Veterinary Services Market size is set to surpass USD 160.9 billion by 2030, according to a new research report by Global Market Insights Inc.
Increasing technological advancement in veterinary diagnostics test and imaging services will propel the market progression. The growing awareness for pet health and rising demand for effective medical care will spur the industry statistics. Also, this product is powered by its VetConnect PLUS software. This service enables to connect digitally with veterinarians to a broad network of over 100 veterinary clinical pathologists, allowing them to collect cytology interpretations within few hours. Thus, such services offered by several companies is expected to drive the market demand.
Increasing animal healthcare expenditure across the globe is anticipated to boost the industry expansion
Rise in pet adoption for companionship and high disposable income has augmented the spending on veterinary healthcare services. Among the spending, the food and veterinary services accounted for approximately half of all ongoing expenditure. Thus, rising animal healthcare expenditure across the world is likely to accelerate the market trends. Furthermore, a subsequent increase in the pet population globally has also contributed to the expedited growth of the veterinary services market.
Lack of awareness in developing and under-developed economies may hamper the market revenue
The per capita income for developing countries is less in comparison to developed countries in the west thus, private veterinary practices are rarely seen. Hence, the population does not regard pet care as a priority. Moreover, lack of awareness about various zoonotic diseases is another growth restraining factor. For instance, cats and dogs are the two most common household companion animals that can be direct or indirect source of zoonotic infections. Although such infections can be prevented by suitable prophylactic interventions, but lack of awareness about such diseases can cause great harm to the infected animals.
Growing focus of key market players to develop novel solutions for physical health monitoring
Veterinary services market from physical health monitoring segment accounted for the 26.9% business share in 2021 is set to register a significant CAGR through 2030. Growing focus of key market players to strengthen R&D activities to develop novel solutions for monitoring pet health will spur the market value. Additionally, regular routine examinations enable veterinarian to evaluate the pets general health and avoid serious illness conditions. Thus, the aforementioned factors are predicted to foster the market size.
Browse key industry insights spread across 130 pages with 112 market data tables & 14 figures & charts from the report, “Veterinary Services Market Analysis By Service Type (Diagnostic Tests & Imaging Physical Health Monitoring, Surgery), Animal Type (Companion Animal, Farm Animal), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2022 - 2030” in detail along with the table of contents:
Growing government initiatives for animal welfare activities will augment the industry scenario
Farm animal segment is estimated to register 5.9% CAGR during the analysis period due to rising number of veterinary services and various government initiatives for animal welfare. For instance, according to the Department of Animal Husbandry and Dairying, in 2019, government of India announced the launch of National Animal Disease Control Programme (NADCP) to control the foot, mouth disease and brucellosis by vaccinating cattle’s, sheep, pig, goat, and other livestock animals. Thus, increasing awareness regarding veterinary services in developing economies will enhance the industry outlook.
Rising number of pet adoption in the Europe will upsurge the demand for veterinary services
Europe veterinary services market accounted for USD 17.9 billion in 2021. Rising number of animal adoption in European region coupled with increasing initiatives by various government to improve animal healthcare will stimulate the business landscape. Moreover, advancements in veterinary services with frequent introduction of superior veterinary diagnostic products for accurate diagnosis will boost the veterinary services in the Europe region. Thus, rising number of pet adoption in several countries of Europe will escalate the demand for veterinary services.
Companies undertake inorganic growth strategies to strengthen their business portfolio and revenue
The eminent market players operating in the veterinary services industry include Mars, Incorporated, IDEXX Laboratories, Inc, CVS Group plc, VetPartners, Ethos Veterinary Health, PetIQ, LLC. These business players focus on strategies such as partnership, product development & approvals, mergers & acquisitions, and collaboration to garner more revenue and sustain competition in the veterinary services market.
For instance, in August 2021, Ethos collaborated with NVA (National Veterinary Associates) to develop advanced veterinary medicines for patients and their families. This collaboration assisted the organization to enhance its service offerings with advancements in medical care. Such collaborative strategy is expected to expand the firms service portfolio as well as customer base.