Veterinary Services Market Was Valued at USD 91,487.3 Million In 2021, Increase in Pet Adoption and Rise in Demand for Luxury Pet Items

According to Precision Business Insights (PBI), the latest report, the global veterinary services market is expected to be worth USD 91,487.3 million in 2021 and projected to grow at a 7.5% CAGR over 2022 to 2028. Global Veterinary Services Market is segmented into the following types: By Service Type (Diagnostic tests and imaging, Physical health monitoring, Surgery, Others), By Animal Type (Farm animals, Companion animals), and Geography (North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa) Forecast to 2028. The increase in zoonotic and food-borne diseases is driving the market. Veterinary services are critical in safeguarding animal health and welfare and ensuring the sanitary safety of international trade. Furthermore, it contributes to the protection of public health and the safety of food. According to an article released by the Organization for Animal Health (OIE), the demand for animal source foods is increasing worldwide. Demand for meat is anticipated to reach 445 million tonnes by 2050, anticipating the need for veterinary service growth.

View the detailed report description here - https://precisionbusinessinsights.com/market-reports/veterinary-services-market/

The Diagnostic Tests and Imaging Segment is Dominating the Veterinary Services Market:
The diagnostic tests and imaging segment is expected to account for a larger revenue share. The market is expected to grow at a double-digit growth rate over the forecast years, owing to an increase in the adoption of companion and livestock animals. This is likely to be one of the primary drivers of the analyzed market's growth. Moreover, according to the ASPCA's National Rehoming Survey, approximately 4.1 million shelter animals are adopted each year (2 million dogs and 2.1 million cats), and almost 810,000 animals who enter shelters as strays are returned to their owners. Of those, 710,000 are dogs, and 100,000 are cats. Approximately 85 million families are pet owners. (Humane Society)

North America Leads Veterinary Services Market:
North America is expected to hold significant market share in the global Veterinary Services market and is projected to grow at a prominent growth rate over the forecast years owing to rising popularity of pet adoption in the United States is also expected to drive market expansion. According to the American Pet Products Association's (APPA) National Pet Owners Survey 2021-2022, around 70% of US households own a pet, equating to 90.5 million homes, including 45.3 million cats and 69 million dogs. Pet adoption may drive the expansion of the veterinary services industry in the long run.

Strategic New Product Launches, Mergers, Acquisitions and Agreements are the key strategies adopted by market players:
Global Veterinary Services market further reveals that the key players increasingly adopting strategies such as launch of newer products, product launches, and long-term alliance to improve market revenue share and gaining significant geographic presence across the region. For instance, In March 2022, Along with DS Pharma Animal Health, Hacarus Inc. launched their ECG platform. The gadget examines and analyses the heart state of dogs to help in the early diagnosis of cardiac disease, which is the second largest cause of mortality in dogs.

Request sample report at https://precisionbusinessinsights.com/request-sample/?product_id=59744

The Veterinary Services market is segmented based on service type, animal type, and Geography.
Based on the Service type, the market is
segmented into the following:
• Diagnostic tests and imaging
• Physical health monitoring
• Surgery
• Others

Based on the Animal type, the market is segmented into the following:
• Farm animals
• Companion animals

Based on Geography, the market is segmented into the following:
• North America
• Europe
• Asia Pacific
• Latin America
• MEA

Request Methodology: https://precisionbusinessinsights.com/request-methodology/?product_id=59744

Key player's profiles in the Veterinary Services Market report are CVS Group PLC, Ethos Veterinary Health, Greencross Limited, Idexx laboratories, Mars Inc., Armor Animal Health (Animart), Kremer Veterinary Services, FirstVet AB, CityVet Inc., Zoetis, Elanco, ELIAS Animal Health, Karyopharm Therapeutics, Inc., Torigen Pharmaceuticals Inc., Elekta.

Contact:
Mr. Satya
Precision Business Insights | Toll Free: +1 866 598 1553
Email: sales@precisionbusinessinsights.com
Kemp House, 152 - 160 City Road, London EC1V 2NX
Web: https://precisionbusinessinsights.com/ | D U N S® Number: 85278174

About Precision Business Insights:
We are a market research company that strives to provide the highest quality market research insights. Our diverse market research experts are enthusiastic about market research and therefore produce high-quality research reports. We have over 500 clients with whom we have a good business partnership and capacity to provide in-depth research analysis for more than 30 countries. In addition to deliver more than 150 custom solutions, we already have accounts with the top five medical device manufacturers Precision Business Insights offers a variety of cost-effective and customized research services to meet particular research requirements. We are a leading research service provider because of our extensive database built by our experts and the services we provide.

This release was published on openPR.