|
Forecast
Period
|
2024-2028
|
|
Market
Size (2022)
|
USD
111.67 billion
|
|
CAGR
(2023-2028)
|
9.10%
|
|
Fastest
Growing Segment
|
Companion
Animal
|
|
Largest
Market
|
North
America
|
Market Overview
Global
Veterinary Services Market has valued at USD 111.67 billion in 2022 and is
anticipated to project robust growth in the forecast period with a CAGR of 9.10%
through 2028. The global Veterinary Services Market encompasses a wide range of
healthcare services provided to animals, including companion pets, livestock,
and exotic species. These services include medical care, diagnostics, surgical
procedures, vaccinations, preventive care, and wellness programs. The market is
a critical component of animal health and welfare, addressing the medical needs
of animals and ensuring their well-being. The increasing trend of pet
ownership, particularly in urban areas, has contributed to the growth of the
veterinary services sector. Pets are increasingly considered as family members,
leading to higher demand for quality healthcare services. Technological
advancements and medical breakthroughs have enabled veterinarians to offer a
wider range of diagnostic and treatment options, often mirroring advancements
in human medicine. There's been a shift towards emphasizing preventive care in
veterinary medicine. Regular check-ups, vaccinations, and early disease
detection have become standard practice, leading to healthier animals and
longer lifespans. Pet owners are becoming more informed and proactive about
their pets' health, seeking out specialized services and treatments, even for
complex medical conditions. As more people move to urban areas and lead busier
lives, the demand for pet care services, including veterinary care, has
increased. The growing popularity of pet insurance has allowed pet owners to
afford more comprehensive and specialized treatments, thereby driving the
demand for advanced veterinary services.
Additionally,
the outbreak of zoonotic diseases (diseases that can be transmitted between
animals and humans) like avian influenza, swine flu, and COVID-19, has
highlighted the importance of animal health in safeguarding public health,
leading to increased focus on veterinary services. Veterinary services also
play a vital role in maintaining the health of livestock, which is crucial for
food production and supply. The movement of animals across borders for various
purposes, including trade and companionship, has necessitated international
standards for animal health. Veterinary services play a crucial role in
ensuring the health and safety of animals in global trade. In conclusion, the
global Veterinary Services Market is driven by a confluence of factors, ranging
from changing consumer attitudes to technological advancements and public
health concerns. The market's evolution continues to be influenced by the
dynamic relationship between pet owners, veterinary professionals, regulatory
bodies, and broader societal trends. For the latest insights into the current
state of the market and its ongoing dynamics, it is recommended to refer to
up-to-date industry reports and analyses.
Key Market Drivers
Advancements
in Veterinary Medicine
Advancements
in veterinary medicine have significantly transformed the global Veterinary
Services Market by revolutionizing the quality of care, diagnosis, treatment
options, and overall well-being of animals. These advancements encompass a wide
range of scientific, technological, and medical breakthroughs that have
propelled the field of veterinary medicine forward. Advanced diagnostic tools
such as digital imaging (X-rays, CT scans, MRI), endoscopy, and molecular
diagnostics have improved veterinarians' ability to accurately identify and
understand diseases and conditions in animals. This has led to more targeted
and effective treatment strategies. The introduction of minimally invasive
surgical techniques, including laparoscopy and arthroscopy, has reduced the
invasiveness of procedures, leading to shorter recovery times, less pain, and
reduced risk of complications for animals undergoing surgery. Stem cell therapy
and regenerative medicine have gained traction in veterinary practice. These
approaches hold promise for treating conditions like osteoarthritis, tissue
injuries, and organ damage, enhancing the overall quality of life for animals.
Just as in human medicine, personalized medicine has emerged in veterinary
care. Genetic testing and tailored treatment plans allow veterinarians to
address an animal's specific genetic predispositions and unique health needs. The
integration of telemedicine and digital health platforms enables remote
consultations, diagnostics, and follow-up care. This is particularly valuable
in rural areas or situations where immediate access to a veterinarian is
limited. Research into animal nutrition has led to a better understanding of
dietary requirements for various species and health conditions. Specialized
diets can now be tailored to support animals' specific needs. Dental health has
gained prominence, with advancements in veterinary dentistry allowing for
better oral hygiene, treatment of dental diseases, and overall improved oral
health for animals. Veterinary rehabilitation and physical therapy have become
increasingly recognized and practiced. These therapies aid in the recovery of
animals after surgery, injury, or illness, promoting mobility and function. Advances
in behavioral medicine have led to a better understanding of animal behavior
and mental well-being. This has improved the management and treatment of
behavioral issues in pets. The concept of One Health, which recognizes the
interconnectedness of human, animal, and environmental health, has led to
collaborative efforts between veterinary and medical professionals to address
zoonotic diseases and promote overall public health. These advancements have
not only elevated the standard of care for animals but have also expanded the
scope of services offered by veterinary practices. The integration of
cutting-edge technologies and medical breakthroughs into veterinary services
has enhanced the ability of veterinarians to provide comprehensive and
specialized care, driving the growth and evolution of the global Veterinary
Services Market. It's crucial for veterinary professionals to stay updated with
these advancements to deliver the best possible care to animals and meet the
evolving needs of pet owners worldwide.
