Global Veterinary Services Market Size is Projected to Reach USD 182,009.07 million by 2031, Growing at a CAGR of 7.20%: Straits Research

Monday, February 12, 2024 at 2:49pm UTC

New York, United States, Feb. 12, 2024 (GLOBE NEWSWIRE) -- The digital transformation of a veterinary clinic makes it feasible to access patient records and provide care effectively. For example, technological advances allow veterinarians to do imaging tests, upload photographs to the cloud, and share them with any pathology lab anywhere globally. Additionally, veterinary imaging services now meet higher standards because of the digitalization of clinical operations. Furthermore, they can freely spend money on providing their dogs with top-notch medical treatment thanks to the growing affection between pet parents and their animals, rising disposable income, and expanding market penetration of different pet insurance plans.

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Growing Frequency of Various Animal Diseases Drives the Global Market

According to Straits Research, The global veterinary services market size was valued at USD 97,350.90 million in 2022. It is projected to reach USD 182,009.07 million by 2031, growing at a CAGR of 7.20% during the forecast period (2023-2031). Animals can contract several ailments, such as cysts, arthritis, periodontal diseases, cancer, and gastrointestinal disorders, including diarrhea, coccidiosis, melena, dyspepsia, and bowel obstruction. The growing burden of different animal diseases worldwide is expected to drive growth in the market under research. In 2019, almost 37.6% of occurrences involving young animals in Russia were linked to gastrointestinal disorders, according to a 2020 paper by V N Makarova et al. titled "Etiology and diagnosis of the gastrointestinal and respiratory diseases of calves in the farms of the Vologda region." Nearly 46.6% of calves born over the previous five years had, on average, been impacted.

Rise in Animal Adoption Creates Tremendous Opportunities

Farm animals like pigs and cattle have grown significantly. Industrialized nations account for a disproportionately large part of pet ownership because of favorable economic conditions and other factors. For instance, according to the American Pet Products Association (APPA), 85 million American families, or 67% of households, had a pet as of the 2019-2020 National Pet Owners Survey. More than 91.49 million dogs and cats were maintained as pets in China's cities in 2017, making up 9% of the 813.47 million urban dwellers in the country, according to the Chinese Pet Industry 2018 White Paper.

Regional Analysis 

North America is the most significant revenue contributor and is anticipated to exhibit a CAGR of 6.95% over the projected period. The United States is expected to maintain its market share due to increased pet adoption and rising per capita spending on veterinary care. The rise in the frequency of various animal ailments and injuries has also been cited as fueling the market's expansion. In March 2021, Farmer's Business Network announced the opening of its animal nutrition and wellness platform in the US. An autonomous farmer-to-farmer network is called Farmer's Business Network. The group said that its members in select states would have access to dairy, swine, and beef cattle services thanks to a collaboration with Southwest Veterinary Services.

Europe is anticipated to grow at a CAGR of 6.50% during the forecast period. The growth of the German market can be attributed to the creation of new products and the increasing adoption of pets. Additionally, as of 2019, there were approximately 26,053.4 pigs and 11,639,532 cattle in Germany, according to estimates from the Federal Statistical Office of Germany (Federal Statistical Office). With so many companion and livestock animals in the country, veterinary services are expected to rise soon. By November 2020, Destatis expected 20,500 German farms.

Key Highlights

  • Based on service, the global veterinary services industry is bifurcated into surgery, diagnostic tests and imaging, physical health monitoring, and other services. The physical health monitoring segment is the highest contributor to the market and is estimated to boost at a CAGR of 7.20% during the forecast period.
  • The global veterinary services market is bifurcated based on animal type into companion and farm animals. The companion animal segment is the highest contributor to the market and is estimated to boost at a CAGR of 7.25% during the forecast period.
  • North America is the major revenue contributor and is expected to grow at a CAGR of 6.95% during the forecast period.

Competitive Players

The Top 10 players in the global veterinary services market's are CVS Group PLC, Ethos Veterinary Health, Greencross Vets, Idexx Laboratories Inc., Mars Inc., Pets at Home Group PLC, Armor Animal Health (Animart), Kremer Veterinary Services, FirstVet AB, and CityVet Inc.

Market News

  • In May 2022, with an investment of Rs 278 crore, Andhra Pradesh's Chief Minister, Sri YS Jagan Mohan Reddy, formally unveiled 175 Mobile Ambulatory Veterinary Clinics (MAVCs). To enhance the service delivery system and make sure that the veterinary services offered by the animal husbandry department are more readily available to the general public, the State government planned to establish 340 Dr. YSR Sanchaara Pasu Aarogya Seva or Mobile Ambulatory Veterinary Clinics (MAVC) in the State.
  • In March 2022, Hacarus Inc. and DS Pharma Animal Health introduced the ECG platform. To aid in the early detection of cardiac disease, the second most common cause of mortality in dogs, the device examines and analyses the health of the canine heart.

Global Veterinary Services Market: Segmentation

By Service

  • Surgery
  • Diagnostic Tests and Imaging
  • Physical Health Monitoring
  • Other Services

By Animal Type

  • Companion Animal
  • Farm Animal

By Regions

  • North America
  • Europe
  • Asia-Pacific

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About Straits Research Pvt. Ltd.

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