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Veterinary Services Global Market Projected to Experience a Growth Rate of 6.9% CAGR, Reaching over $194.28 Billion By 2028
Veterinary Services Global Market
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According to The Business Research Company's, The veterinary services market size has grown strongly in recent years. It will grow from $138.94 billion in 2023 to $148.77 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to growth of pet ownership trends, humanization of pets, urbanization and population density, companion animal insurance.
The veterinary services market size is expected to see strong growth in the next few years. It will grow to $194.28 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to preventive and wellness services, specialized veterinary care, one health approach, e-commerce in pet pharmaceuticals, global pandemic impact. Major trends in the forecast period include technological innovations, telemedicine and remote consultations, advancements in veterinary medicine, telehealth for pets, focus on preventive care.
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Market Drivers and Trends:
Global meat production is expected to rise in the forecast period, supporting the growth of the veterinary services market. According to the US Department of Agriculture, in 2020, beef production in the USA increased to 27.5 billion pounds, the highest production volume registered in the country. Rising meat production is especially prominent in developing countries such as China, India, and Brazil, where increasing populations and rising income levels are stimulating the demand for meat products. By 2027, the production of meat and poultry in emerging markets is expected to increase by 76%. By 2050, China's meat imports are expected to grow by over 3,500% to $150 billion as consumption of chicken, pork, and beef will surge due to the country's rising middle class. The rising production of meat products supported by the growing population will increase the demand for feed additives in the livestock industry, driving the veterinary services market.
Telemedicine is gaining traction as this technology enables pet owners to get access to quality care from remote locations. Telemedicine is a subset of telehealth that includes remote clinical and non-clinical elements of the healthcare system. It refers to the direct communication between veterinarians and clients via communication systems such as phones, mail, and video conferencing technologies. This technology also helps in improving existing veterinarian-client-patient relationships. Busy lifestyles and consumers' preference for personalized services are driving the demand for telemedicine services. For instance, some of the veterinary clinics offering telemedicine include Televet, Fuzzy Pet Health, and Healthpets.
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Major Key Players of the Market:
Mars Inc., Zoetis Inc., VCA Inc., IDEXX Laboratories Inc., Qiagen N.V., Pets at Home Group PLC, BluePearl Pet Hospital, Dechra Pharmaceuticals plc, PetIQ LLC, CVS Group Plc, Banfield Pet Hospital, Neogen Corporation, Vetpartners, Greencross Limited, National Veterinary Associates Inc., Pathway Vet Alliance LLC, Ethos Veterinary Health LLC, Southern Veterinary Partners, VetCor, VetStrategy, National Veterinary Care Ltd., VetnCare, PetVet Care Centers, Kremer Veterinary Services, Armor Animal Health, Addison Biological Lab Inc., FirstVet AB, Vetnovo
Veterinary Services Market 2024 Key Insights:
• The veterinary services market size is expected to see strong growth in the next few years. It will grow to $194.28 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%.
• Rising Meat Production Fuels Growth In Veterinary Services Market
• The Growing Use Of Telemedicine In Veterinary Care
• North America was the largest region in the veterinary services market in 2023
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