Press release
Rising Meat Production Fuels Growth In Veterinary Services Market Driving Market Acceleration in the Veterinary Services Industry, 2025
Veterinary Services
How Large Will the Veterinary Services Market Size By 2025?
The market size for veterinary services has seen substantial growth in the past years. The projection is to expand from a market value of $154.55 billion in 2024 to $165.98 billion in 2025, with a compound annual growth rate (CAGR) of 7.4%. The historical growth is due to factors such as rising trends in pet ownership, increasing human-pet bonding, urbanization combined with high population density, and the emergence of pet insurance.
How Big Is the Veterinary Services Market Size Expected to Grow by 2029?
The market size for veterinary services is projected to experience a robust increase in the coming years, escalating to a value of $220.54 billion by 2029 with a Compound Annual Growth Rate (CAGR) of 7.4%. Factors contributing to this rise during the outlook period include provision of wellness and deterrent services, specialized veterinary care, the one health strategy, the revolution of e-commerce in pet medications, and the ripple effects of global pandemics. The future market trends are anticipated to be marked by innovative technology, adoption of remote consultations and telemedicine, progress in veterinary medical treatments, telehealth facilities for pets, and heightened emphasis on preventive care.
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Which Key Market Drivers Powering Veterinary Services Market Expansion and Growth?
The veterinary services market is predicted to expand during the forecast period, driven by increased meat production globally. For instance, UK Government Livestock statistics from February 2024 suggest that meat production in 2022, was at 4.2 million tonnes, marking an 18% rise over the previous decade. The year 2022 also witnessed an upsurge in red meat production, with mutton and lamb recording the largest growth at 2.9%. This escalating meat product production, along with a burgeoning population, is set to boost demand for feed additives in the livestock industry, thereby fueling the growth of the veterinary services market.
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Which Fast-Growing Trends Are Poised to Disrupt the Veterinary Services Market?
The use of telemedicine has been expanding in popularity as it allows pet owners to access high-quality care from distant locations. This is a part of telehealth that involves making healthcare systems' remote clinical and non-clinical aspects accessible. Veterinarians and clients are able to communicate directly through modes of communication such as phone calls, emails, and video conferencing technologies. It is an effective tool in augmenting the relationship between the veterinarian, client, and patient. The busy schedules of individuals and the inclination towards personalized services are serving as catalysts for the growth in demand for telemedicine services. Veterinary clinics that provide such services include Televet, Fuzzy Pet Health, and Healthpets.
What Are the Emerging 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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Who Are the Global Leaders in the Veterinary Services Market?
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 are the Top Profitable Regional Markets for the Veterinary Services Industry?
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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