Growing
Focus on Preventive Care
The
growing focus on preventive care has emerged as a significant trend within the
global Veterinary Services Market, reflecting a shift in both consumer
attitudes and veterinary practices. This emphasis on proactive healthcare
measures has transformed the way veterinary services are delivered and has
far-reaching implications for animal health and well-being.
Preventive
care in the veterinary context involves a range of strategies and practices
aimed at maintaining the health of animals and preventing the onset of diseases
or conditions. This approach recognizes that early detection, regular
check-ups, vaccinations, and lifestyle management can lead to better health
outcomes and improved quality of life for animals. Pet owners increasingly view
their animal companions as members of the family, desiring to provide them with
the best possible life. Preventive care measures help extend animals' lifespans
and enhance their overall well-being, fostering a stronger bond between pets
and their owners. Preventive care can reduce the need for costly treatments and
interventions down the line. By addressing potential health issues before they
escalate, pet owners can save on veterinary expenses and avoid the emotional
toll of serious illnesses. Veterinary practices have benefited from
advancements in diagnostic tools and medical knowledge. This allows
veterinarians to detect early signs of diseases and conditions, enabling timely
intervention and management. Preventive care is crucial for safeguarding both
animal and human health. Routine vaccinations, parasite control, and hygiene
practices reduce the risk of zoonotic diseases that can be transmitted between
animals and humans. Veterinarians now tailor preventive care plans to the
specific needs of individual animals. This personalized approach considers
factors like age, breed, lifestyle, and medical history to create comprehensive
care strategies. Pet owners are increasingly informed about the benefits of
preventive care through educational campaigns, online resources, and veterinary
guidance. This knowledge empowers them to take a proactive role in their pets'
health. Urbanization and changing lifestyles have led to alterations in pets'
living environments and activity levels. Preventive care addresses these
changes, ensuring that pets receive appropriate care and attention to maintain
their health in evolving conditions. These factors will propell the growth of
Global Veterinary Services Market in th3 forecast period.
Nutritional
and Dietary Advancements
Nutritional and dietary advancements have emerged as
a pivotal aspect of the global Veterinary Services Market, shaping the way
animals are cared for, treated, and maintained. These advancements encompass a
wide array of scientific research, formulation innovation, and dietary
strategies aimed at optimizing the health, well-being, and longevity of animals
under veterinary care. Advances in veterinary nutrition have led to a deeper
understanding of the specific dietary needs of different animal species,
breeds, and individual conditions. Veterinarians can now create customized
nutritional plans that address an animal's unique requirements, taking into account
factors such as age, weight, activity level, and medical history. The
development of specialized diets has become more prevalent, catering to animals
with specific health concerns, allergies, sensitivities, or chronic conditions.
These diets target issues like obesity, gastrointestinal disorders, allergies,
joint problems, and more. Proper nutrition is recognized as a cornerstone of
preventive care. High-quality diets rich in essential nutrients can support
immune function, maintain healthy weight, and reduce the risk of various
diseases, contributing to overall health and well-being. Nutritional advancements have paved the way
for therapeutic diets that complement medical treatments. These diets can aid
in managing conditions such as diabetes, kidney disease, heart disease, and
urinary issues, enhancing the effectiveness of veterinary interventions.
Pet obesity is a growing concern.
Advanced nutritional strategies, portion control, and specialized weight
management diets enable veterinarians to address obesity and associated health
risks, improving animals' quality of life. Nutraceuticals, such as antioxidants, omega-3 fatty acids, and
probiotics, are incorporated into diets to promote specific health benefits.
These functional ingredients can enhance joint health, improve skin and coat
condition, and support cognitive function. Advances in nutritional science have led to tailored diets for different
life stages, including puppies and kittens, adult animals, and seniors. These
diets address the changing nutritional needs of animals as they grow and age.
