Veterinary services play an important role in maintaining the health and well-being of pets and livestock. Veterinarians provide medical care to small and large animals alike, through diagnosis, treatment and prevention of various diseases. The demand for veterinary care is driven by the growing companion animal population as well as the need to ensure food security through healthy livestock. Advancements in veterinary drugs and diagnostic equipment have also improved treatment outcomes.
The global Veterinary Services Market is estimated to be valued at US$ 32 Billion in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Key Trends:
Demand driven by companion animal ownership: One of the key drivers propelling the veterinary services market growth is the rising companion animal ownership globally. According to recent surveys, nearly 85 million American families own a pet. As animal care becomes more personalized with growing humanization, pet owners are increasingly willing to spend on veterinary healthcare to ensure the well-being of companion animals. This rising expenditure on pet care services is augmenting the market growth.
Segment Analysis
The global veterinary services market is segmented based on service type, animal type and end user. By service type, veterinary care and surgery dominates the market owing to increase in pet adoption and growing awareness regarding animal healthcare. Veterinary care and surgeries include vaccination, diagnosis and treatment of various diseases in animals. By animal type, companion animal segment holds major share as companion animals such as dogs and cats require regular veterinary care. By end user, veterinary hospitals and clinics dominates the market as majority of animal healthcare needs are catered through these facilities.
Key Takeaways
The Global Veterinary Services Market Demand is expected to witness high growth over the forecast period of 2023-2030.
Regional analysis: North America dominates the global veterinary services market due to higher adoption of pets and growing expenditure on pet healthcare in countries like United States and Canada. Europe remains the second largest region owing to increase in pet humanization trend and awareness regarding animal welfare. Asia Pacific is expected to witness fastest growth rate due to growing pet population and rising per capita expenditure on animal healthcare in emerging economies of China and India.
Key players: Key players operating in the veterinary services market are Ethicon Inc., Hengding, Medtronic plc, Jorgensen Laboratories, Smiths Group, Integra Lifesciences Holdings Corporation, 3M Company, Nonin Medical Inc. These players are focusing on adopting organic and inorganic growth strategies such as acquisitions, mergers, expansions and new product launches to increase their global presence.
Key players operating in the veterinary services market are Ethicon Inc., Hengding, Medtronic plc, Jorgensen Laboratories, Smiths Group, Integra Lifesciences Holdings Corporation, 3M Company, Nonin Medical Inc. These players are focusing on adopting organic and inorganic growth strategies such as acquisitions, mergers, expansions and new product launches to increase their global presence.
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