Global veterinarians market expected to reach USD 89.14 Billion by 2032 with 8% CAGR fueled by increasing pet ownership and awareness of animal health.

The global Veterinarians Market was USD 44.59 billion in 2022, projected to grow to USD 89.14 billion by 2032, with a CAGR of 8% during the forecast period. The increasing ownership of pets, animal health awareness, and the need for preventative pet healthcare are key drivers for market revenue growth. As people increasingly consider pets as part of their family, they are spending more on their pets' health, driving up demand for high-quality veterinary services. The rise in the number of veterinary hospitals and clinics is also contributing to market revenue growth.

Pet owners are increasingly aware of the importance of routine checkups, vaccines, and preventive care for their animals, leading to higher demand for veterinary services. The use of telemedicine in the veterinary sector is also driving revenue growth, as it allows for remote consultations and greater accessibility to veterinary care. However, the market is facing challenges, such as a shortage of qualified veterinarians and the high cost of veterinary treatments, which are expected to impede revenue growth, particularly in underdeveloped countries.

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Key players in the Veterinarians Market

• Zoetis Inc.
• Merck & Co. Inc.
• Bayer AG
• Eli Lilly and Company
• Boehringer Ingelheim International GmbH
• Ceva Sante Animale
• Virbac
• Vetoquinol S.A.
• Idexx Laboratories, Inc.
• Nestle Purina PetCare

Segments Covered in the Report

The global veterinarians market is segmented by type and service outlook. In terms of type outlook, the market is segmented into small animal veterinarians, large animal veterinarians, and others. The revenue generated by small animal veterinarians was USD 44.59 Billion in 2022 and is expected to reach USD 89.14 Billion in 2032, growing at a CAGR of 8% during the forecast period. This growth can be attributed to the increasing demand for pet healthcare and ownership.

Similarly, the revenue generated by large animal veterinarians was USD 44.59 Billion in 2022 and is expected to reach USD 89.14 Billion in 2032, growing at a CAGR 8% during the forecast period. Large animal veterinarians are essential for providing healthcare services to animals in the livestock industry, which is a major contributor to the global economy.

Other types of veterinarians such as wildlife veterinarians and aquatic animal veterinarians are also expected to contribute significantly to market revenue growth during the forecast period.

In terms of service outlook, the market is segmented into vaccinations, surgeries, diagnostic services, and others. The revenue generated by the vaccinations segment was USD 44.59 Billion in 2022 and is expected to reach USD 89.14 Billion in 2032, growing at a CAGR of 8% during the forecast period. The increasing demand for preventive pet healthcare is driving the growth of the vaccinations segment.

The surgeries segment is also expected to contribute significantly to market revenue growth during the forecast period. The revenue generated by the surgeries segment was USD 44.59 Billion in 2022 and is expected to reach USD 89.14 Billion in 2032, growing at a CAGR of 8% during the forecast period. This growth can be attributed to the increasing number of pet surgeries being performed due to the rising prevalence of chronic illnesses in pets.

The diagnostic services segment is also expected to contribute significantly to market revenue growth during the forecast period. The revenue generated by the diagnostic services segment USD 44.59 Billion in 2022 and is expected to reach USD 89.14 Billion in 2032, growing at a CAGR of 8% during the forecast period. This growth can be attributed to the increasing demand for diagnostic testing and imaging services in the veterinary industry.

Other services such as dental treatments, preventive care, and dietary guidance are also expected to contribute to market revenue growth during the forecast period. The global veterinarians market is expected to witness significant growth due to the increasing demand for high-quality veterinary services driven by the rising pet ownership and animal health awareness. However, lack of qualified veterinarians and high expense of veterinary treatments may restrain market revenue growth during the forecast period.

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Strategic development:

Several notable acquisitions, partnerships, and product launches occurred in the animal health industry in recent years. In 2020, Zoetis Inc. acquired Ethos Diagnostic Science for USD 490 million, with the goal of expanding its diagnostic offerings and strengthening its position in the animal health market. Merck & Co. Inc. also made a significant acquisition in 2020, acquiring Antelliq Corporation for USD 2.4 billion. The acquisition aimed to expand Merck's animal health portfolio and bolster its presence in both the livestock and companion animal markets.

Bayer AG announced a partnership with Care Companion in 2020 to develop a platform for veterinary practices to manage chronic diseases in pets. The platform offers tools to monitor and manage pet health and assists veterinarians in making informed treatment decisions. In 2019, Ceva Sante Animale acquired Immovet to expand its product offerings in the livestock market and strengthen its position in Europe.

In the same year, Nestle Purina PetCare partnered with Dognition to develop a platform for pet owners to understand their dog's behavior and personality. The platform provides personalized training and activity recommendations based on the dog's cognitive profile.

In 2021, Zoetis launched Cytopoint, a new therapy for atopic dermatitis in dogs. Cytopoint is an injectable monoclonal antibody that targets interleukin-31, a protein that causes itchiness associated with atopic dermatitis. In 2020, Merck launched a new vaccine for canine leptospirosis, a bacterial disease that can be transmitted to humans. The vaccine protects against the four most common strains of leptospirosis bacteria. Bayer also launched Advantus Soft Chew, a new flea and tick treatment for dogs, in the same year. These product launches showcase the ongoing innovation in the animal health industry.

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