The integration of these nutritional
and dietary advancements into veterinary practice has elevated the standard of
care, promoting animals' well-being and longevity. As pet owners become more
conscious of the importance of proper nutrition, the demand for specialized
diets and nutritional guidance has grown, driving the expansion of the global
Veterinary Services Market. Veterinary professionals are increasingly equipped
to provide comprehensive care that encompasses not only medical treatment but
also the essential aspect of nutrition for animals' optimal health.
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Key Market
Challenges
Economic
Constraints
Economic
constraints represent a significant challenge within the global Veterinary
Services Market, affecting both pet owners' willingness to seek veterinary care
and the financial sustainability of veterinary practices. These constraints
arise from various factors, including economic downturns, income disparities,
and rising costs of veterinary services. During economic downturns, pet owners
may limit discretionary spending, including expenditures on non-urgent
veterinary services. High costs associated with specialized treatments,
surgeries, diagnostics, and medications can discourage pet owners from seeking
necessary care, potentially leading to delayed or inadequate treatment. Limited
financial resources can also affect pet owners' decisions regarding preventive
care, routine check-ups, and wellness programs. For veterinary practices,
economic constraints can impact revenues and profitability. Reduced demand for
services due to cost concerns can lead to decreased patient visits and lower
revenue streams. Veterinary professionals may face challenges in maintaining
quality care, investing in advanced equipment, and attracting skilled staff. Addressing
economic constraints often requires a delicate balance between providing
accessible and affordable care for pet owners while ensuring the financial
viability of veterinary practices. Strategies such as offering payment plans,
promoting preventive care, and providing cost-effective treatment options can
help mitigate the impact of economic limitations on the global Veterinary
Services Market.
Public
Awareness and Educations
Public
awareness and education play a vital role in shaping the global Veterinary
Services Market by influencing pet owners' attitudes, behaviors, and decisions
regarding animal health and care. These factors impact the demand for
veterinary services, preventive measures, and overall animal welfare. Public
awareness campaigns, educational initiatives, and accessible information
contribute to informed decision-making among pet owners. When people are
educated about the importance of regular veterinary check-ups, vaccinations,
preventive care, and responsible pet ownership, they are more likely to seek
professional veterinary services. Educational efforts also extend to promoting
ethical and compassionate treatment of animals, encouraging responsible breeding
practices, and raising awareness about zoonotic diseases that can affect both
animals and humans. Informed pet owners are better equipped to recognize signs
of illness, provide appropriate care, and take preventative measures to ensure
their pets' well-being. Moreover, public awareness and education initiatives
foster collaboration between veterinarians and pet owners. When individuals
understand the value of veterinary services, they become proactive partners in
their pets' healthcare journey, leading to improved animal health outcomes and
a stronger bond between animals and their owners. By elevating public awareness
and education, the global Veterinary Services Market can experience increased
demand for services, a higher utilization rate of preventive care, and a
heightened emphasis on responsible pet ownership, ultimately contributing to
the better health and well-being of animals worldwide.
Key Market Trends
Humanization
of Pets
Humanization
of pets refers to the trend where pets are increasingly regarded as integral
members of the family, enjoying a higher level of care, attention, and even
emotional connection similar to human family members. This phenomenon has
profound implications for the global Veterinary Services Market. As pet owners
view their animals through a more human-centric lens, they seek higher
standards of veterinary care. This includes regular wellness check-ups,
specialized treatments, advanced diagnostics, and even specialized diets to
ensure optimal health and well-being for their furry companions. The
humanization trend has led to increased spending on pet healthcare,
contributing to the growth of the veterinary services industry. Pet owners are
more willing to invest in preventive measures, advanced treatments, and
wellness services, thus expanding the scope of services offered by veterinary
clinics. Moreover, the emotional bond between pet owners and their animals
drives the demand for compassionate and empathetic veterinary care, including
end-of-life services and pain management. In response to the humanization
trend, veterinary practices are adapting by offering a broader range of
services, personalized care plans, and enhanced communication strategies to
meet the evolving expectations of pet owners. This trend has transformed the
global Veterinary Services Market, elevating the quality of care and
reinforcing the notion that pets deserve the same level of attention and
healthcare as human family members.
