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Key Trends Reshaping the Veterinary Services Market: The Growing Use Of Telemedicine In Veterinary Care Industry Transformation
Veterinary Services Market Size
Veterinary Services Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
In the past few years, the market size for veterinary services has seen significant growth. It is projected to increase from $156.4 billion in 2024 to $168.86 billion in 2025, with a compound annual growth rate (CAGR) of 8.0%. The expansion witnessed during this historic period can be ascribed to factors such as the surge in pet ownership patterns, increasing trend of treating pets like family, growth in urbanization and population density, as well as the prevalence of companion animal insurance.
Veterinary Services Market Size Forecast: What's the Projected Valuation by 2029?
In the coming years, significant growth is anticipated for the veterinary services market. The market is projected to expand to $223.15 billion in 2029, with a compound annual growth rate (CAGR) of 7.2%. This predicted growth within the forecast period can be credited to factors such as preventive and wellness services, specialized veterinary care, the one health approach, the rise of e-commerce in pet pharmaceuticals, and the global pandemic's influence. Key trends during this forecast period are expected to be technological advancements, the introduction of telemedicine and remote consultations, progress in veterinary medicine, telehealth services for pets, and an emphasis on preventive care.
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What Are the Drivers Transforming the Veterinary Services Market?
The growth of the veterinary services market will be propelled by the expected rise in global meat production during the forecast period. For example, the government of UK's Livestock statistics from February 2024 indicated that the overall meat output in 2022 was 4.2 million tonnes, marking an 18% increase from ten years prior. Red meat production, particularly mutton and lamb, experienced a significant surge in 2022 with a 2.9% rise. The burgeoning production of meat products, spurred by an expanding population, will elevate the demand for feed additives in the livestock sector, thereby stimulating the veterinary services market.
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What Long-Term Trends Will Define the Future of the Veterinary Services Market?
The adoption of telemedicine is on the rise as it allows pet owners to receive excellent healare from distant locations. A branch of telehealth, telemedicine, incorporates both clinical and non-clinical aspects of healare systems and involves direct interaction between vets and clients through means such as phones, mail and video discussions. This technology also helps in enhancing the relationships between vets, clients and their pets. Factors such as hectic schedules and the appeal of tailor-made services are propelling the need for telemedicine. Some veterinary clinics that offer telemedicine services includes, for example, Televet, Fuzzy Pet Health, and Healthpets.
Which Segments in the Veterinary Services Market Offer the Most Profit Potential?
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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Which Firms Dominate the Veterinary Services Market by Market Share and Revenue in 2025?
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
Which Regions Offer the Highest Growth Potential in the Veterinary Services Market?
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.
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