IMARC Group, a leading market research company, has recently releases report titled “Veterinary Service Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global veterinary service market share, growth, size, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Industry Overview of Veterinary Service
Veterinary service is the specialized service within the healthcare industry that focuses on the medical care and well-being of animals. It comprises a wide range of healthcare provisions, such as preventive care, diagnostics, treatment, and surgical interventions for various animals, including pets, livestock, and exotic species. It plays a vital role in safeguarding the health and welfare of animals while ensuring their longevity and quality of life. It allows veterinary professionals to monitor and control the spread of diseases while providing essential healthcare and disease management for animals. As it aids in preventing injuries among animals, the demand for veterinary service is increasing across the globe.
How Big Is the Veterinary Service Market?
The global veterinary service market size reached US$ 107.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 148.7 Billion by 2028, exhibiting a growth rate (CAGR) of 5.15% during 2023-2028.
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What are the growth prospects and trends in the veterinary service industry?
Presently, the rising spending on veterinary services due to the increasing focus on preventive care and wellness for animals represents one of the key factors bolstering the market growth. Moreover, the growing demand for veterinary services, including routine check-ups, vaccinations, and pet healthcare on account of the rising number of pet owners around the world is offering a positive market outlook.
In addition, the increasing adoption of telemedicine and digital health solutions in veterinary care across the globe is strengthening the growth of the market. Apart from this, the rising demand for specialized medical services, such as arthritis management and chronic disease treatments, among animals of old age is offering lucrative growth opportunities to industry investors.
Furthermore, the wide availability of pet insurance policies that encourage pet owners to seek timely and comprehensive veterinary services without financial constraints is supporting the growth of the market. In line with this, the rising popularity of exotic pets, such as reptiles and birds, is propelling the growth of the market. Besides this, the growing demand for regular veterinary care to prevent disease spread, along with the increasing public awareness about zoonotic diseases, is positively influencing the market.
What is included in market segmentation?
The report has segmented the market into the following categories:
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Service:
- Surgery
- Diagnostic Tests and Imaging
- Physical Health Monitoring
- Others
Breakup by Animal Type:
- Companion Animal
- Farm Animal
Breakup by End Use:
- Veterinary Clinic
- Veterinary Hospital
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
Who are the key players operating in the industry?
The report covers the major market players including:
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.
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