is poised to grow from USD 24.97 billion in 2023 to USD 42.59 billion by 2031, growing at a CAGR of 6.9% in the forecast period (2024-2031).
Veterinary services are services or treatment that are offered to both pet and agricultural animals for their well-being to prevent or cure the transmitted disease from humans that are responsible for illness, permanent disability, and death. Growing number of government initiatives to ensure food security and biosecurity are expected to accelerate the global adoption of veterinary services in livestock. For example, the OIE is concerned with food safety and has consistently issued guidelines to eliminate potential biological hazards and risks associated with on-farm, pre-slaughter, pre-processing, and processing stages checks.
Post-Covid, there is a complete change in the global veterinary services market in terms of online availability of the medicines and veterinary services and pet insurance. It is anticipated that pet adoption rate will increase due to work from home trend. Animal-based food products account for 33.3% of human protein intake in emerging regions according to Food & Agricultural Organization.
To meet the rising demand, veterinary companies introduced new products, diagnostic tools, and services. For example, Zoet launched VetscanImagyst in September 2020. This is a new platform for detecting intestinal parasites in pets. Furthermore, a subsequent increase in the global pet population has contributed to the market's rapid growth. Veterinarians and veterinary service providers are working hard to ensure animal welfare, and this encourages pet owners to use these services.
US Veterinary Services Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Companion animals
Fastest Growth
Companion animals
Growth Rate
6.9% CAGR
Global veterinary services market 2024-2031 ($ Bn)
Country Share for North America Region- 2024-2031 (%)
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Veterinary Services Market Segmental Analysis
The global veterinary services market is segmented based on service type, animal type, and region. Based on service type, the global veterinary services market is segmented into diagnostics tests and imaging, surgery, physical health monitoring, and others. Based on animal type, the global veterinary services market is segmented into companion animals and production animals. Based on region, Veterinary Services Market is segmented into Asia-Pacific (APAC), North America, Europe, Middle East and Africa (MEA), and Central South America.
Veterinary Services Market Analysis by Animal Type
With a revenue share of more than 61% in 2021, the production animal type segment dominated the market. The segment's significant market share can be attributed to government healthcare organizations around the world's high concern for food safety and sustainability. Policymakers in various countries are working to achieve total food security, which drives large-scale food production and increases livestock rearing.
The policies are aimed at long-term sustainability, which can be achieved by increasing productivity and paying more attention to livestock veterinary care. According to the Food and Agriculture Organization, animal-based food products account for one-third of human protein consumption in emerging economies, resulting in an increase in livestock productivity, which is critical to meeting the dietary needs of the growing human population. These factors, taken together, account for the significant share captured by production animals in this segment.
Global veterinary services market By Animal type 2024-2031 (%)
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Veterinary Services Market Regional Insights
Global veterinary services market is dominated by North America and the region is expected to experience significant growth during the forecast period (2022 – 2028). U.S. has emerged as a significant contributor to market growth in North America because of high adoption of pets and expenditure for their proper health care. According to the National Pet Owners Survey 2021-2022, conducted by the American Pet Products Association (APPA), around 70% of United States households own a pet, which equates to 90.5 million homes, including 45.3 million cats and 69 million dogs.
Meanwhile, Asia Pacific is projected to be the fastest-growing regional market over the forecast years thanks to the rampant growth of the growing pets and livestock population in the developed and emerging economies in this region. Veterinary services also reduce poverty, especially among rural populations in developing countries as it helps in the preservation of precious livestock population. As a consequence of the increased focus and awareness of the government about the early diagnosis and prevention of the zoonotic diseases, Asia Pacific is expected to witness seamless growth of the global veterinary services market.
Global veterinary services marketBy Geography, 2024-2031
- Largest
- Fastest
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Veterinary Services Market Dynamics
Veterinary Services Market Drivers
- Growing pet health awareness and rising demand for effective medical care are expected to drive growth in the global veterinary services market during the forecast period. For example, the Federation of Indian Animal Protection Organization (FIAPO) has been working to ensure animal welfare in India by collaborating with several animal rights protection organizations and activists. Furthermore, the federation has addressed a wide range of animal welfare issues through public awareness campaigns and lobbying.
- The rising prevalence of various animal diseases, or zoonotic diseases, is also expected to drive the global veterinary services market during the forecast period. Zoonotic diseases, for example, are extremely common in the United States and around the world, according to the Centers for Disease Control and Prevention (CDC). According to scientists, more than six out of every ten known infectious diseases in humans can be transmitted by animals, and three out of every four new or emerging infectious diseases in humans are transmitted by animals.
Veterinary Services Market Restraints
- High cost of veterinary services and a shortage of skilled personnel are expected to stymie the global veterinary services market's growth. The high cost of diagnostic imaging equipment and veterinary drugs has resulted in high veterinary service costs.
- Global veterinary services market is expected to grow slowly due to a lack of awareness in developing or underdeveloped economies. Cats and dogs, for example, are two of the most common household companion animals that can be a direct or indirect source of zoonotic infections.
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Veterinary Services Market Competitive Landscape
Global veterinary services market is a highly competitive and also fragmented in developed and developing economies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. The prime market share is distributed among the few top players, and these players are shifting their focus on technological advancements, in order to gain the maximum market share.
Top Players in the Global Veterinary Services Market
- Mars Incorporated
- Zoetis Inc.
- IDEXX Laboratories, Inc.
- Dechra Pharmaceuticals PLC
- Virbac SA
- Merck & Co., Inc.
- Boehringer Ingelheim Animal Health GmbH
- VCA Inc.
- Elanco Animal Health Incorporated
- Heska Corporation
- Animalcare Group plc
- Royal Canin
- Ceva Santé Animale
- Idexx Laboratories, Inc.
- Nutreco N.V.
- Patterson Companies, Inc.
- Covetrus, Inc.
- Kindred Biosciences, Inc.
- Henry Schein Animal Health
- Phibro Animal Health Corporation
Veterinary Services Market Recent Development
- In May 2022, The Chief Minister of Andhra Pradesh, Sri YS Jagan Mohan Reddy officially launched 175 Mobile Ambulatory Veterinary Clinics (MAVCs) with an investment of USD 2.78 billion.
- In March 2022, Hacarus Inc. started its ECG platform along with DS Pharma Animal Health.
Veterinary Services Key Market Trends
- Availability of the advanced products or services by market players is expected to support in the growth of the global veterinary services market. In June 2022, PetSmart announced the release of PetSmart Veterinary Services (PVS) to come up with a complete solution for veterinarians to open their own franchised practice and connect pet parents with local, trusted veterinarians and more convenient vet hospital spot within PetSmart stores.
Veterinary Services Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global veterinary services market analysis, among region North America is expected to capture higher market share, the growth of the region is attributed to greater demand for the appropriate medical facilities and government initiatives to control and prevent the transmitted diseases. U.S. has emerged as a significant contributor to market growth in North America thanks to the high adoption rate of companion animals and the rising awareness towards the sustainable health care following the healthy products that fuels the growth of the global veterinary services market.
| Report Metric | Details |
|---|---|
| Market size value in 2019 | USD 23 billion |
| Market size value in 2031 | USD 42.59 billion |
| Growth Rate | 6.9% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Veterinary Services Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Veterinary Services Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Veterinary Services Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Veterinary Services Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Veterinary Services Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Veterinary Services Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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