Veterinary Services Market: By Medical Service (Surgery, Diagnostic Tests and Imaging, Physical Health Monitoring, Other Services), By Animal Type (Farm Animals, Companion Animals) And Region - Global Analysis of Market Size, Share & Trends For 2019-2021 And Forecasts To 2031
Global Veterinary Services Market is expected to outshine to USD 76.4 Billion by 2031 from USD 38.7 Billion in 2021 at a CAGR of 7% in the coming years, i.e., 2021-2031.
Veterinary services are critical to the safe international commerce of live animals and animal products. It deals with the prevention, control, diagnosis, and treatment of diseases that impact the health of domestic and wild animals, as well as the prevention of disease transmission from animals to humans. By monitoring and preserving the health of animals, veterinarians ensure that people have a safe food supply. Veterinary services are present on farms, and doctors collaborate with farmers to ensure that animals are healthy and kept in clean and hygienic circumstances. They also aid in the reduction of foodborne threats to public health in slaughterhouse operations.
Global Veterinary Services Market is expected to rise with a noticeable CAGR of 7% in 2031.
Global Veterinary Services Market is expected to outshine to USD 76.4 Billion by 2031 from USD 38.7 Billion in 2021 at a CAGR of 7% in the coming years, i.e., 2021-2031. Over the next few years, the market is likely to be driven by the rising frequency of zoonotic and food-borne diseases, a considerable increase in the adoption of companion animals such as dogs, cats, and horses, and increased per capita animal health spending. The adoption of better veterinary care is likely to increase as the number of government actions to protect food security grows. The rising need for veterinary care is mostly due to a rise in pet adoption and humanization around the world, which is driving market expansion.
Other Services segment is predicted to grow with the maximum CAGR during 2021-31
Surgery, Diagnostic Tests and Imaging, Physical Health Monitoring, and Other Services are the four categories of medical services in the global veterinary services market. Grooming, dental care, counselling, vaccination, and other services for animal care are available. The prevalence of a variety of diseases in animals around the world is predicted to increase demand for veterinary services. As a result, among other things, the other services segment is likely to dominate.
Farm Animals segment is expected to grow with the highest CAGR over the forecast period
Based on Animal Type, global Veterinary Services Market is fragmented into Farm Animals and Companion Animals. During the anticipated years, farm animals such as cattle and poultry are expected to have increased medicalization rates. Veterinary health was neglected in Asia's growing nations; nevertheless, contemporary legislation has been enacted to investigate farm conditions and assure maximal animal protection.
Growing research and development for better care to animals
Over the next few years, the market is likely to be driven by the rising frequency of zoonotic and food-borne diseases, as well as a large increase in the adoption of companion animals such as dogs, cats, and horses. Increased per capita animal health spending and increased animal health awareness are also expected to drive the market in the coming years. Additionally, the market is expected to be fueled by increased research and development in this area over the forecasted years.
Rise in pet adoption is driving the growth
Concerns about food security and safety are driving the market, which is pushing the use of veterinary services to provide high-quality animal source meals. Furthermore, rising pet adoption is a major contributor to overall market growth.
Technological advancements to reduce the use of farming animals
Technology advancements and the adoption of new agricultural trends may reduce the use of farm animals, which may stifle the market to some extent.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa are the regional segments of the veterinary services market. Over the next few years, Asia Pacific is expected to be the fastest-growing regional market. The exponential growth is due to the increasing number of pets and livestock in the region's developed and rising countries. Additionally, veterinary services contribute to poverty reduction, particularly among rural communities in developing nations, by assisting in the preservation of valuable livestock populations.
The outbreak of COVID-19 is predicted to have a short-term negative impact on the market due to fewer visits to veterinary hospitals and clinics. However, as a result of the COVID-19 pandemic, which has resulted in strict travel restrictions and lockdown policies around the world, there is a growing focus on veterinary telehealth services and initiatives undertaken by government and non-government organisations for animals, which may help drive market growth during the pandemic. Wiggles, an Indian pet care start-up, for example, launched online veterinarian consultation for pets across India in March 2020.
Global Veterinary Services Market is further segmented by region into:
Market size value in 2021
USD 38.7 billion
Revenue forecast in 2031
USD 76.4 billion
CAGR of 7% from 2021 to 2031
Base year for estimation
Revenue in USD million and CAGR from 2021 to 2031
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Medical Service, Animal Type, and Region
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
Key companies profiled
Mars Inc., Greencross Ltd., National Veterinary Care Ltd., Pets at Home Group PLC, CVS Group PLC, Ethos Veterinary, Health, Addison Biological Laboratory, Armor Animal Health, and PetIQ, LLC.
Veterinary Services Market size was estimated at USD 38.7 billion in 2021 and is expected to reach USD 76.4 billion in 2031.
Veterinary services are the medical treatment provided by or under the direct supervision of a veterinarian, including medication prescribed by the veterinarian.
Other services segment accounted for the largest share of the Veterinary Services Market. They comprise animal dental care, grooming, counselling, and vaccination.
Key players in the Veterinary Services Market are Mars Inc., Greencross Ltd., National Veterinary Care Ltd., Pets at Home Group PLC, CVS Group PLC, Ethos Veterinary, Health, Addison Biological Laboratory,Armor Animal Health, and PetIQ, LLC
Increasing research and development for providing better care to animals and increase in pet adoption across the globe are expected to drive the market growth.
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