The veterinary services market is witnessing unprecedented growth, driven by a rising awareness of animal health, increasing zoonotic diseases, and advancements in veterinary care. According to a recent study by Future Market Insights (FMI), the global veterinary services market was valued at USD 109.8 billion in 2022 and is projected to expand at an impressive 8.4% CAGR from 2022 to 2032. By 2032, the market is expected to reach USD 244.4 billion, a 2.4X increase from 2022.
This remarkable growth trajectory is fueled by several key factors, including the increasing demand for emergency medical treatment for animals, government initiatives for animal welfare, and the transformative impact of the COVID-19 pandemic on the industry.
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Key Growth Drivers of the Veterinary Services Market
1. Rising Cases of Zoonotic and Food-Borne Infections
The surge in zoonotic and food-borne diseases has underscored the importance of robust veterinary services. With infections like rabies, avian influenza, and bovine tuberculosis posing significant threats to human and animal health, the demand for preventive veterinary care and vaccinations has increased substantially.
Governments and international health organizations have heightened their focus on disease surveillance and control measures, ensuring that veterinary professionals play a crucial role in early diagnosis, treatment, and disease prevention.
2. Increasing Demand for Safe and Effective Emergency Veterinary Care
The growing awareness among pet owners and livestock farmers about timely and quality veterinary treatment has led to a surge in demand for emergency veterinary services. Whether it is trauma care, surgical interventions, or advanced diagnostics, the veterinary healthcare infrastructure is evolving rapidly to cater to the needs of both companion and farm animals.
The pet humanization trend is another contributing factor. Pet owners today treat their animals as family members, investing significantly in specialized treatments, pet insurance, and wellness programs to ensure their pets receive the best care possible.
3. Government Initiatives to Improve Animal Welfare and Food Security
Governments worldwide are implementing various programs to enhance animal safety, biosecurity, and food security. These initiatives aim to:
- Improve livestock health to ensure a stable food supply.
- Enhance biosecurity measures to prevent the spread of infectious diseases.
- Promote animal welfare standards in farming and pet care.
With more funding allocated to veterinary research and disease prevention programs, the accessibility and affordability of veterinary services are improving, further driving market growth.
Impact of COVID-19 on the Veterinary Services Market
The COVID-19 pandemic significantly impacted the veterinary industry, causing both challenges and transformations in the way veterinary services are delivered.
1. Disruptions in the Livestock Industry
The pandemic caused disruptions in the cattle and meat processing industry, as several processing and packaging plants were temporarily shut down due to workforce shortages and supply chain disruptions. Additionally, delivery challenges arose as restaurants and food service professionals had to halt operations, leading to fluctuations in livestock demand and pricing.
2. Limited Veterinary Laboratory Testing
During the pandemic, many veterinary laboratories faced challenges in receiving animal samples for testing, as restrictions on movement and resource allocation towards human healthcare took precedence. This temporary setback limited the growth of the veterinary diagnostics segment, slowing the pace of research and disease surveillance.
3. Acceleration of Telemedicine in Veterinary Care
One of the most notable changes brought about by COVID-19 is the widespread adoption of telemedicine in veterinary services. With restrictions on physical visits, pet owners and veterinary practitioners turned to virtual consultations for routine checkups, diagnosis, and follow-ups.
Telemedicine has enhanced accessibility to veterinary care, especially in remote areas where access to specialized veterinary professionals is limited. As a result, the post-pandemic era is expected to witness continued adoption of digital health solutions in veterinary care, improving efficiency and convenience for both pet owners and veterinarians.
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Key Takeaways
- Asia Pacific Growth: The market in Asia Pacific is projected to register the highest CAGR of over 9% due to rising demand for veterinary services, particularly in India and China, driven by improved living standards and increasing pet populations.
- Economic Influence: Higher disposable incomes in the region are expected to boost pet adoption, creating new growth opportunities for the veterinary market.
- Healthcare Modernization: Advancements in healthcare infrastructure and rising veterinary healthcare expenditure are key factors fueling market growth in Asia Pacific.
- Japan’s Market Potential: The growing lifespan of pets in Japan increases susceptibility to age-related orthopedic disorders, driving demand for veterinary orthopedics. Additionally, the rise in pet ownership among veterinarians further expands market opportunities.
- India’s Livestock Sector: The demand for veterinarians in India is expected to rise due to increased livestock rearing, driven by the growing need for meat and milk production.
- USA Leading in Revenue: The United States holds the highest market share (42%) in veterinary services, supported by government animal welfare initiatives and expanding veterinary education programs aimed at improving service accessibility.
The Future of Veterinary Services: What Lies Ahead?
With the veterinary services market poised for rapid expansion, technological advancements, policy support, and consumer awareness will be the primary driving forces shaping the future of the industry.
1. Technological Innovations in Veterinary Care
- AI and Big Data: Predictive analytics and artificial intelligence (AI) are being integrated into veterinary diagnostics, enabling early disease detection and personalized treatment plans.
- Wearable Technology for Pets: The use of smart collars and biosensors is increasing, allowing pet owners to monitor vital signs, activity levels, and overall pet health in real-time.
- Advanced Surgical Procedures: The adoption of minimally invasive surgeries and robotic-assisted veterinary procedures is enhancing treatment outcomes with reduced recovery times for animals.
2. Expansion of Veterinary Insurance
As veterinary treatments become more advanced and expensive, the demand for pet insurance and livestock coverage is rising. More pet owners and livestock farmers are opting for insurance policies that cover routine checkups, surgeries, and emergency treatments, ensuring affordable access to veterinary care.
3. Strengthening Global Animal Health Policies
Governments and health organizations are expected to invest further in disease control, vaccination programs, and regulatory frameworks to ensure better animal health management. Policies supporting antimicrobial resistance (AMR) prevention, sustainable livestock farming, and global disease surveillance will play a crucial role in shaping the veterinary services landscape.
Conclusion
The global veterinary services market is on an accelerated growth path, driven by rising animal health concerns, increased zoonotic infections, and government-led initiatives. Despite the challenges posed by COVID-19, the industry has demonstrated resilience and adaptability, with telemedicine and digital health solutions becoming integral to veterinary care.
As we move forward, technology-driven innovations, enhanced veterinary insurance coverage, and policy support will continue to reshape the veterinary services industry, ensuring better health outcomes for animals worldwide.
With a projected USD 244.4 billion market size by 2032, the veterinary sector is set to play a vital role in global healthcare and food security, making it an essential industry for both economic growth and public health safety.
Competitive Analysis
Key players in the veterinary services market include Mars Inc, Greencross Ltd, National Veterinary Care Ltd, Pets at Home Group PLC, and CVS Group PLC.
Recent Developments in Veterinary Services:
- In June 2021, Seven Hills Veterinary Hospital observed a surge in urgent treatment referrals by monitoring emergency case calls, indicating a growing demand for critical veterinary care.
Market Segmentation in Veterinary Services Industry
By Animal Type:
- Production Animals:
- Cattle
- Poultry
- Swine
- Other Production Animals
- Companion Animals:
- Dogs
- Cats
- Horses
- Other Companion Animals
By Region:
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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