Pet
Insurance and Financial Planning
Pet
insurance and financial planning have become increasingly relevant factors
within the global Veterinary Services Market. Pet insurance involves purchasing
a policy that helps cover the cost of veterinary care, treatments, and medical
expenses for pets. This practice has gained traction as pet owners seek to
manage the financial implications of unexpected healthcare needs for their
animals. Pet insurance mitigates economic constraints that might otherwise
discourage pet owners from seeking comprehensive veterinary services. By
providing financial support for preventive care, routine check-ups, emergency
treatments, surgeries, and specialized therapies, pet insurance encourages pet
owners to seek timely and appropriate care for their animals. This trend
positively impacts the Veterinary Services Market by promoting higher
utilization of veterinary services. Pet owners are more likely to pursue
preventive care and timely treatments when they have insurance coverage,
leading to improved animal health outcomes and increased revenue for veterinary
practices. Additionally, pet insurance incentivizes pet owners to consider
long-term financial planning for their animals' well-being. The combination of
insurance coverage and financial planning ensures that pet owners can provide
the best possible care for their pets without being burdened by unexpected
healthcare expenses. For veterinary practices, the growing popularity of pet
insurance translates to a broader customer base and increased revenue
opportunities. It allows veterinarians to focus on providing quality care
without concerns about financial constraints, ultimately contributing to the
growth and sustainability of the global Veterinary Services Market.
Segmental Insights
Animal Type Insights
In 2022, the Veterinary
Services Market was dominated by the companion animal segment and is predicted
to continue expanding over the coming years. The companion animals is further
segmented into Dogs, Cats, Horses, Others, integral
part of many households around the world. This is due to creasing pet
ownership, growing awareness about pet health & nutrition, and rising pet
humanization. And th production animal is further segmented into Cattle,
Poultry, Swine, Others, on which the population is dependent for its product.
Type Insights
In
2022, the Veterinary Services Market was dominated by non-medical services
segment and is predicted to continue expanding over the coming years. This is ascribed due to increased
government support. Furthermore, various strategic initiatives implemented by
key players in the market are boosting the segment’s growth.
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Regional Insights
North
America accounted for the largest revenue share in 2022. This is ascribed due
to advancements in technology, low cost of services, overall improvement of
veterinary services in the U.S. and Canada are the key drivers of regional
market growth.
Recent Developments
- In February
2023, the veterinary clinic owned by Dr. Paulus in Saarbrücken, Germany, was
integrated into the IVCEvidensiaDACH Group. This move resulted in the expansion
of the company's local influence and clientele.
- In June 2022, Mars
Inc. established the MARS PETCARE BIOBANK, a groundbreaking initiative aimed at
conducting the most extensive and comprehensive real-world investigation of its
kind. This endeavour is poised to contribute significantly to the advancement
of disease prevention, diagnosis, and treatment within the field.
- In April 2023,
Petco, for instance, launched the “Clean Grooming Initiative” line of grooming
services and products without phthalates, parabens, and chemical dyes, across
its 1,350 pet care centers.
Key Market Players
- CVS
Group Plc
- Mars
Incorporated
- National
Veterinary Associates
- Pets
at Home Group PLC
- Greencross
Vets
- Fetch!
Pet Care
- IVC
Evidensia
- A
Place for Rover, Inc.
- PetSmart
LLC
- Airpets
International
|
By Animal Type
|
By Service Type
|
By Region
|
By Region
|
- Companion Animals
- Production Animals
|
- Medical Services
- Non-Medical Services
|
- North America
- Asia Pacific
- Europe
- South America
- Middle East & Africa
|
- Saudi Arabia
- UAE
- Qatar
- Kuwait
- Bahrain
- Rest of Middle East
|
Report
Scope:
In
this report, the Global Veterinary Services Market has been segmented into the following
categories, in addition to the industry trends which have also been detailed
below:
- Global
Veterinary Services Market, By Animal Type:
o
Companion
Animals
o
Production
Animals
- Global Veterinary
Services Market, By Service Type:
o
Medical
Services
o
Non-Medical
Services
- Global
Veterinary Services Market, By Companion Animals:
o
Dogs
o
Cats
o
Horses
o
Others
- Global
Veterinary Services Market, By Production Animals:
o
Cattle
o
Poultry
o
Swine
o
Others
- Global
Veterinary Services Market, By Region:
o
North
America
§ United States
§ Canada
§ Mexico
o
Europe
§ Germany
§ France
§ United Kingdom
§ Italy
§ Spain
o
Asia-Pacific
§
China
§
Japan
§
India
§
South
Korea
§
Australia
§
Singapore
o
South
America
§ Brazil
§ Argentina
§ Colombia
o
Middle
East & Africa
§ UAE
§ Saudi Arabia
§ South Africa
Competitive
Landscape
Company
Profiles: Detailed
analysis of the major companies present in the Global Veterinary Services
Market.
Available
Customizations:
Global
Veterinary Services Market report with the given market data, Tech Sci Research
offers customizations according to a company's specific needs. The following
customization options are available for the report:
Company
Information
- Detailed
analysis and profiling of additional market players (up to five).
Global Veterinary
Services Market is an upcoming report to be released soon. If you wish an early
delivery of this report or want to confirm the date of release, please contact
us at [email protected]