Veterinary services refer to medical care and treatment provided by veterinarians to animals. Veterinarians diagnose, treat, and research medical conditions and diseases affecting animals. They provide preventive care to pets and also perform surgeries like spaying/neutering, dental cleaning, tumor removal, repairing fractured bones using plates and screws, treating animal bites and wounds. Veterinarians also take clinical and diagnostic samples for tests such as blood tests, x-rays, and ultrasounds. The global veterinary services market also includes pharmaceuticals and vaccines for companion animals and production animals.

The global veterinary services market is estimated to be valued at US$ 130.16 Bn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Rising pet ownership driven by increasing humanization of pets is a key driver fueling growth of the veterinary services market. According to the American Pet Products Association, U.S. pet industry expenditure in 2021 was estimated at over $123 billion, with over $31.3 billion spent on veterinary care. Growing focus on pet healthcare and willingness of owners to spend more on vet bills is prompting increased visits to veterinary clinics. Additionally, evolving disease patterns among companion and production animals necessitate more frequent diagnosis and treatment, thereby boosting market revenue. Advancements in veterinary medical equipment and treatments such as stem cell therapy, laser surgery, veterinary immunotherapy, and pain management using radiofrequency and cryotherapy provide potential growth opportunities over the forecast period.

SWOT Analysis

Strength: The veterinary services market has a strong presence across developed countries. Growing pet ownership and rising pet healthcare expenditure are fueling market growth. Furthermore, increasing awareness about animal health and continuous innovations in veterinary treatments and diagnostics are the key strengths of this market.

Weakness: High costs associated with veterinary care limit the adoption of veterinary services in developing and underdeveloped nations. Moreover, shortage of veterinarians in some regions poses operational challenges.

Opportunity: Growth opportunities lie in increasing pet adoption in developing regions. Additionally, expansion of veterinary telehealth services during the pandemic has opened new growth avenues. Investments in advanced veterinary research can further boost the market prospects.

Threats: Risk of zoonotic diseases spreading from animals to humans is a major threat. Moreover, stringent regulations surrounding veterinary drugs and cost of complying with regulatory standards increase compliance challenges.

Key Takeaways

The Global Veterinary Services Market Share is expected to witness high growth over the forecast period. It is estimated that the market size will reach US$ 130.16 billion in 2024 and further increase to US$ 207.67 billion by 2031, registering a CAGR of 5.0% during the forecast period.

Regional analysis: North America currently dominates the global veterinary services market owing to high pet ownership and infrastructure support. The region accounts for over 40% market share. However, Asia Pacific is anticipated to emerge as the fastest growing regional market on account of rising pet adoption and improving veterinary infrastructure in countries like India and China.

Key players: Key players operating in the veterinary services market are Fagron Sterile Services US, New Drug Loft & VLS Pharmacy, Nora Apothecary, Lifecare Pharmacy, Avella Specialty Pharmacy, Triangle Compounding Pharmacy, O’Brien Pharmacy, Tache Pharmacy, Northmark Pharmacy, Edge Pharma, and ImprimisRx. These players focus on diversifying their product portfolios and expanding into international markets through strategic collaborations and partnerships.

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