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Veterinary Services Market Size And Forecast

Veterinary Services Market size was valued at USD 97.46 Billion in 2023 and is projected to reach USD 161.29 Billion by 2031 , growing at a CAGR of 6.5% from 2024 to 2031. Veterinary services are medical treatments delivered to animals by qualified professionals known as veterinarians. These services include a variety of healthcare techniques aimed at improving health, treating illnesses, and preventing diseases in diverse animal species, such as pets, livestock, and wildlife. Veterinary services include diagnosing health problems, delivering drugs, performing procedures, and providing preventive measures like immunizations and regular check-ups. Additionally, veterinary practitioners offer nutritional recommendations, behavioral consultations, and reproductive treatments.

Veterinary services are essential to protecting animal health and well-being while also encouraging human-animal cooperation in a variety of settings.

Furthermore, veterinary services have a wide range of applications, including companion animal care, agricultural production, research, public health, and wildlife protection. In agriculture, veterinarians play an important role in ensuring livestock health and productivity by managing diseases and executing herd health programs. Veterinary services are critical in public health because they monitor and prevent zoonotic infections that can spread from animals to humans.

Veterinary Services Market Dynamics

The key market dynamics that are shaping the Veterinary Services Market include:

Key Market Drivers

Rising Pet Ownership and Expenditure:

Pet adoption is in increasing popularity, as is spending on their care. Pet owners are becoming more mindful of their pets' health and nutritional needs, driving up demand for veterinarian services.

Prevalence of Diseases in Animals:

The prevalence of numerous diseases among animals, particularly pets like dogs and cats, has increased significantly. Dogs in the US have a greater prevalence of cancer compared to people, leading to increased demand for modern cancer therapies and veterinary services.

Global Increase in Livestock Production and Food Safety Concerns:

With global food consumption expected to rise significantly by 2050, there is a rising emphasis on biosecurity and food source safety. This concern extends to the health and well-being of livestock, generating demand for veterinary services in the production animal sector, which includes cattle, poultry, swine, and other livestock species.

Technological Advancements and Innovation:

The veterinary services industry is also driven by ongoing innovation and the adoption of modern technology by veterinary service providers. This includes launching mobile ambulatory veterinary clinics to improve service delivery, as well as developing platforms for early detection of diseases like cardiac problems in dogs.

Key Challenges:

Client Relations and Online Competition:

The connection between veterinarians and pet owners is sometimes difficult, with doctors believing that their advice is ignored by clients who have been misled by disinformation on the internet. Online competition for veterinary products and services reduces prices for local veterinarians, affecting their financial sustainability.

Professional Shortages and Burnout:

The veterinary business is experiencing a scarcity of veterinarians and veterinary nurses, resulting in overwork and burnout among current employees. The increased demand for veterinary services, driven by pet ownership and the need for high-quality care, has exacerbated shortages, threatening the industry's ability to meet demand effectively.

Workload and Emotional Toll:

Veterinarians confront a heavy workload, which includes long hours and the emotional toll of caring for sick and dying animals. Managing a veterinarian's office is often physically and mentally challenging due to administrative burdens and stress.

Key Trends:

Telemedicine and Virtual Care:

Telemedicine adoption has increased significantly, with jurisdictions such as Arizona and California permitting clinicians to create a Veterinary-Client-Patient Relationship (VCPR) remotely. This shift shows an increasing acceptance of telemedicine in veterinary care, which is motivated by pet owner demand and the potential to increase access to care. The industry is researching virtual care as a complement to traditional veterinarian services, reflecting a shift towards more flexible and accessible care options.

Artificial Intelligence (AI) Utilization:

Artificial intelligence is making its way into veterinary operations, with uses ranging from diagnostic imaging and data analytics to prediction tools and voice-to-text transcription. The technology has the potential to speed clinic workflows, minimize administrative burdens, and improve patient care. However, integrating AI raises concerns about regulatory monitoring and the need for a legal framework to assure patient safety and the effectiveness of AI tools in veterinary care.

Market Expansion in Asia Pacific:

Asia Pacific has its Veterinary Services Market expanding positively, owing to rising disposable incomes, higher pet adoption rates, and modernization of healthcare facilities. Pet populations and veterinary healthcare costs are on the rise in countries such as China and India.

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Veterinary Services Market Regional Analysis

Here is a more detailed regional analysis of the Veterinary Services Market:

North America:

According to Verified Market Research, North America is estimated to dominate the Veterinary Services Market over the forecast period. The increased number of pets, particularly dogs and cats, has directly contributed to the rising need for veterinary services. Pet owners prioritize their pets' health by scheduling regular check-ups, immunizations, and treatments for ailments in North America.

The region has seen tremendous technical breakthroughs in veterinary care, such as diagnostic imaging and minimally invasive surgery methods. Advancements in pet care have created a demand for specialist veterinary services capable of providing innovative therapies.

Furthermore, pet insurance adoption is on an upward trajectory in North America, making veterinarian care more affordable to pet owners by reducing the financial burden of medical treatments. This has led to increased demand for comprehensive veterinary care for pets, resulting in market growth.

