The global veterinary services market, valued at USD 102.3 billion in 2021, is projected to experience robust growth at a compound annual growth rate (CAGR) of 8.4% from 2022 to 2032. According to industry analysis, market revenue is expected to expand 2.4 times, reaching approximately USD 244.4 billion by 2032. This growth is fueled by an increasing prevalence of zoonotic and food-borne infections, rising demand for emergency veterinary care, and government-led initiatives focused on food security, biosecurity, and animal safety.
The COVID-19 pandemic significantly disrupted the cattle industry, leading to temporary closures of processing and packaging plants worldwide. Supply chain challenges also impacted food service businesses, further straining the market. Additionally, veterinary laboratories experienced a reduction in animal sample testing, limiting sector expansion during the pandemic.
Despite these challenges, the pandemic accelerated the adoption of telemedicine in veterinary care. Pet owners and healthcare providers have increasingly turned to virtual consultations for diagnosis and treatment, fostering a shift toward digital healthcare solutions in the veterinary sector. As technology continues to enhance veterinary services, the industry is expected to witness further advancements in animal healthcare accessibility and efficiency.
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Key Takeaways
- The veterinary services market is projected to grow at a CAGR of 8.4% from 2022 to 2032.
- Market revenue is expected to increase from USD 102.3 billion in 2021 to USD 244.4 billion by 2032.
- Key growth drivers include rising zoonotic infections, increased demand for emergency care, and government initiatives for food security and animal welfare.
- COVID-19 disrupted the cattle industry and veterinary testing but accelerated the adoption of telemedicine in veterinary care.
Key Drivers of Market Growth
- Increase in Zoonotic and Food-Borne Infections:
- The rising incidence of zoonotic diseases, which can be transmitted from animals to humans, has heightened the demand for veterinary services aimed at preventing and managing these infections.
- Demand for Emergency Medical Treatment:
- There is a growing need for safe and effective emergency medical care for animals, which is contributing to increased revenue in the veterinary services sector.
- Government Initiatives:
- Numerous government programs focused on improving food and nutrition security, biosecurity, and animal safety are expected to accelerate the advancement of veterinary care. These initiatives support the infrastructure necessary for comprehensive veterinary services.
- Impact of COVID-19:
- The pandemic disrupted the cattle business, leading to temporary closures of packaging and processing facilities, which affected the supply chain. Additionally, it prompted a shift towards telemedicine in veterinary care, allowing pet owners to access services remotely.
- Growing Pet Ownership:
- An increase in pet ownership globally has led to higher spending on pet care, including routine veterinary check-ups, vaccinations, and preventive treatments.
- Technological Advancements:
- Innovations in veterinary diagnostics and treatment technologies are enhancing service delivery and improving outcomes for animal health, further driving market growth.
Market Outlook
- The veterinary services market is projected to expand 2.4 times from 2022 to 2032 due to these factors.
- Emerging areas such as telemedicine, advanced surgical interventions, and personalized veterinary care are creating new opportunities for service providers.
Key Companies Profiled
Mars Inc.; Greencross Ltd.; National Veterinary Care Ltd.; Pets at Home Group PLC; CVS Group PLC; Ethos Veterinary Health; Addison Biological Laboratory; Armor Animal Health; PetIQ, LLC
Market Segments Covered In Veterinary Services Industry Analysis
By Animal Type:
- Production Animal
- Cattle
- Poultry
- Swine
- Other Production Animals
- Companion Animal
- Dogs
- Cats
- Horses
- Other Companion Animals
By Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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