February 25, 2024
Veterinary Services Market

Veterinary Services Market is Estimated to Witness High Growth Owing to Technological Advancement in Veterinary Medicine.

Veterinary services includes medical care and treatment provided to animals by veterinarians and other animal health professionals. The rising animal healthcare expenditure and growing adoption of companion animals such as dogs and cats have boosted the demand for veterinary services. Veterinary services comprise preventive care, surgical procedures such as spaying/neutering, dentistry, laboratory testing, physical rehabilitation and emergency care. The rising awareness about zoonotic diseases and increasing incidences of various animal diseases have augmented the need for veterinary services.

The Global veterinary services market is estimated to be valued at US$ 130.16 Bn in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period 2024 to 2030.

Key Takeaways
Key players operating in the veterinary services 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.

The key opportunities in the veterinary services market include increased adoption of pet insurance, growing pet population, and rising disposable income in emerging countries. Technological advancements in veterinary medicine such as digital radiography, 3D imaging, dental radiography, computed tomography, and laser surgery offer lucrative opportunities for veterinary healthcare providers.

Market drivers
The rising companion animal ownership is a key driver augmenting the demand for veterinary services. According to the American Pet Products Association, 67% of households in the US own a pet. Growing pet humanization wherein pets are considered as part of families has led to increased spending on animal healthcare. Pet owners are willing to spare significant healthcare expenses to ensure the well-being of their companion animals. The increasing trend of nuclear families wherein older people live alone along with companion animals has further fuelled veterinary services market growth.

Current challenges in veterinary services market:
The Veterinary Services Market
is facing several challenges. One of the major challenge is shortage of veterinary healthcare professionals. With rising pet ownership and need for advanced pet care, the demand for veterinary professionals is growing rapidly. However, the supply of trained workforce is limited. Lack of financial resources is another challenge for this market. Due to restricted budgets, many pet owners cannot afford advanced veterinary treatments and surgical procedures. This hinders the market growth. Lack of awareness in developing nations is also a key issue. Many pet owners in developing regions are not aware about advanced veterinary treatments and importance of regular checkups. This acts as a roadblock for the overall market expansion.

SWOT Analysis
Strength: Growing pet humanization trend and rising adoption of pet insurance positively impact the market growth. Weakness: Shortage of trained veterinary professionals restricts service delivery. Opportunity: Untapped potential in developing regions offer lucrative opportunities. Threats: Restricted animal healthcare budgets of many pet owners pose challenges.

Geographically, North America dominates the global veterinary services market in terms of value. This region accounts for over 40% market share currently. High pet ownership, growing animal healthcare expenditure, and presence of many leading market players have boosted the North America veterinary services industry. Asia Pacific is projected to witness fastest growth during the forecast period. Rising affluence, increasing awareness about pet care, and growth of organized veterinary sector are some key factors fueling the Asia Pacific veterinary services market growth.

In terms of value, United States accounts for the major share in the North America veterinary services market. With high per capita income and spending on animal healthcare, the US provides highly lucrative growth prospects. Germany dominates the Europe market owing to high pet population and modern veterinary infrastructure. China and India are fastest emerging veterinary services markets in Asia due to rising pet adoption, growing pet humanization trend, and improving animal healthcare offerings.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it