Veterinary Services Global Market Report 2024 – Market Size, Share, Trends, And Global Forecast 2024-2033
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The veterinary services market is witnessing robust growth, expected to increase from $138.94 billion in 2023 to $148.77 billion in 2024 at a CAGR of 7.1%. This surge is driven by trends such as growing pet ownership, the humanization of pets, urbanization, and rising popularity of companion animal insurance.
What Is the Expected Size of the Global Veterinary Services Market, and How Fast Will It Grow?
The market will experience steady growth, expanding to $194.28 billion by 2028 with a CAGR of 6.9%. Key drivers include the growing demand for preventive and wellness services, an increase in specialized veterinary care, the adoption of the One Health approach, and the rise of e-commerce for pet pharmaceuticals. Significant trends shaping the sector include technological innovations, telemedicine and remote consultations, advancements in veterinary medicine, the expansion of telehealth for pets, and a continued focus on preventive care strategies.
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What Is Accelerating Growth in the Veterinary Services Market?
Global meat production is on the rise, further supporting the growth of the market. According to the U.S. Department of Agriculture, beef production in the USA reached 27.5 billion pounds in 2020, marking a record high. Developing nations, including China, India, and Brazil, are also experiencing a surge in meat production due to increasing populations and income levels. By 2027, meat and poultry production in emerging markets is expected to grow by 76%, and by 2050, China’s meat imports are projected to skyrocket by over 3,500% to $150 billion. This rapid growth in meat consumption is expected to drive demand for veterinary services and feed additives to ensure animal health and food safety.
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Who Are the Major Players Influencing the Veterinary Services Market's Growth?
Major companies operating in the market report are Mars Inc., Zoetis Inc., VCA Inc., IDEXX Laboratories Inc., Qiagen N.V., Pets at Home Group PLC, BluePearl Pet Hospital, Dechra Pharmaceuticals plc, PetIQ LLC, CVS Group Plc, Banfield Pet Hospital, Neogen Corporation, Vetpartners, Greencross Limited, National Veterinary Associates Inc., Pathway Vet Alliance LLC, Ethos Veterinary Health LLC, Southern Veterinary Partners, VetCor, VetStrategy, National Veterinary Care Ltd., VetnCare, PetVet Care Centers, Kremer Veterinary Services, Armor Animal Health, Addison Biological Lab Inc., FirstVet AB, Vetnovo
What Are the Latest Trends Influencing Veterinary Services Market Size?
Telemedicine continues to gain momentum by enabling pet owners to access quality care remotely. This technology facilitates direct communication between veterinarians and clients through phone, email, or video conferencing. The demand for telemedicine services is rising as consumers seek personalized and convenient healthcare options for their pets amidst increasingly busy lifestyles.
How Is The Global Veterinary Services Market Segmented?
1) By Type: Animal Hospitals And Veterinary Clinics, Veterinary Laboratory Testing Services
2) By Type of Service: Onsite, Offsite
3) By Type of Animal: Livestock, Companion Animals
4) By Type of Expenditure: Public, Private
Subsegments Covered: Routine Examinations, Non-surgical Procedures, Surgical Procedures, Pet Animals Laboratory Testing Services, Livestock Laboratory Testing Services
Geographical Insights: North America Leading The Veterinary Services Market
North America was the largest region in the veterinary services market in 2023. Asia-Pacific was the second-largest region in the market. The regions covered in the market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Veterinary Services Market Definition
Veterinary services provide healthcare support for pets, farm animals, and wildlife, with animal hospitals and clinics offering consultations, treatments, and curative medicines. This industry aims to improve animal health and quality of life through preventive and therapeutic care.
The Veterinary Services Global Market Report 2024 from The Business Research Company includes the following key information:
• Market size data for both historical and future periods
• Analysis of both macro and microeconomic factors that have impacted the market over the past five years
• Regional market analysis covering Asia-Pacific, China, Western Europe, Eastern Europe, North America, the USA, South America, and the Middle East and Africa
• Country-specific market analysis for Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Overview of the Global Veterinary Services Market Report: Trends, Opportunities, Strategies, and More
The Veterinary Services Global Market Report 2024 from The Business Research Company is an extensive resource that delivers insights into veterinary services market size, veterinary services market drivers and trends, veterinary services market major players, veterinary services competitors' revenues, veterinary services market positioning, and veterinary services market growth across geographies. This report provides valuable in-depth insights into potential opportunities and strategies. Companies can utilize the information presented to target segments with the greatest growth potential.
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