USD 23 billion
Report ID: SQMIG35I2225 | Region: Global | Published Date: October, 2022 | Pages: 157 | Tables: 64 | Figures: 75
Veterinary Services Market size was valued at USD 23 billion in 2021 and is poised to grow from USD 24.97 billion in 2022 to USD 42.59 billion by 2030, growing at a CAGR of 6.9% in the forecast period (2023-2030).
Veterinary services are services or treatment that are offered to both pet and agricultural animals for their well-being to prevent or cure the transmitted disease from humans that are responsible for illness, permanent disability, and death. Growing number of government initiatives to ensure food security and biosecurity are expected to accelerate the global adoption of veterinary services in livestock. For example, the OIE is concerned with food safety and has consistently issued guidelines to eliminate potential biological hazards and risks associated with on-farm, pre-slaughter, pre-processing, and processing stages checks.
Post-Covid, there is a complete change in the global veterinary services market in terms of online availability of the medicines and veterinary services and pet insurance. It is anticipated that pet adoption rate will increase due to work from home trend. Animal-based food products account for 33.3% of human protein intake in emerging regions according to Food & Agricultural Organization.
To meet the rising demand, veterinary companies introduced new products, diagnostic tools, and services. For example, Zoet launched VetscanImagyst in September 2020. This is a new platform for detecting intestinal parasites in pets. Furthermore, a subsequent increase in the global pet population has contributed to the market's rapid growth. Veterinarians and veterinary service providers are working hard to ensure animal welfare, and this encourages pet owners to use these services.
US Veterinary Services Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 23 billion
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The global veterinary services market is segmented based on service type, animal type, and region. Based on service type, the global veterinary services market is segmented into diagnostics tests and imaging, surgery, physical health monitoring, and others. Based on animal type, the global veterinary services market is segmented into companion animals and production animals. Based on region, Veterinary Services Market is segmented into Asia-Pacific (APAC), North America, Europe, Middle East and Africa (MEA), and Central South America.
Veterinary Services Market Analysis by Animal Type
With a revenue share of more than 61% in 2021, the production animal type segment dominated the market. The segment's significant market share can be attributed to government healthcare organizations around the world's high concern for food safety and sustainability. Policymakers in various countries are working to achieve total food security, which drives large-scale food production and increases livestock rearing.
The policies are aimed at long-term sustainability, which can be achieved by increasing productivity and paying more attention to livestock veterinary care. According to the Food and Agriculture Organization, animal-based food products account for one-third of human protein consumption in emerging economies, resulting in an increase in livestock productivity, which is critical to meeting the dietary needs of the growing human population. These factors, taken together, account for the significant share captured by production animals in this segment.
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Global veterinary services market is dominated by North America and the region is expected to experience significant growth during the forecast period (2022 – 2028). U.S. has emerged as a significant contributor to market growth in North America because of high adoption of pets and expenditure for their proper health care. According to the National Pet Owners Survey 2021-2022, conducted by the American Pet Products Association (APPA), around 70% of United States households own a pet, which equates to 90.5 million homes, including 45.3 million cats and 69 million dogs.
Meanwhile, Asia Pacific is projected to be the fastest-growing regional market over the forecast years thanks to the rampant growth of the growing pets and livestock population in the developed and emerging economies in this region. Veterinary services also reduce poverty, especially among rural populations in developing countries as it helps in the preservation of precious livestock population. As a consequence of the increased focus and awareness of the government about the early diagnosis and prevention of the zoonotic diseases, Asia Pacific is expected to witness seamless growth of the global veterinary services market.
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Veterinary Services Market Drivers
Veterinary Services Market Restraints
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Global veterinary services market is a highly competitive and also fragmented in developed and developing economies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. The prime market share is distributed among the few top players, and these players are shifting their focus on technological advancements, in order to gain the maximum market share.
Top Players in the Global Veterinary Services Market
Veterinary Services Market Recent Development
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global veterinary services market analysis, among region North America is expected to capture higher market share, the growth of the region is attributed to greater demand for the appropriate medical facilities and government initiatives to control and prevent the transmitted diseases. U.S. has emerged as a significant contributor to market growth in North America thanks to the high adoption rate of companion animals and the rising awareness towards the sustainable health care following the healthy products that fuels the growth of the global veterinary services market.
|Market size value in 2021||USD 23 billion|
|Market size value in 2030||USD 42.59 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
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For the Global Veterinary Services Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Veterinary Services Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Veterinary Services Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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