May 21, 2024
Veterinary Services Market

Veterinary Services Market is Estimated to Witness High Growth Owing to Rising Pet Care Expenditure

The veterinary services market provides a wide range of medical care for pets including prevention, diagnosis, and treatment of animal diseases and injuries. Veterinary services involve physical examinations, vaccinations, spaying/neutering surgery, dental care, and other medical procedures to ensure the overall health and well-being of companion animals such as dogs, cats, and other pets. With rising pet ownership and increasing expenditure on pet care, there is a growing demand for professional veterinary care across the globe.

The global veterinary services market is estimated to be valued at US$ 130.16 Bn in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period of 2024 to 2030.

Key Takeaways
Key players operating in the veterinary services market are Fagron Sterile Services US, New Drug Loft & VLS Pharmacy, Nora Apothecary, Lifecare Pharmacy, Avella Specialty Pharmacy, Triangle Compounding Pharmacy, O€TMBrien Pharmacy, Tache Pharmacy, Northmark Pharmacy, Edge Pharma, and ImprimisRx. The market provides opportunities for players in the form of rising trend of pet humanization, increasing need for pet insurance, and growing demand for specialized and advanced veterinary treatments. Globally, the market is expanding with significant growth in emerging economies of Asia Pacific and Latin America driven by improving pet healthcare infrastructure and growing pet ownership in these regions.

Market Drivers
The Global Veterinary Services Market is driven by rising pet care expenditure. As pet ownership increases worldwide, people are willing to spend more on veterinary care and increasing demand for pet insurance is further fueling market growth. growing human-animal bond and shift towards perceiving pets as companions rather than as commercial animals are causing owners to prioritize pet care, resulting in higher spend on value-added veterinary services. Advancements in veterinary treatment options along with growing focus on pet health screening and wellness management are also propelling the veterinary services industry forward.

PEST Analysis
Political: Veterinary healthcare policies play a crucial role in determining the growth of this market. Regulations related to animal healthcare, veterinary practices, and drug approvals can impact market dynamics.
Economic: Economic growth leads to increased spending on pet ownership and healthcare. A rise in pet insurance also augments healthcare budgets. High disposable incomes fuel better access to veterinary medicines and technology.
Social: Growing humanization of pets results in owners demanding higher quality care. Rising nuclear families provide more scope for companion animals. Social media helps spread awareness on disease prevention and new treatments.
Technological: Advancements in stem cell therapy, precision medicine, and surgical robots are improving treatment outcomes. Telehealth and digital platforms aid veterinarians in remote patient monitoring and consultation.

Geographical regions where market in terms of value is concentrated
North America accounts for the lion’s share of the global market due to rising adoption of companion animals, presence of major players, and well-developed healthcare infrastructure. The US is the key revenue generator backed by high per capita pet care expenditure and growing pet insurance penetration. Europe is the second largest regional market bolstered by a surge in veterinary hospitals and clinics as well as frequent new product launches.

The fastest growing region for the veterinary services market
Asia Pacific promises lucrative prospects over the foreseeable future credit to increasing pet ownership, rising living standards, and growing awareness about animal health in nations like India and China. Rapidly developing veterinary facilities and services catering to farm, companion, and wild animals are stimulating the APAC market. Favorable government initiatives and reforms to strengthen veterinary infrastructure also encourage market growth.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it