Europe:

Europe is known for its excellent pet care standards, with pet owners prepared to invest in premium veterinarian services. Regular health checks, improved therapies, and specialized care have led to increased demand for veterinary services across the continent.

Many European countries have strong legislative frameworks in place for animal health and welfare, which stimulate the provision and use of professional veterinary services. Regulations assure proper pet care, leading to increased demand for veterinarian services that meet high standards.

In Europe, there is an increasing demand for specialty veterinary treatments such as orthopedics, cardiology, and oncology for dogs. Advancements in medical technology and veterinary knowledge are driving this trend.

Asia Pacific:

Asia Pacific is estimated to grow at the highest CAGR within the Veterinary Services Market during the forecast period. Pet ownership is becoming more common in Asia-Pacific, owing to changing lifestyles and an increased need for companionship. As pet owners prioritize their pets' health, there has been an increase in demand for veterinarian services.

Pet owners in the Asia-Pacific region are more aware of the importance of animal health and preventive care. Regular veterinary check-ups, vaccines, and preventive services are becoming increasingly popular to help pets live longer, healthier lives.

Furthermore, the region has experienced an increase in veterinary services, with more clinics and hospitals opening to serve the rising pet population. The expansion includes both urban and rural areas, making veterinarian care more accessible to a wider spectrum of pet owners.

Veterinary Services Market: Segmentation Analysis

The Veterinary Services Market is segmented based on Animal Type, Service Type, Delivery Channel, and Geography.

Veterinary Services Market, By Animal Type

• Companion Animals
• Dogs
• Cats
• Horses
• Others
• Production Animals
• Cattle
• Poultry
• Swine
• Others

Based on the Animal Type, the market is segmented into Companion Animals and Production Animals. The production animal segment is estimated to dominate the Veterinary Services Market. This dominance is primarily due to the increased emphasis on food safety, sustainability, and biosecurity by government health organizations around the world. Efforts to attain complete food security motivate large-scale food production and livestock rearing, highlighting the importance of comprehensive veterinary care in increasing animal output. This emphasis is especially important in emerging nations, where animal-based food items account for a major share of human protein intake, necessitating strong veterinary services to address dietary needs amongst an increasing human population. Global initiatives prioritize livestock health and safety, supporting the sustainability and security of the food supply chain.

Veterinary Services Market, By Service Type

• Medical Services
• Diagnosis
• Preventative Care
• Treatment
• Non-Medical Services
• Pet Services
• Livestock Services

Based on Service Type, the market is segmented into Medical Services and Non-Medical Services. The medical services segment is estimated to dominate the Veterinary Services Market. This segment encompasses animal diagnostic, preventative, and treatment services. The dominance of this segment can be due to the high frequency of zoonotic diseases and the major measures made to control outbreaks, as well as greater access to veterinary medical services in developing countries. The discovery of COVID-19, as well as worries about disease transmission between animals and humans, has increased demand for diagnostic and preventative care services among domestic animals. The focus on health hazards at the human-animal-ecosystem interface has led to a significant share in the medical services segment.

Veterinary Services Market, By Delivery Channel

• Hospitals and Clinics
• Commercial Facilities
• Outdoors/Ambulatory
• Others

Based on the Delivery Channel, the market is segmented into Hospitals and Clinics, Commercial Facilities, Oudoors/Ambulatory, and Others. The hospitals and clinics segment is estimated to dominate the market over the forecast period. This dominance is due to the broad range of services provided by these facilities, including diagnostics, surgery, and regular care, all of which are necessary for both preventive and emergency veterinary treatment. Hospitals and clinics are the first choice for pet owners looking for dependable and accessible care for their pets, as they provide a one-stop solution for a variety of veterinary needs. The predominance of this segment is backed by the infrastructure and availability of qualified veterinary specialists capable of addressing a wide range of animal health issues, from simple vaccines to complicated surgical operations.

Key Players

• The "Veterinary Services Market" study report will provide valuable insight emphasizing the global market. The major players in the market are
• Banfield Pet Hospital, Royal Canin, Mars Veterinary Health, Zoetis, Elanco Animal Health, IDEXX Laboratories, Heska Corporation, VCA Animal Hospitals, BluePearl Veterinary Partners, Compassion-First Pet Hospitals, Sutter Pet Care, PetSmart Charities, The American Society for the Prevention of Cruelty to Animals (ASPCA), World Animal Protection, Hill's Pet Nutrition, Purina One, Blue Buffalo, and Wellness Natural Pet Food.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• In February 2024, Banfield Pet Hospital announced a collaboration with the University of Pennsylvania School of Veterinary Medication to establish a new research project aimed at developing tailored medication for pets. The collaboration aims to create tailored treatments for dogs. This entails adapting treatments and care plans to each animal's specific genetic makeup, health history, and other considerations.
• In January 2024, Royal Canin launched a new line of veterinary-exclusive diets designed for pets with specific health issues. These diets are most likely designed to fulfil specific dietary requirements linked with various health issues, potentially aiding in their management.
• In January 2024, Zoetis announced the acquisition of a new firm that is researching a novel vaccination for feline infectious peritonitis (FIP). FIP is a fatal and extremely contagious viral disease in cats, with few treatment options. This acquisition indicates that Zoetis is committed to creating a vaccine to prevent or treat FIP, which would be a huge improvement in feline health.

