The global veterinary services market is poised for significant expansion, with revenues projected to grow from USD 102.3 billion in 2021 to USD 244.4 billion by 2032, according to recent findings from FMI. This growth represents an impressive 2.4x increase over the next decade, driven by a combination of rising health concerns, government initiatives, and advancements in veterinary care.
A major factor contributing to this growth is the increasing prevalence of zoonotic and food-borne infections, which has heightened the need for improved veterinary services. Additionally, the growing demand for emergency medical care and telemedicine solutions for animals, spurred by the COVID-19 pandemic, is expected to fuel further demand. Pet owners and healthcare practitioners are increasingly turning to telemedicine as a viable solution for providing remote care, further advancing the veterinary sector.
Government efforts to address food security, biosecurity, and animal safety are also expected to play a pivotal role in the growth of the market. Increased support for agriculture and livestock care programs, particularly in response to recent disruptions in the cattle business caused by the pandemic, is anticipated to accelerate market progress. As COVID-19 temporarily shut down food processing and packaging plants worldwide, the demand for efficient veterinary services in animal health management became more pronounced.
Looking ahead, the veterinary services market presents substantial opportunities for veterinary practitioners, healthcare providers, and technology innovators. As the demand for comprehensive animal care continues to rise globally, the sector is set to witness significant transformation, driven by innovative care models, government support, and increasing consumer awareness of animal health. With telemedicine, advanced diagnostic technologies, and emergency care solutions leading the way, the veterinary services market is expected to thrive through 2032.
Key Growth Drivers
- Increase in Zoonotic and Food-Borne Infections: The rising prevalence of zoonotic diseases has heightened the need for veterinary services to ensure animal health and public safety.
- Demand for Emergency Medical Treatment: There is a growing demand for safe and effective emergency medical care for animals, which is driving the expansion of veterinary services.
- Government Initiatives: Increased government programs aimed at improving food security, biosecurity, and animal safety are expected to accelerate the growth of veterinary care.
- Impact of COVID-19 on the Cattle Industry: The pandemic disrupted the cattle business, leading to temporary closures of processing plants and affecting supply chains. This disruption has underscored the importance of veterinary services in managing animal health during crises.
- Adoption of Telemedicine: The COVID-19 pandemic has prompted both pet owners and veterinarians to adopt telemedicine solutions, enhancing access to veterinary care.
Market Trends
- The market is witnessing a shift towards more comprehensive veterinary care, including preventive measures and wellness programs.
- There is an increasing focus on integrating technology into veterinary practices, such as telehealth services and advanced diagnostic tools.
- Pet humanization trends are leading to higher expenditures on pet health and wellness, further driving demand for veterinary services.
A Full Report Overview – https://www.futuremarketinsights.com/reports/veterinary-services-market
Key Takeaways:
- Market Valuation: The global veterinary services market, valued at USD 102.3 billion in 2021, is expected to grow to USD 244.4 billion by 2032.
- Growth Momentum: The market is anticipated to expand at a CAGR of 8.4% from 2022 to 2032, more than double the historical growth rate.
- Market Drivers: Rising zoonotic diseases, increased demand for emergency veterinary services, and government initiatives to improve food security and animal safety are key factors propelling market growth.
Competitive Analysis
The key players such as Mars Inc, Greencross Ltd, National Veterinary Care Ltd, Pets at Home Group PLC, CVS Group PLC
Some of the recent developments of key Veterinary Services providers are as follows:
- In June 2021, The Seven Hills Veterinary Hospital, for example, monitored the number of referrals for urgent treatment in its phones placed under emergency or urgent cases and noted a surge in that category.
- In April 2020, VetPartners Pty. Ltd. announced the acquisition of National Veterinary Care Ltd. paying USD 251.5 Million.
- In December 2020, Mars’ Linnaeus division purchased five specialty referral centres from Pets at Home in the United Kingdom for USD 132.2 Million.
Similarly, recent developments related to companies offering Veterinary Services have been tracked by the team at Future Market Insights, which are available in the full report.
Key Companies Profiled
Mars Inc.; Greencross Ltd.; National Veterinary Care Ltd.; Pets at Home Group PLC; CVS Group PLC; Ethos Veterinary Health; Addison Biological Laboratory; Armor Animal Health; PetIQ, LLC
Market Segments Covered In Veterinary Services Industry Analysis
By Animal Type:
- Production Animal
- Cattle
- Poultry
- Swine
- Other Production Animals
- Companion Animal
- Dogs
- Cats
- Horses
- Other Companion Animals
By Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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