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Veterinary Services Market Size

Report ID: FBI 2234

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Published Date: Mar-2024

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Format : PDF, Excel

Market Outlook:

Veterinary Services Market size exceeded USD 102.03 Billion in 2023 and is estimated to cross USD 214.29 Billion by 2035, growing at over 8.19% CAGR during 2024 to 2035.

Base Year Value (2023)

USD 102.03 Billion

19-23 x.x %
24-35 x.x %

CAGR (2024-2035)

8.19%

19-23 x.x %
24-35 x.x %

Forecast Year Value (2035)

USD 214.29 Billion

19-23 x.x %
24-35 x.x %

Historical Data Period

2019-2022

Largest Region

North America

Forecast Period

2024-2035

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Market Dynamics:

Growth Drivers & Opportunities

The veterinary services market is poised to experience significant growth in the coming years due to various factors. The increasing pet ownership and the growing trend of humanization of pets have led to a rise in demand for veterinary services. Moreover, the rising awareness about animal health and the growing prevalence of zoonotic diseases have further fueled the demand for veterinary services. In addition, the advancements in veterinary healthcare technology and the increasing focus on preventive care are also driving the growth of the market.

Furthermore, the rise in disposable income and the changing lifestyle patterns have resulted in an increased willingness among pet owners to spend on their pet's health. This has translated into a higher demand for veterinary services such as routine check-ups, vaccinations, and surgeries. The increasing prevalence of chronic diseases in pets has also led to a surge in demand for specialized veterinary care, such as oncology, ophthalmology, and cardiology services.

Industry Restraints & Challenges

Report Scope

Report CoverageDetails
Segments CoveredBy Animal Type, Service Type, Delivery Channel
Regions Covered• North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA)
Company ProfiledMars, Zoetis, Greencross., National Veterinary Care., Pets at Home Group PLC, CVS Group PLC, Ethos Veterinary Health, Addison Biological Laboratory, Armor Animal Health, and PetIQ, LLC.

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Despite the positive growth prospects, the veterinary services market is not without its challenges. One of the major restraints for the market is the high cost associated with veterinary services. The cost of advanced treatments, diagnostic procedures, and surgeries can be a deterrent for pet owners, especially in emerging economies where affordability is a concern. This can potentially limit the growth of the market in these regions.

Moreover, the shortage of skilled veterinary professionals and the lack of adequate infrastructure in certain regions are also posing challenges for the market. The inadequate access to veterinary services in rural areas and the limited availability of specialized care for exotic pets are further restraining the market growth.

Another challenge faced by the veterinary services market is the stringent regulatory framework and the increasing concerns regarding the safety and efficacy of veterinary drugs and treatments. Adhering to the regulatory standards and obtaining approvals for veterinary products can be a time-consuming process, thereby impacting the market growth.

Report Coverage & Deliverables

Historical Statistics Growth Forecasts Latest Trends & Innovations Market Segmentation Regional Opportunities Competitive Landscape

Regional Forecast:

North America

North America is expected to dominate the veterinary services market, owing to the high pet ownership rates and the increasing demand for advanced veterinary care. The region has a well-established veterinary healthcare infrastructure and a high level of awareness about animal health. The growing prevalence of pet obesity, allergies, and chronic diseases has led to a surge in demand for specialized veterinary services in North America.

Moreover, the increasing expenditure on pet healthcare and the presence of major veterinary pharmaceutical companies in the region are contributing to the growth of the market. The rising trend of pet insurance and the availability of advanced diagnostic and therapeutic options are further driving the market in North America.

Asia Pacific

Asia Pacific is anticipated to witness significant growth in the veterinary services market, attributed to the increasing pet adoption rates and the rising awareness about pet health. The region has a large population of companion animals, including dogs, cats, and birds, which is driving the demand for veterinary services. In addition, the growing disposable income and the changing lifestyle patterns in countries like China and India are leading to a higher expenditure on pet health.

However, the market in Asia Pacific is also faced with challenges such as the lack of regulatory framework for veterinary services and the shortage of skilled professionals. Furthermore, the prevalence of counterfeit veterinary drugs and the limited access to advanced treatments in rural areas are hindering the market growth in the region.

Europe

Europe is projected to showcase substantial growth in the veterinary services market, driven by the increasing pet humanization and the growing awareness about animal welfare. The region has a strong veterinary pharmaceutical industry and a well-developed regulatory framework, which is fostering the growth of the market. The increasing focus on preventive care and the availability of advanced healthcare options are further propelling the market in Europe.

However, the market in Europe is also confronted by challenges such as the rising cost of pet healthcare and the stringent regulations pertaining to veterinary products. The shortage of veterinary professionals and the limited access to specialized care in certain regions are also posing hurdles for the market growth.

In conclusion, the veterinary services market is anticipated to experience significant growth in the coming years, driven by the increasing pet ownership and the growing awareness about animal health. While there are challenges such as the high cost of veterinary services and the shortage of skilled professionals, the market is expected to witness sustained growth, especially in regions like North America, Asia Pacific, and Europe. With the advancements in veterinary healthcare technology and the rising focus on preventive care, the market is poised for expansion in the foreseeable future.

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Veterinary Services Market Size & Share, By Animal...

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