TABLE OF CONTENTS

1 INTRODUCTION OF GLOBAL VETERINARY SERVICES MARKET

• 1.1 Overview of the Market
• 1.2 Scope of Report
• 1.3 Assumptions

2 EXECUTIVE SUMMARY

3 RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH

• 3.1 Data Mining
• 3.2 Validation
• 3.3 Primary Interviews
• 3.4 List of Data Sources

4 GLOBAL VETERINARY SERVICES MARKET OUTLOOK

• 4.1 Overview
• 4.2 Market Dynamics
  • 4.2.1 Drivers
  • 4.2.2 Restraints
  • 4.2.3 Opportunities
• 4.3 Porters Five Force Model
• 4.4 Value Chain Analysis

5 GLOBAL VETERINARY SERVICES MARKET, BY SERVICE TYPE

• 5.1 Overview
• 5.2 Medical Services
  • 5.2.1 Diagnosis
  • 5.2.2 Preventative Care
  • 5.2.3 Treatment
• 5.3 Non-Medical Services
  • 5.3.1 Pet Services
  • 5.3.2 Livestock Services

6 GLOBAL VETERINARY SERVICES MARKET, BY ANIMAL TYPE

• 6.1 Overview
• 6.2 Companion Animals
  • 6.2.1 Dogs
  • 6.2.2 Cats
  • 6.2.3 Horses
  • 6.2.4 Others
• 6.3 Production Animals
  • 6.3.1 Cattle
  • 6.3.2 Poultry
  • 6.3.3 Swine
  • 6.3.4 Others

7 GLOBAL VETERINARY SERVICES MARKET, BY DELIVERY CHANNEL

• 7.1 Overview
• 7.2 Hospitals and Clinics
• 7.3 Commercial Facilities
• 7.4 Outdoors/Ambulatory
• 7.5 Others

8 GLOBAL VETERINARY SERVICES MARKET, BY GEOGRAPHY

• 8.1 Overview
• 8.2 North America
  • 8.2.1 U.S.
  • 8.2.2 Canada
  • 8.2.3 Mexico
• 8.3 Europe
  • 8.3.1 Germany
  • 8.3.2 U.K.
  • 8.3.3 France
  • 8.3.4 Rest of Europe
• 8.4 Asia Pacific
  • 8.4.1 China
  • 8.4.2 Japan
  • 8.4.3 India
  • 8.4.4 Rest of Asia Pacific
• 8.5 Rest of the World
  • 8.5.1 Latin America
  • 8.5.2 Middle East And Africa

9 GLOBAL VETERINARY SERVICES MARKET COMPETITIVE LANDSCAPE

• 9.1 Overview
• 9.2 Company Market Ranking
• 9.3 Key Development Strategies

10 COMPANY PROFILES

• 10.1 Banfield Pet Hospital.
  • 10.1.1 Overview
  • 10.1.2 Financial Performance
  • 10.1.3 Product Outlook
  • 10.1.4 Key Developments
• 10.2 Royal Canin
  • 10.2.1 Overview
  • 10.2.2 Financial Performance
  • 10.2.3 Product Outlook
  • 10.2.4 Key Developments
• 10.3 Mars Veterinary Health
  • 10.3.1 Overview
  • 10.3.2 Financial Performance
  • 10.3.3 Product Outlook
  • 10.3.4 Key Developments
• 10.4 Zoetis
  • 10.4.1 Overview
  • 10.4.2 Financial Performance
  • 10.4.3 Product Outlook
  • 10.4.4 Key Developments
• 10.5 Elanco Animal Health
  • 10.5.1 Overview
  • 10.5.2 Financial Performance
  • 10.5.3 Product Outlook
  • 10.5.4 Key Developments
• 10.6 Idexx Laboratories
  • 10.6.1 Overview
  • 10.6.2 Financial Performance
  • 10.6.3 Product Outlook
  • 10.6.4 Key Developments
• 10.7 Heska Corporation
  • 10.7.1 Overview
  • 10.7.2 Financial Performance
  • 10.7.3 Product Outlook
  • 10.7.4 Key Developments
• 10.8 VCA Animal Hospitals
  • 10.8.1 Overview
  • 10.8.2 Financial Performance
  • 10.8.3 Product Outlook
  • 10.8.4 Key Developments
• 10.9 BluePearl Veterinary Partners
  • 10.9.1 Overview
  • 10.9.2 Financial Performance
  • 10.9.3 Product Outlook
  • 10.9.4 Key Developments
• 10.10 Compassion-First Pet Hospitals
  • 10.10.1 Overview
  • 10.10.2 Financial Performance
  • 10.10.3 Product Outlook
  • 10.10.4 Key Developments

11 KEY DEVELOPMENTS

• 11.1 Product Launches/Developments
• 11.2 Mergers and Acquisitions
• 11.3 Business Expansions
• 11.4 Partnerships and Collaborations

12 APPENDIX

• 12.1 Related Research