Veterinary Service Market

Veterinary Service Market Size:

The global veterinary service market size reached US$ 113.1 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 170.0 Billion by 2032, exhibiting a growth rate (CAGR) of 4.5% during 2024-2032. The market is constantly developing, driven by rising pet ownership, greater knowledge of animal health, and technological developments, with North America leading due to high disposable incomes and advanced infrastructure.

Veterinary Service Market Analysis:

• Major Market Drivers: The rise in pet ownership, particularly in urban areas, is driving significant demand for veterinary services. Additionally, enhanced awareness of the importance of regular veterinary care and rapid technological advancement in diagnostic tools and treatment protocols is driving the market expansion.
• Key Market Trends: The treatment of pets as a family member is a leading trend, which is increasing spending on veterinary services. Aside from that, expansion of telemedicine and the growing demand for specialized veterinary services are fueling the market growth.
• Geographical Trends: According to the veterinary service market research report, North America is the dominant region due to its high pet ownership rates, substantial disposable income, and advanced veterinary infrastructure. Other regions are also witnessing growth due to strong regulations on animal health and welfare and high levels of awareness among pet owners.
• Competitive Landscape: Some of the major market players in the veterinary service industry 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, Pets at Home Group PLC, among many others.
• Challenges and Opportunities: This sector encounters numerous challenges as highlighted in the latest veterinary service market analysis. It includes the high cost of modern diagnostic and treatment services and a shortage of experienced veterinary experts. However, increased pet ownership, improving economic conditions, and raising knowledge of animal health are all creating major development potential.
   

Veterinary Service Market Trends:

Increasing Pet Ownership

Increased pet ownership around the world is a crucial element driving the veterinary service market growth. According to Health for Animals, there are over a billion pets across the globe. The United States, Brazil, the European Union (EU), and China alone have more than half a billion dogs and cats. There are 37 million cat owners and 62 million dog owners in American households. Also, the annual veterinary care expenses for these households' dogs and cats range from $367 to $253. This trend is particularly pronounced in urban areas, where companionship plays a vital role in the fast-paced lifestyle. Additionally, the increase in pet ownership is driven by a heightened acceptance and awareness of pet adoption, supported by numerous animal welfare organizations and campaigns. Consequently, veterinary clinics and hospitals are experiencing higher patient volumes, leading to the expansion of services and enhanced medical care.

Growing Awareness of Animal Health

Growing awareness of animal health is driving the veterinary services market forward. Pet owners are becoming more aware of the significance of regular veterinary check-ups, vaccinations, and preventive care, thanks in large part to improved availability of information via the internet, social media, and educational programs. This awareness emphasizes the need of preventive care in ensuring long-term health and early detection of potential health conditions, resulting in better outcomes and lower healthcare expenditures. Additionally, veterinary professionals and organizations actively promote the significance of routine health assessments, vaccination schedules, and parasite control, which has heightened pet owners' consciousness about their responsibilities. Moreover, the rising concern for zoonotic diseases, which are transmissible from animals to humans, has also emphasized the need for maintaining animal health, further boosting the veterinary service market growth.

Advancements in Veterinary Medicine

Technological innovations and scientific progress, as highlighted in the recent veterinary service market research report, have revolutionized the field, enhancing diagnostic capabilities, treatment options, and overall quality of care for animals. State-of-the-art diagnostic tools, such as digital radiography, ultrasound, magnetic resonance imaging (MRI), and advanced laboratory tests, enable veterinarians to accurately diagnose and treat a wide range of conditions, from routine health issues to complex diseases. These advancements not only improve diagnostic precision but also facilitate early detection of diseases, leading to more effective and timely interventions. Additionally, the development of new pharmaceuticals, vaccines, and therapeutic protocols, which has significantly broadened the scope of veterinary care, allowing for more tailored and effective treatments, is driving the market growth.

Veterinary Service Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on service, animal type, and end use.

Breakup by Service:

• Surgery
• Diagnostic Tests and Imaging
• Physical Health Monitoring
• Others
   

Surgery accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the service. This includes surgery, diagnostic tests and imaging, physical health monitoring, and others. According to the report, surgery represented the largest segment.

