Veterinary Services Market Size, Share, Growth Analysis, By Service type(Diagnostic tests, imaging), By Animal type(Companion animals, production animals) - Industry Forecast 2024-2031

Veterinary Services Market size was valued at USD 23 billion in 2019 and is poised to grow from USD 24.97 billion in 2023 to USD 42.59 billion by 2031, growing at a CAGR of 6.9% in the forecast period (2024-2031).

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.