Press release
Rising Meat Production Fuels Growth In Veterinary Services Market: An Emerging Driver Transforming The Veterinary Services Market Landscape
Veterinary Services
What Is the Expected Veterinary Services Market Size During the Forecast Period?
There has been a significant increase in the size of the veterinary services market in the past few years. It is projected to escalate from $156.4 billion in 2024 to $168.86 billion in 2025, with a compound annual growth rate (CAGR) of 8.0%. The historical growth can be attributed to factors such as rising trends in pet ownership, treating pets more like humans, increased urbanization and population density, and the availability of insurance for companion animals.
In the coming years, the veterinary services market is anticipated to experience robust growth. The market is set to expand to $223.15 billion by 2029, with a compound annual growth rate (CAGR) of 7.2%. The growth during the projected period can be assigned to factors like preventive and wellness services, specialized veterinary treatment, one health approach, the role of e-commerce in pet pharmaceuticals, and the influence of the global pandemic. The forecast period is expected to see key trends like technological innovations, telemedicine with remote consultations, progress in veterinary medicine, pet telehealth, and an emphasis on preventive care.
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What Are the High-Growth Segments in the Veterinary Services Market?
The veterinary services market covered in this report is segmented -
1) By Type: Animal Hospitals And Veterinary Clinics, Veterinary Laboratory Testing Services
2) By Type Of Service: Onsite, Offsite
3) By Type Of Animal: Livestock, Companion Animals
4) By Type Of Expenditure: Public, Private
Subsegments:
1) By Animal Hospitals And Veterinary Clinics: General Veterinary Practices, Specialty Veterinary Hospitals, Mobile Veterinary Services, Referral Veterinary Clinics
2) By Veterinary Laboratory Testing Services: Diagnostic Testing, Pathology Services, Microbiology Services, Genetic Testing Services
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What Key Drivers Are Expected to Influence Future Veterinary Services Market Growth?
The veterinary services market is likely to expand with the predicted increase in global meat production during the forecast period. For example, the UK government's Livestock statistics from February 2024 indicate that meat production in 2022 maintained at 4.2 million tonnes, an 18% rise from ten years prior. Red meat production saw a growth in 2022, particularly in the production of mutton and lamb, which saw the biggest boost (2.9%). This surge in meat production, coupled with a growing population, is anticipated to elevate the need for feed additives in the livestock sector, thus propelling the veterinary services market.
Which Companies Hold the Largest Share Across Different Veterinary Services Market Segments?
Major companies operating in the veterinary services market include 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
What Trends Are Driving Growth in The Veterinary Services Market?
The use of telemedicine is on the rise, providing pet owners with access to high-quality care from distant locations. Existing within the telehealth umbrella, telemedicine encompasses both clinical and non-clinical aspects of healthcare delivery. It involves direct interaction between vets and pet owners, facilitated by communication tools including phones, mail, and video conferencing. This advancement not only enhances veterinarian-client-patient relationships but also caters to the busy schedules of consumers and their preference for tailor-made services, thereby increasing the demand for these services. Examples of veterinary clinics that have integrated telemedicine into their practice include Televet, Fuzzy Pet Health, and Healthpets.
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What Are the Emerging Geographies for The Veterinary Services Market Growth?
North America was the largest region in the veterinary services market in 2024. Asia-Pacific was the second-largest region in the veterinary services market. The regions covered in the veterinary services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Veterinary Services Market?
2. What is the CAGR expected in the Veterinary Services Market?
3. What Are the Key Innovations Transforming the Veterinary Services Industry?
4. Which Region Is Leading the Veterinary Services Market?
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