Veterinary Services Industry Overview
The global veterinary services market size was valued at USD 97.34 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 5.7% from 2021 to 2028. The market is mainly driven by a significant rise in zoonotic and food-borne diseases globally. Veterinary services play an important role in protecting animal health and welfare and maintaining the sanitary safety of international trade. In addition, it also aids safeguarding public health and ensuring food safety. According to the article published by the Organization for Animal Health (OIE), demand for animal source foods is growing globally, which includes demand for meat that is expected to reach 445 million tons by 2050. The COVID-19 pandemic has shifted purchasing preference of consumers from a regular brick-and-mortar store to online platforms and has put the market on an expedited growth rate.
For the Q1 2020 financial performance, PetMed Express, Inc. and Chewy, Inc. reported incremental sales. Owing to the V shape recovery, the services market is anticipated to gain traction in the coming years, thereby providing a growth platform to the market. Moreover, it is seen as a preventive approach to counter zoonotic diseases within the livestock population thus fueling the growth potential of the market.
Gather more insights about the market drivers, restrains and growth of the Global Veterinary Services market
A rising number of government initiatives to ensure food security and biosecurity is presumed to expedite the adoption of veterinary services in livestock globally. For instance, the OIE is focused on maintaining food safety and have been consistently issuing guidelines to eliminate potential biological hazards and risks associated with checks on-farm, pre-slaughter, pre-processing, and processing stages.
Pets are an important part of many people’s lives and the pandemic has increased pet adoption owing to more employees working from home. Many consider their pet as a family fellow. Cats and dogs are ubiquitous—and individuals are spending more on them. As a result, veterinary companies introduced some new products, diagnostic tools, services to cater to the rising demand. For instance, in September 2020, Zoet is launched VetscanImagyst.
This is a new diagnostic platform to detect intestinal parasites in pets. Furthermore, a subsequent increase in the pet population globally has also contributed to the expedited growth of the market. Veterinarians and veterinary service providers are undertaking consistent efforts to ensure animal welfare, thus encouraging pet owners to use these services.
For instance, Birdnip launched Nootropic supplement for canines in 2018 to raise memory, mental clarity, and support cognitive health. The surge in both the pet and livestock population is leading to an increased demand for elderly pet care. Moreover, an increasing number of pet owners are perceiving pets as an important part of the family, which is resulting in increased expenditure on pet care.
Browse through Grand View Research's Animal Health Industry Research Reports.
- Companion Animal Diagnostics Market - The global companion animal diagnostics market size was valued at USD 2.1 billion in 2018 and is expected to grow at a compound annual growth rate (CAGR) of 8.4% from 2019 to 2026. Increasing the prevalence of chronic diseases demanding effective diagnostics in pet animals is projected to fuel the growth. According to the Banfield Pet Hospital’s State of Pet Health Report, canine diabetes had increased by 40% and feline diabetes had increased by 20% from 2011 to 2017.
- Companion Animal Postoperative Pain Management Therapeutics Market - The global companion animal postoperative pain management therapeutics market size was estimated at USD 228.90 million in 2018 and is expected to witness a CAGR of 6.7% during the forecast period. The rise in pet surgical procedures, especially orthopedic and dental surgeries is propelling the demand for postoperative pain relievers.
Veterinary Services Market Segmentation
Grand View Research has segmented the global veterinary services market on the basis of animal type and region:
Veterinary Services Animal Type Outlook (Revenue, USD Billion, 2016 - 2028)
- Production Animal
- Cattle
- Artificial Insemination
- Hoof Care
- Diagnostic Services
- Others
- Poultry
- Biosecurity
- Reproductive Consulting
- Diagnostic Services
- Others
- Swine
- Biosecurity
- Reproductive Consulting
- Diagnostic Services
- Others
- Others
- Cattle
- Companion Animal
- Dogs
- Dental Care
- Vaccinations
- Grooming
- Diagnostic Services
- Others
- Cats
- Dental Care
- Vaccinations
- Grooming
- Diagnostic Services
- Others
- Horses
- Hoof Care
- Dental Care
- Artificial Insemination
- Grooming
- Others
- Others
- Dogs
Veterinary Services Regional Outlook (Revenue, USD Billion, 2016 - 2028)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Market Share Insights
- December 2020: Mars’ Linnaeus division acquired five specialty referral centers from Pets at Home in Britain, for USD 132.2 million.
Key Companies profiled:
Some prominent players in the global Veterinary Services market include
- Mars Inc.
- Greencross Ltd.
- National Veterinary Care Ltd.
- Pets at Home Group PLC
- CVS Group PLC
- Ethos Veterinary Health
- Addison Biological Laboratory
- Armor Animal Health
- PetIQ, LLC
Order a free sample PDF of the Veterinary Services Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Web: https://www.grandviewresearch.com
