July 18, 2024
Veterinary Services Market

Veterinary Services Market: Growing Pet Ownership to Drive Market Growth

The global Veterinary Services Market is estimated to be valued at US$ 92,238.4 million in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The Veterinary Services Market offers a wide range of medical care, diagnostics, and preventative services for animals. These services include routine check-ups, vaccinations, surgeries, dental care, and emergency treatment. The market ensures the overall well-being of pets and livestock animals. With the rising trend of pet ownership and increasing awareness about animal health, the demand for veterinary services is expected to grow significantly. Pet owners are increasingly seeking professional veterinary care to ensure the longevity and quality of life for their pets. The market is further driven by advancements in veterinary technologies and the availability of specialized services.

Market Key Trends:
One of the key trends in the Veterinary Services Market is the rising demand for telemedicine and virtual veterinary consultations. With the widespread adoption of digital platforms, pet owners are now able to consult veterinarians remotely, reducing the need for physical visits to clinics. Virtual consultations provide convenience and accessibility, especially for pet owners in remote areas or with limited mobility. Furthermore, telemedicine allows for real-time advice and guidance, minimizing delays in diagnosis and treatment. This trend is expected to continue growing as pet owners prioritize convenience and seek alternatives to in-person veterinary visits.

Porter’s Analysis

Threat of new entrants: The Veterinary Services Market Size poses a moderate threat of new entrants. While the market is highly fragmented with numerous small and independent veterinary clinics, there are significant barriers to entry, such as the need for extensive training and qualifications, expensive equipment and facilities, and the need to comply with stringent regulations and licensing requirements.

Bargaining power of buyers: The bargaining power of buyers within the veterinary services market is relatively low. Pet owners are often emotionally connected to their animals and prioritize the well-being of their pets over cost considerations. Additionally, there are limited alternative options for veterinary services, especially for specialized treatments, which further decreases buyer bargaining power.

Bargaining power of suppliers: The bargaining power of suppliers in the veterinary services market is moderate. The main suppliers in this industry are pharmaceutical companies that provide drugs and vaccines to veterinary clinics. While there are several suppliers in the market, the availability of certain specialized drugs or vaccines may be limited, giving suppliers some leverage over clinics.

Threat of new substitutes: The threat of new substitutes in the veterinary services market is low. Veterinary care is essential for the health and well-being of animals, and there are limited alternative options available. While some pet owners may opt for alternative therapies or holistic treatments, these alternatives are not widely accepted or trusted, limiting their impact on the overall market.

Competitive rivalry: The competitive rivalry in the veterinary services market is high. The market is highly fragmented, with numerous small clinics, as well as large corporate chains. Competition is primarily based on the reputation and expertise of the veterinary professionals, as well as the range of services and facilities offered. Price competition is relatively low due to the emotional attachment pet owners have with their animals.

Key Takeaways

The global veterinary services market is expected to witness high growth, exhibiting a CAGR of 6.9% over the forecast period. This growth can be attributed to the increasing pet ownership worldwide and the growing awareness and importance of pet healthcare. Factors such as the growing demand for specialized treatments, advancements in veterinary technology, and the willingness of pet owners to spend on their pets’ well-being are driving the market’s growth.

In terms of regional analysis, North America is the fastest growing and dominating region in the veterinary services market. This can be attributed to the high pet ownership rate, the presence of well-established veterinary facilities, and the availability of advanced veterinary treatments and services. The region also has a higher disposable income, allowing pet owners to afford premium veterinary services.

Key players operating in the veterinary services market include Mars Inc., CVS Group PLC, Greencross Vets, Ethos Veterinary Health, Idexx Laboratories Inc., Pets at Home Group PLC, CityVet Inc., FirstVet, Kremer Veterinary Services, and Armor Animal Health (Animart). These key players have a strong presence in the market, offering a wide range of veterinary services and products, and have established themselves as trusted brands in the industry.

Overall, the veterinary services market is poised for significant growth in the coming years, driven by increasing pet ownership, a growing emphasis on pet healthcare, and advancements in veterinary technology. With key players continuously investing in research and development and expanding their service offerings, the market is expected to witness further expansion and consolidation.

Note:

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