The veterinary services market provides animal healthcare solutions and supports for pets through veterinary care treatments, surgeries, and prescribed medications. These solutions include preventive care checkups, sick visits, vaccinations, dental care, spaying/neutering and other general treatments for animals. The growing human-animal bond and rising awareness about pet wellness is driving more pet owners to avail professional veterinary care for their companion animals.
The global veterinary services market is estimated to be valued at US$ 130.16 Bn in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period 2024 to 2030.
Key players operating in the veterinary services 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. The growing demand for pet care and increasing veterinary expenditures are facilitating the expansion of key players in the market. As per statistics, the global pet care market reached a value of $327 billion in 2022, indicating rising prioritization of pet wellness. This growing demand is encouraging key market players to broaden their service offerings and geographic presence to tap the market potential.
Furthermore, changing lifestyles and growing affluence is driving pet ownership globally. Pets are increasingly being regarded as companions rather than commodities in regions such as Asia Pacific and Middle East & Africa, pushing the need for veterinary services. With rising animal welfare standards worldwide, market players are capitalizing on opportunities in international markets by extending their global footprint through partnerships and acquisitions.
Market key trends
One of the key trends gaining traction in the Veterinary Services Market is increased adoption of telehealth solutions. Various players are offering telemedicine consultations, online appointments and product delivery options to enhance accessibility and convenience for pet owners. This allows handling emergencies and general questions from the comfort of one’s home. Further, integration of advanced technologies including VR, AI, blockchain and 3D printing offer opportunities to maximize efficiency and provide superior quality of care. Adoption of such innovations is expected to reshape service delivery models and drive the veterinary services industry growth over the coming years.
Threat of new entrants: New veterinary clinics need significant capital investments and capacity to treat variety of pet cases. Established chains enjoy economies of scale.
Bargaining power of buyers: Pet owners have bargaining power due to availability of numerous local clinics. However, specialty services have inelastic demand.
Bargaining power of suppliers: Veterinarians rely on limited suppliers for medicines and equipment. Suppliers enjoy some bargaining power.
Threat of new substitutes: No major substitute for pet healthcare services exist. Online pharmacies offer some substitution for medicines.
Competitive rivalry: Intense competition exists between corporate and local clinics. Competition drives consolidation in the industry.
North America accounts for the largest share in the veterinary services market, both in terms of value and volume. This is attributed to rising pet ownership, growing animal health expenditure, and concentration of leading market players in the region. According to estimates, the United States contributes nearly 70% of the North America market value.
The Asia Pacific region is poised to witness the fastest growth during the forecast period. This is ascribed to growing animal welfare awareness, rising disposable incomes, and increasing influence of Western pet care trends in Asia. Within Asia, China displays the highest growth potential due to rapid expansion of its pet population and pharmacy infrastructure.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it