Veterinary Services Market is Anticipated to Witness High Growth Owing to Rising Pet Ownership

The veterinary services market includes medical care, surgeries, and other related services provided to animals. Veterinary services involve the diagnosis, treatment, and prevention of animal diseases. They aid in improving animal welfare by eliminating diseases and ensuring the health and well-being of companion animals and livestock. Proper veterinary care throughout an animal's lifetime helps pet owners avoid future medical costs and provide comfort to animals. A higher focus on animal health, expanding pet insurance coverage, and growing pet adoption, especially in developed markets, are driving greater demand for professional veterinary care services.

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 2030.

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′Brien Pharmacy, Tache Pharmacy, Northmark Pharmacy, Edge Pharma, and ImprimisRx. These players are focusing on expansion plans and development of advanced veterinary treatment methods. For instance, in 2023, Fagron Sterile Services US opened a new sterile compounding facility in Alabama to provide outsourced pharmacy compounding services to veterinary practices across the United States.

The key opportunities in the veterinary services market include rising pet adoption in developing nations, increasing demand for pet insurance, and growing consumption of animal-derived food products. The adoption of pets has witnessed significant growth in developing Asian countries such as India and China over the past decade. This growing pet population is supporting the expansion of professional veterinary services in these regions.

Globally, The Veterinary Services Market is projected to witness expansion in emerging economies on account of growing awareness regarding animal health. Latin American and Asian countries demonstrate high growth potential due to improving standards of pet care, rising per capita animal health expenditure, and increasing penetration of private veterinary practices and pet insurance. Several global market players are collaborating with local veterinarians and setting up modern veterinary hospitals and clinics in developing nations to cater to the increasing demand.

Market Drivers
Rising pet ownership globally is a major driver propelling demand for veterinary services. According to recent statistics, about 70 million American households own a pet. Increasing humanization of pets and a rising willingness to spend more on animal health is fueling market growth.

Market Restrains
Lack of veterinary infrastructure and skilled workforce in developing economies pose challenges to market expansion. Many rural areas still lack adequate veterinary facilities and professionals to provide proper medical care to animals. It acts as a significant barrier limiting the penetration of professional veterinary care. Rising establishment costs associated with setting up advanced veterinary hospitals and clinics also restraints market growth.

Segment Analysis
The Veterinary Services Market is dominated by companion animal segment which holds around 80% market share owing to rising pet adoption and growing number of veterinary practices focused only on companion animals. The companion animal sub segment is further divided into canine and feline with canine being the dominating one due to higher number of dogs owned globally as pets. Vaccination, pharmaceuticals, diagnostic testing and pet insurance are some of the key services offered in this sub segment.

Global Analysis
Regionally, North America dominates the Veterinary Services Market owing to high awareness regarding animal health and presence of major players in the region. APAC region is expected to witness fastest growth during forecast period mainly due to increasing pet adoption in emerging countries like China and India. Additionally, growing farm animal population in countries like India and China will drive the demand for veterinary services from food producing animals. Europe holds second position in terms of market share led by countries like UK, France and Germany where annual veterinary check-ups are mandated by laws for pet owners.

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