Surgery accounts for the majority of the market share due to the high demand for surgical procedures in both preventive and emergency care. Surgical services encompass a broad range of interventions, including routine spaying and neutering, orthopedic surgeries, tumor removals, and emergency procedures for injuries and illnesses. The increasing incidence of pet ownership, along with a growing awareness of the importance of animal health, has led to more frequent and varied surgical interventions. Furthermore, advanced surgical techniques and technologies have also made surgeries safer and more effective, encouraging pet owners to opt for surgical treatments when necessary.

Breakup by Animal Type:

• Companion Animal
• Farm Animal
   

Companion animal holds the largest share of the industry

A detailed breakup and analysis of the market based on the animal type have also been provided in the report. This includes companion animal and farm animal. According to the report, companion animal accounted for the largest market share.

Based on the veterinary service market analysis, companion animals are leading the segment due to the increasing number of households with pets and the strong emotional bonds between pets and their owners. Companion animals, such as dogs, cats, and small mammals, are often treated as family members, leading to a higher willingness to invest in their health and well-being. Furthermore, the growing awareness of the importance of regular veterinary visits and the availability of advanced medical care have further propelled the demand for veterinary services for companion animals. Additionally, the increasing prevalence of chronic diseases and age-related health issues among pets drives the need for ongoing veterinary care, solidifying the dominance of companion animals in the market.

Breakup by End Use:

• Veterinary Clinic
• Veterinary Hospital
   

The report has provided a detailed breakup and analysis of the market based on the end use. This includes veterinary clinic and veterinary hospital.

Veterinary clinics provide routine and preventive care services for pets and animals. These services include vaccinations, health check-ups, parasite control, minor treatments, and basic diagnostic tests. Veterinary clinics are often the first point of contact for pet owners, offering convenience and accessibility for regular visits. They focus on maintaining overall animal health and preventing diseases through regular monitoring and early intervention.

Veterinary hospitals are equipped to handle more complex and critical health issues in animals. They offer a wide range of specialized services, including advanced diagnostics, surgical procedures, emergency care, and intensive care units (ICUs). Veterinary hospitals are staffed with highly skilled veterinary professionals and equipped with sophisticated medical equipment such as magnetic resonance imaging (MRI) machines, ultrasound, and surgical suites.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

North America leads the market, accounting for the largest veterinary service market share

The report has also provided a comprehensive analysis of all the major regional markets, which include 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. According to the report, North America represents the largest regional market for veterinary service.

North America is dominating the market due to several factors, including high pet ownership rates, substantial disposable income, and advanced veterinary infrastructure. The region's strong economic status allows pet owners to spend more on their pets' health and wellness, driving demand for a wide range of veterinary services. Additionally, North America has a well-established network of veterinary clinics and hospitals equipped with cutting-edge technology and highly skilled veterinary professionals. Besides this, the presence of leading veterinary pharmaceutical companies and ongoing research and development (R&D) is further supporting the market growth.

Competitive Landscape:

• The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the major market players in the veterinary service industry 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.

  (Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

• Leading players are actively expanding their service offerings and geographic reach to cater to the growing demand for pet healthcare. They are investing heavily in advanced diagnostic tools and telemedicine to provide more accessible and comprehensive care. Additionally, companies are engaged in partnerships and acquisitions to integrate specialized services and broaden their market presence. Besides this, there is a notable emphasis on preventive care and wellness programs, reflecting a shift towards proactive health management. Additionally, major players are focusing on sustainability and digital transformation to enhance client engagement through personalized services and maintain high standards of care.

Veterinary Service Market News:

• In January 2024: CityVet, a Dallas-based network of veterinary practices, announced that it will open its first clinic in McKinney.
• In February 2024: CVS Group PLC announced that it has acquired Ark Animal Services Limited, a first opinion, small animal veterinary practice based over two sites in Mobberley, near Knutsford, and Northwich in Cheshire.

Veterinary Service Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the veterinary service market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global veterinary service market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the veterinary service industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.