Veterinary Services Market | Contrive Datum Insights

The global Veterinary Services Market size accounted for USD 114.41 Billion in 2022 and it is expected to surpass around USD 241.76 Billion by 2030 with a registered CAGR of 9.8% from 2023 to 2030.

Veterinary Services Market Overview:

The main thing driving the market is the sharp rise in zoonotic and food-borne diseases around the world. Veterinary services are an important part of keeping animals healthy and happy and making sure that international trade is safe from a health point of view. It also helps protect the public's health and make sure food is safe. The Organization for Animal Health (OIE) wrote an article that says the demand for foods that come from animals is growing around the world. This includes the demand for meat, which is expected to reach 445 million tonnes by 2050. Because of the COVID-19 pandemic, people are buying less from traditional stores and more from online platforms. This has sped up the market's growth rate.

PetMed Express, Inc. and Chewy, Inc. both reported more sales for the first quarter of 2020. Due to the V-shaped recovery, the services market is expected to pick up steam in the coming years, giving the market a chance to grow. Also, it is seen as a way to prevent zoonotic diseases from spreading through the livestock population, which could help the market grow.

It is thought that the growing number of government programmes to ensure food security and biosecurity will make it easier for livestock around the world to use veterinary services. For example, the OIE is concerned with keeping food safe and has been putting out guidelines to get rid of possible biological hazards and risks during checks on the farm, before slaughter, before processing, and during processing.

Market Drivers

Over the next few years, the global veterinary services market is expected to grow because more people are concerned about their pets' health and more people want good medical care. For example, the Federation of Indian Animal Protection Organisation (FIAPO) has been working with other animal rights organizations and activists in India to make sure animals are treated well. Through awareness campaigns and lobbying, the federation has also been working on a wide range of animal welfare issues.

During the forecast period, the growth of the global veterinary services market is also expected to be driven by the spread of diseases from animals to humans. For example, the Centers for Disease Control and Prevention (CDC) says that Zoonotic diseases are very common in both the U.S. and the rest of the world. Scientists think that animals can spread more than six out of every ten known infectious diseases to people, and that three out of every four new or emerging infectious diseases in people come from animals.

Opportunities

The spread of COVID-19 around the world is likely to give companies in the veterinary services market good chances to grow. For example, in May 2020, Humane Society International/Canada and Friends of HSI launched the COVID-19 Animal Response Program in Quebec with help from PetSmart Charities of Canada and the City of Montreal. During this crisis, the programme will help families and individuals who need help right away to take care of their companion animals.
Players in the veterinary services market can expect a lot of growth opportunities as the need for veterinary services grows around the world. For example, in February 2021, DCC (Dogs, Cats, and Companions) Animal Hospital grew its presence in India by opening multi-specialty animal hospitals all over the country to offer cutting-edge medical technologies for our four-legged friends.

Restraints

The growth of the global veterinary services market is likely to be slowed by the high cost of veterinary services and the lack of skilled workers. The high cost of diagnostic imaging equipment and veterinary drugs has made veterinary services expensive.
The growth of the global veterinary services market is likely to be slowed by a lack of awareness in developing or less-developed economies. For example, cats and dogs are the two most common pets that people keep as pets and they can cause zoonotic infections directly or indirectly.

Veterinary Services Market Segmentation Analysis

By Type of Service

In 2021, the market for diagnostic tests and imaging services brought in more than USD 34 billion, and it is expected to continue to dominate the market with a large market growth rate over the next few years. When pets get contagious diseases, they might die, and farm animals often don't work as well because of it. The globalisation of the animal and related product trade makes it more likely that diseases will spread. Accurate and timely diagnostic procedures are needed to find, control, and get rid of these kinds of diseases. Because of this, there are now more veterinary services, such as diagnostic testing and imaging. The need for imaging and diagnostic tests led to the creation of equipment and other tools that make it easy and quick to find out what's wrong with an animal. Innovative technologies for personalised human medicine make it possible to make prototype diagnostic tests for a number of diseases that can be spread from animals to humans. In its radiology and imaging rooms, a veterinary clinic also uses cutting-edge imaging technology to find out what's wrong with sick animals and treat them. Because of all of these things, it is expected that the market for veterinary services will continue to grow over the next few years.

By Animal Types

In 2021, it was expected that pets would take up more than 59.2% of the market. The growing number of people who get companion animals is a big reason why more pet care services, like veterinary care, are needed. For example, the American Pet Products Association (APPA) says that dog owners will spend an average of USD 1,480 per year on a dog's basic needs in 2021. In a similar way, there has been a clear rise in the number of people who keep pets with diseases. According to research that was published in the Nature Journal, 2.5% of dogs in the UK are expected to have osteoarthritis in 2018. Also, according to the APPA's 2017-2018 National Pet Owners Survey, about 8% of cats and 10% of dogs had surgery. As a result, there will be a bigger market need for veterinary services as more pets need surgery.

Regional Insights:

During the Forecast period, North America is anticipated to be the largest market by region.

In 2020, North America brought in the most money, with more than 43% of the total. The main reasons for this huge growth are the concrete steps taken by different government animal welfare organizations in the U.S. and Canada to improve veterinary services as a whole. In the U.S., expanding new animal education programs, including non-traditional programs that want to get accredited, is expected to make these services easier to get to, which will make it easier for more people to use veterinary services in the years to come.

On the other hand, Asia Pacific is expected to grow the most quickly in the coming years. The reason for the exponential growth is that the number of pets and livestock in developed and developing economies in this region is growing. Also, veterinary services help to reduce poverty, especially among rural people in developing countries, because they help keep valuable livestock populations alive.

In Japan, the number of veterinarians who care for pets and other small animals is growing. This could be a chance for the market to grow. India will need more veterinarians and their services because there is a high demand for products like meat and milk. This is because the population is growing, which has led to more livestock farming.

Scope Analysis

Recent Development

• In August 2021, Ethos and National Veterinary Associates teamed up to develop cutting-edge veterinary medicines for patients and their families and to enhance service delivery with advances in healthcare.
• In May 2020, Greencross Vets announced the launch of a 24/7 online counseling platform for pets known as WebVet to reach more pet owners.
• In August 2019, Ethos Discovery launched a program to treat splenic hemangiosarcoma in dogs through a program called the Ethos Precision Medicine Umbrella Study for Hemangiosarcoma (ePUSH).
• In June 2021, The Seven Hills Veterinary Hospital monitored the number of referrals for urgent care from calls classified as emergency or urgent cases and noted a spike in that category.
• April 2020, VetPartners Pty. Ltd. announced the acquisition of National Veterinary Care Ltd. for US$251.5 million.

The Global Veterinary Services Market has been segmented into:

By Service Type 

• Diagnostic tests and imaging
• Physical health monitoring
• Surgery
• Others

By Animal Type

• Production
• Poultry
• Swine
• Cattle
• Sheep & Goats
• Fish
• Companion
• Dogs
• Cats
• Horses
• Others

By Delivery Channel

• Introduction
• Hospitals and Clinics
• Commercial Facilities
• Outdoors/Ambulatory
• Others

By Companies

• Merck Animal Health
• Ceva Sante Animale
• Vetoquinol S.A.
• Zoetis
• Boehringer Ingelheim GmbH
• Elanco
• Nutreco N.V.
• Virbac
• Kindred Biosciences, Inc.
• Biogenesis Bago
• Indian Immunologicals Ltd.
• Neogen Corp.
• Hester Biosciences
• Phibro Animal Health
• Dechra Pharmaceuticals PL