The global Veterinary Services Market is estimated to be valued at US$ 112626.87 Mn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The veterinary services market consists of services that are provided to veterinary animals used for diagnostic purposes and treatment. This includes regular check-ups, vaccinations, surgical procedures, medical tests, and other services. Veterinary medicines are also prescribed during these services. The market caters to a wide range of companion animals like dogs, cats, others and also livestock animals. Regular health check-ups and vaccines help prevent spread of zoonotic diseases. Advanced procedures and technologies are improving success rates of complex surgeries. This is driving greater adoption of specialized veterinary care.
Market key trends:
One of the key trends in the veterinary services market is growing adoption of technologies like AI and Machine Learning for diagnostic and predicting health outcomes. Advanced algorithms are being used to develop predictive models based on past case histories and symptoms. This is helping identify health issues early and monitor health of high-risk animals closely. Telehealth is another trend where consultations and post-operative checks are being conducted remotely using Internet platforms. This is improving accessibility in rural areas. Customers are also willing to spend more on specialty services for pets due to humanization of animals. Market players are focusing on specialty care areas like oncology, ophthalmology through advanced facilities and trained veterinarians.
Porter’s Analysis
Threat of new entrants: Low setup and operational costs allow new players to enter the market easily. However, established brands have strong customer loyalty and regulations act as a barrier.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes and focus on animal health. However, customized services increase switching costs.
Bargaining power of suppliers: Suppliers have low bargaining power given the fragmented nature of the industry and availability of substitutes.
Threat of new substitutes: Threat from new substitutes like online consultations is low as personal care and emergency services require physical presence.
Competitive rivalry: Intense due to the large number of local players and low product differentiation. Companies compete on services, innovation, and customer experience.
Key Takeaways
Global Veterinary Services Market Demand is expected to witness high growth, exhibiting a CAGR of 6.9% over the forecast period, due to increasing pet adoption and rise in disposable income. The market size for Veterinary Services was valued at US$ 112626.87 Mn in 2023.
North America dominates the global Veterinary Services market, accounting for around 35% share in 2023. This can be attributed to rising pet health expenditure, high adoption of companion animals, and advanced veterinary infrastructure in the region. Asia Pacific is expected to witness the fastest growth over the forecast period owing to growing awareness, increasing per capita income, and burgeoning pet population.
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, among others. Major players are focusing on expanding their service portfolios and global footprint through mergers and acquisitions to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
