According to the latest report by IMARC Group, titled "Veterinary Service Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global veterinary service market size reached a value of US$
107.5 Billion in 2022. Veterinary services refer to the healthcare advice, diagnosis, care, or treatment delivered by a veterinarian. It primarily involves outpatient care and minor medical techniques involving hospitalization for fewer than four days. It also includes the treatment of diseased animals, periodic medical monitoring, animal neutering, preventive medical services, diagnostic services for pets, pet vaccination, artificial insemination, and animal health protection, among other services. Veterinary services can also be offered in remote locations via digital consultation services by both pet parents and veterinarians, thus improving the overall convenience of owning a pet.
Global Veterinary Service Market Trends:
The global market is primarily driven by the increasing pet adoption rates. In line with this, the rising implementation of digital solutions in veterinary services is creating a positive outlook for the market. Furthermore, the growing trend of pet humanization, the inflating disposable income levels of households, and the penetration of efficient pet insurance schemes are encouraging pet owners to willingly spend on providing high-quality veterinary services to their pets. Apart from this, the rising pet-related concerns about their health, nutrition, and the emergency care that distinct animals need are catalyzing the market. Moreover, the increasing prevalence of animal diseases and a strong focus on offering optimum pet care products and services are propelling the market. Besides, rapid advancements in diagnostics and imaging technologies for veterinary services are strengthening the market. Other factors, including favorable initiatives undertaken by government bodies, the introduction of novel products or services by market players, and the growing number of veterinary clinics, are further providing a boost to the market growth worldwide. On account of the factors above, the market is anticipated to reach a value of US$
148.7 Billion by 2028, exhibiting a CAGR of 5.15% during 2023-2028.
- On the basis of the service, the market has been segmented into surgery, diagnostic tests and imaging, physical health monitoring, and others.
- Based on the animal type, the market has been categorized into companion and farm animals.
- Based on the end use, the market has been classified into veterinary clinic and veterinary hospital.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market. Some of the key players include Addison Biological Laboratory Inc., Armor Animal Health, CityVet, CVS Group PLC, Elanco Animal Health Incorporated, Ethos Veterinary Health LLC, FirstVet, Greencross Vets, Heska Corporation, Idexx Laboratories Inc., Intervet Inc. (Merck & Co. Inc.), PetIQ LLC and Pets at Home Group PLC.
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