The veterinary services market mainly includes preventive healthcare, veterinary drugs, therapeutic healthcare, diagnostic healthcare, and surgical healthcare for companion and farm animals. Veterinary services play an imperative role in protecting the health and well-being of both companion and farm animals as well maintaining public health by preventing zoonotic diseases. The growing prevalence of various zoonotic diseases such as rabies, Ebola, Salmonella, and others has increased awareness regarding animal healthcare. This has significantly boosted the demand for veterinary services such as preventive care, treatment of diseases, parasite control, vaccination, and surgeries across the globe. Advanced diagnostic and therapeutic technologies have enabled veterinarians to deliver improved quality care to pets and livestock.
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 2031.
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€TMBrien Pharmacy, Tache Pharmacy, Northmark Pharmacy, Edge Pharma, and ImprimisRx. These players focus on introducing innovative therapeutics and surgical equipment to expand their service offerings. For instance, in 2022 Lifecare Pharmacy launched a unique service for compounding hormonal therapies for veterinary medicine.
The growing pet adoption and increasing awareness regarding animal welfare have opened lucrative opportunities for Veterinary Services Market Size compounding, specialty drug manufacturing, stem cell therapy, and pet insurance. In 2020, over 23 million U.S. households adopted a new pet during the COVID-19 pandemic. Manufacturers are investing in R&D to develop novel drugs, vaccines and therapeutics to cater to increasing demand from veterinarians.
Key players are expanding their global footprint through acquisitions and partnerships. For instance, in 2022 Triangle Compounding Pharmacy acquired a U.K based veterinary compounding firm to strengthen its presence in the Europe market. Companies are focusing on emerging markets in Asia Pacific and Latin America experiencing rise in per capita spending on pet care.
Market Drivers
Growing prevalence of various zoonotic diseases is driving the need for vaccinations and other veterinary services. According to CDC, over 6 out of every 10 known infectious diseases in humans are spread from animals. Professional veterinary services play a vital role in preventing the outbreak and spread of zoonotic diseases.
Development of advanced diagnostic technologies is enabling early detection of diseases in animals. Introduction of portable ultrasound, digital radiography, MRI and CT scan equipment has made veterinary imaging more accurate. This is supporting veterinarians to diagnose diseases at early stages and provide timely intervention.
Market Restrains
High cost of veterinary services limits their access and affordability in developing regions. Treatment of critical illnesses and surgeries involves considerable costs that many pet owners are unable to afford. This acts as a major restraint for the market.
Lack of veterinary infrastructure and skilled workforce in rural and underdeveloped areas hampers timely healthcare access for livestock. Many regions face shortage of veterinarians, veterinary hospitals and clinics. This negatively impacts animal health outcomes.
Segment Analysis
Veterinary services market consists of segments like Veterinary General Practices, Veterinary Services Market Analysis Specialty Practices, Emergency Care Clinics. Veterinary General Practices is the dominating segment as it caters to various medical needs including vaccinations, checkups, surgeries, health condition treatments for pets and livestock animals. The general nature of services offered by general practices attracts more number of pet owners compared to other segments.
Global Analysis:
Regionally, North America leads the veterinary services market and is expected to continue dominance through the forecast period. High pet ownership and rising pet healthcare expenditure per animal in the US and Canada drive market growth. Europe is the second largest region attributed to growing veterinary healthcare infrastructure and increasing awareness about animal health. Asia Pacific veterinary services market is emerging rapidly with increasing pet adoption in India, China and other developing nations. Improving vet care facilities and rising per capita income support regional market expansion. Key players focus on geographical expansion and service reach to leverage growth opportunities in developing veterinary markets across the globe.
Get more insights on Veterinary Services Market
About Author:
Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups.
Kommentare