Veterinary services encompass medical care and surgery for animals carried out by veterinarians. This includes dentistry, surgery, and medicine for pets such as dogs, cats, and other companion animals. It also includes care for livestock animals and services such as herd health programs. Veterinarians provide essential preventative healthcare and treatment when animals fall ill. They ensure the health and well-being of pets while advising on nutrition, sanitation, contagious diseases, parasitism, and reproduction. The rising trend of pet humanization and nuclear families is fueling the demand for better veterinary facilities and care. With many owners treating their pets as family members, they are willing to spend more on veterinary healthcare for their companion animals.
The global Veterinary Services Market is estimated to be valued at US$ 109.3 billion in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising Pet Ownership: As mentioned in the heading, the increasing number of pet owners worldwide is a key driver bolstering the veterinary services market. More people today own pets for companionship with dogs and cats being the most popular. According to the 2019-2020 APPA National Pet Owners Survey, around 85 million families in the U.S. own pets. This rising pet adoption rate is generating higher demand for veterinary consultations, vaccinations, spaying/neutering, dental care, and other services.
Increasing Disease Treatment Needs: As pets continue to live longer, they become prone to various illnesses and medical conditions associated with aging such as arthritis, diabetes, cancer, and heart disease. This is raising the need for advanced veterinary treatment technologies and therapeutics. Veterinarians are also encountering complex disease cases that require high-quality care and post-operative management. Such intricacy in pet diseases is propelling market growth.
Segment Analysis
The global veterinary services market is dominated by the companion animal segment, which accounts for over 60% of the market share. Companion animals include dogs, cats, and other household pets. The growing adoption of dogs and cats as pets across countries and increasing spending on pet care is driving the growth of this segment. Within companion animals, the dogs segment holds the major share due to the rising popularity of dog ownership in countries like the United States, Brazil, and China.
PEST Analysis
Political: Regulations regarding animal welfare and veterinary services standards are increasing in many countries. Stringent norms for animal healthcare facilities and practices are propelling service providers to adopt advanced technologies and treatments.
Economic: Rising pet ownership, growing per capita animal healthcare expenditure, and increasing affordability are fueling market growth. However, high costs associated equipment, medicines, diagnostic procedures limit market expansion in low-income countries.
Social: Changing lifestyles and social attitudes with growing acceptance of pets as family members are augmenting demand for professional veterinary care and services. Also, growing awareness about zoonotic diseases and their prevention is propelling animal treatment and healthcare.
Technological: Adoption of digital platforms for pet parents to book online appointments, order pet food and vaccination, monitor pets remotely through IoT devices. Advanced diagnostic tools like CT scanners, ultrasound imaging are helping veterinarians improve treatment accuracy.
Key Takeaways
The Global Veterinary Services Market Growth is expected to witness high over the forecast period due to growing pet adoption, rising pet healthcare expenditure, increasing cases of zoonotic diseases, and technological advancements.
North America dominates the market Currently, accounting for over 30% share due to high levels of pet ownership in countries like the US and Canada and growing per capita animal healthcare spending in the region. The Asia Pacific region is anticipated to be the fastest-growing regional market led by factors such as rising pet adoption, growing pet healthcare industry, and increasing per capita income in countries like India and China.
Key players operating in the veterinary services market are ethos Veterinary Health, CVS Group plc, Mars, Inc., Greencross Limited, National Veterinary Care Ltd., Patterson Companies Inc. The market is concentrated with a few large players accounting for a major share. However, entry of many local players has increased competitiveness in the industry. Companies are focusing on service portfolio expansion through mergers & acquisitions and adoption of digital platforms for better customer engagement and business growth. Advancements in diagnostic technologies and focus on expanding healthcare facilities in suburban & rural areas also remain key strategies by veterinary services providers.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
