Veterinary Services Market By Animal Type (Dogs, Cats, Cattle, Pigs, Horses, Poultry); By Medicalization Type (No medicalization, Basic Medicalization, Veterinary Care); By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Market Analysis, Trends, Opportunity and Forecast, 2022-2032

Veterinary Services Market Overview and Definition

The global veterinary services market size is projected to grow from USD 30.1 billion in 2022 to USD 180.0 billion by 2032, at a CAGR of 7.4% from 2022 to 2032. Veterinary services refer to the services given to the vets for diagnosis, analysis, and treatment of illnesses and wounds. The services can be applied livestock. Veterinary services are easily accessible.

Veterinary services are helpful in ensuring safe trade of live animals and their products such as meat based on OIE international Standards. After going through certain procedures, officials certify that food of animal origin complies with animal health and food safety requirements. Veterinary services are grouped dependent on the assistance; for example Analytic Tests and Imaging, Physical Health Monitoring, Surgery, and Other Services (Dental Care, Grooming, Vaccination, Counselling). Companion animal and farm animal are associated with veterinary services.

The veterinary services market involves the provision of medical care, diagnostics, and treatment to animals, including pets, livestock, and wildlife. This market has been growing steadily over the past few years due to increasing pet ownership, rising awareness about animal health, and advancements in veterinary medicine. The top 10 players accounted for 34% of the market and various small and medium sized companies are vying for increasing their market share. North America and Europe are the largest markets for veterinary services, while the Asia-Pacific region is expected to experience significant growth in the coming years.

Veterinary Services Market Key Drivers

Rise in number pet ownership: In developed countries, the rising inclination of people towards keeping pets, is resulting in increased demand for veterinary services.

Increasing animal health awareness: Pet owners are more concerned for the health and welfare of animals, and they are increasing their spending on veterinary service. This is expected to bolster the growth of market.

Technological Advancements in Sector: Continuous technological advancements, improvements in existing products line and offering of specialized and advanced treatments has positively impacted the growth of market.

Positive Growth of the livestock industry: Due to the positive growth of parent industry i.e. livestock industry sector, the demand for veterinary services has also increased in the past years. Further, positive outlook of parent industry is believed to foster the growth of market.

Government initiatives: Governments in various countries are taking initiatives to improve animal health and welfare, which has led to an increase in demand for veterinary services.

Increased pet ownership - There has been increased by ownership from the past few years in countries like USA and UK as animals provide companionship and understanding and fill the void of loneliness in some people. On the other hand, they also protect the household from various threats of crime and pests.

Increased expenditure on pets – In developed countries like US, people are increasing their spending on well-being of pets. Various awareness campaigns on social media is also positively impacting the growth of market. People have been writing about how they take care of their pets, kind of food they eat, and awareness is being spread about their specific nutritional requirements. People are getting more aware and are more likely to get veterinary service whenever their pet will need.

Small to medium-sized clinical health services are increasing day by day as people turning sensitive towards animals. Animals are thermosensitive and human disruptions can harm them. For example the sense of hearing of dogs is highly sensitive and noise pollution can harm their healing abilities which is only the tip of the iceberg out of all the inhumane acts directed towards them, which affects both their mental health and long-term stability. Pets require external veterinary help to make them stable for healthy life. The veterinary services industry creates millions of jobs every year and is a key part of the growing MSME sector of economy and has been rewarding highly qualified personal as well.

COVID-19 has had a huge impact on veterinary services market. Less government initiatives have been taken in the field of veterinary services as they are focusing to curb COVID-19 cases. The market has seen negative growth as most veterinary specialists have been counted as health care for online workers in times of crisis, also, top priority has been shifted from them towards saving more human lives.

Veterinary Services Market Challenges

Despite the growth potential, the veterinary services market also faces several challenges, including:

High costs: Veterinary care can be expensive, and many pet owners may not be able to afford it.

Moreover, Limited access to veterinary care, Regulatory and legal challenges are some of factors which are acting as a challenge to industry.

Veterinary Services Market Segmentation

By Animal Type

• Dogs
• Cats
• Cattle
• Pigs
• Horses
• Poultry

By Medicalization Type

• No medicalization
• Basic Medicalization
• Veterinary Care

By Country/Region

• North America
  • US
  • Canada
• Europe
  • Denmark
  • Finland
  • Greece
  • Norway
  • Portugal
  • Belgium
  • Czech Republic
  • Sweden
• Asia Pacific
  • Singapore
  • New Zealand
  • Vietnam
  • Philippines
  • Malaysia
  • Indonesia
• Latin America
  • Brazil
  • Argentina
  • Colombia
  • Mexico
  • Chile
• Middle East & Africa
  • GCC
  • North Africa
  • South Africa

Veterinary Services Market: Regional Synopsis

North America captured highest market share in the veterinary medication market and represented market share of more than 37.4% in 2021. The predominance is trailed by the European nations. Key contributing factors driving the growth of market include expanding commonness of zoonotic illnesses and positive repayment programs. Additionally, expanding reception of pet health care coverage in the U.S. is likewise expected to add to advertise development.

In Asia Pacific, the market for veterinary medication is anticipated to show high growth during the forecast period. Factors such as higher adoption of partner animals and expanding wellbeing worries have advanced the market development in Asia Pacific. Furthermore, increasing use of creatures for wellbeing and veterinary administrations and cow population are factors that are driving the market for veterinary medication. Countries like India and China are witnessing surge in adoption of pets which will further foster the growth of market. Latin America regions is expected to grow at a CAGR of 7.1% during forecast period.

Veterinary Services Market: Recent Developments

Some recent developments in the veterinary services market include:

Telemedicine: The COVID-19 pandemic has accelerated the adoption of telemedicine in the veterinary industry, allowing pet owners to access veterinary care remotely.

Specialized care: Veterinary clinics and hospitals are increasingly offering specialized services, such as oncology, cardiology, and neurology, to meet the growing demand for advanced veterinary care.

Increasing Mergers and Acquisitions: Large players in the market are acquiring smaller practices, leading to consolidation and the emergence of larger players with broader offerings and better economies of scale.

Preventive Care: With increasing awareness, the people are more inclined on preventing diseases rather than treating them. Moreover, industry players are also creating awareness regarding it which further contributes to the growth of market.

Veterinary Services Market: Key Players

• Ceva Sante Animale
• Vetoquinol S.A.
• Zoetis
• Boehringer Ingelheim GmbH
• Elanco
• Nutreco N.V.
• Virbac
• Kindred Biosciences, Inc.
• Biogenesis Bago
• Indian Immunologicals Ltd.
• Neogen Corporation
• Hester Biosciences
• Merck Animal Health