Veterinary Services Market Analysis

Veterinary Services Market Analysis

The diagnostic tests and imaging services accounted for over USD 34 billion market revenue in 2021 and is anticipated to dominate throughout the forecast period, registering a significant market growth rate. Infectious diseases are life threatening for pets and very often reduce the productivity of farm animals. The globalized trade of animals and related products spur the threat of disease penetration.

Accurate and rapid diagnostic tests are an essential to detect, control, and eradicate such diseases. This has led to growth in the veterinary services such as diagnostics tests and imaging. The necessity of imaging and diagnostic testing has promoted advancement in equipment and supplementary tools for the rapid and easy detection of animal pathogens. The novel advanced technologies for customized human medicine facilitate the development of prototype diagnostic tests for a wide range of zoonotic diseases.

Radiology and imaging rooms in a veterinary clinic also use advanced imaging technology to diagnose and treat diseases in animals. Hence, owing to aforementioned factors, the veterinary services market is expected to remain driven throughout the forecast period.

On the basis of animal type, the veterinary services market is mainly classified into companion animals and farm animals. Companion animals were noted to account for over 59.2% market proportion in 2021. The rising adoption rate of companion animals largely increases the demand for pet care services including veterinary services, among others. For instance, according to The American Pet Products Association (APPA), in 2021, pet owners annually spend an average of USD 1,480 on the basic expenses of a pet dog.
 

Similarly, there has been a significant increase in the incidence of various diseases among the pet animals. According to data published in the Nature Journal, in 2018, the annual period prevalence of osteoarthritis in dogs in the UK was estimated to be 2.5%. Furthermore, as per the results of the APPA 2017-2018 National Pet Owners Survey, nearly 8% of cats and 10% of dogs underwent surgical procedures. Thus, rising number of pets undergoing surgical procedures will spur the market demand for veterinary services.
 

North America accounts for a significant proportion of the global veterinary services market, and it is expected to continue its market dominance throughout the forecast period. On the country-level, the U.S. accounts for a significant proportion, largely influenced by the increasing pet adoption rates and rising per capita healthcare expenditure on animals.
 

For instance, according to the according to the American Society for Prevention of Cruelty to Animals (ASPCA) report, approximately 3.2 million shelter animals are adopted every year in U.S. Among those shelter animals, 1.6 million are dogs and 1.6 million are cats. Thus, growing adoption of pets in various states of America will boost the regional market outlook.