IMARC Group, a leading market research company, has recently releases report titled “Veterinary Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global veterinary services market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big is the Veterinary Services Market?
The global veterinary service market size reached US$ 107.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 148.7 Billion by 2028, exhibiting a growth rate (CAGR) of 5.15% during 2023-2028.
What are Veterinary Services?
Veterinary services are an essential part of animal care that provides medical treatment under the supervision of a veterinarian. These services include early diagnosis, surveillance, and treatment of animal diseases, such as subaortic stenosis (SAS), Pyometra, Pulmonary hypertension (PHT), pruritus, zoonoses, and foodborne zoonotic hazards. They use veterinary medicinal products, such as antimicrobial agents, to minimize the probability of non-compliance concerning veterinary drug remains in food of animal origin and the development of antimicrobial resistance (AMR). In addition, they provide preventive services to avoid the outbreak of diseases and offer clinical services to treat infections in animals As a result, veterinary services are delivered in veterinary clinics and hospitals across the globe.
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What are the growth prospects and trends in the veterinary services industry?
The market is primarily driven by the growing awareness among individuals regarding pet health and the escalating demand for companion animals across the globe. In addition, the rising prevalence of animal diseases due to the surging number of human pathogens in animals is contributing to market growth.
Moreover, governments of numerous countries are modifying telemedicine and veterinarian-client-patient relationship (VCPR) regulations due to the sudden outbreak of coronavirus disease (COVID-19) to make telemedicine and telehealth available to pet owners, which represents another major growth-inducing factor. Besides this, the recent expansions in pet services, including the emergence of online pet pharmacies and food and product delivery through subscription services, are providing a positive thrust to the market growth.
Furthermore, several advancements in animal health biotechnologies, such as the development of vaccines, antimicrobials, and diagnostic tools, and extensive research and development (R&D) activities conducted by leading players, are creating a favorable market outlook across the globe.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Service:
- Diagnostic Tests and Imaging
- Physical Health Monitoring
Breakup by Animal Type:
- Companion Animal
- Farm Animal
Breakup by End Use:
- Veterinary Clinic
- Veterinary Hospital
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
Addison Biological Laboratory Inc., Armor Animal Health, CityVet, CVS Group PLC, Elanco Animal Health Incorporated, Ethos Veterinary Health LLC, FirstVet, Greencross Vets, Heska Corporation, Idexx Laboratories Inc., Intervet Inc. (Merck & Co. Inc.), PetIQ LLC and Pets at Home Group PLC.
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