According to Future Market Insights (FMI), the global veterinary services market is poised for substantial growth, with market revenues expected to surge from USD 109.8 billion in 2022 to approximately USD 244.4 billion by 2032. This represents a robust compound annual growth rate (CAGR) of 8.4% from 2022 to 2032, significantly outpacing historical growth trends.
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Key Drivers of Market Expansion:
- Rising Prevalence of Zoonotic and Food-Borne Infections: The increasing incidence of zoonotic diseases has intensified the need for advanced veterinary care, driving demand for effective and timely medical interventions.
- Growing Demand for Emergency Veterinary Treatment: With pet ownership on the rise, there is an escalating need for safe and efficient emergency veterinary services, further propelling market expansion.
- Government Initiatives for Animal Safety and Biosecurity: Numerous government programs aimed at improving food and nutrition security, enhancing biosecurity measures, and ensuring overall animal safety are expected to accelerate advancements in veterinary healthcare.
Impact of COVID-19 on the Veterinary Services Market
The COVID-19 pandemic caused significant disruptions in the cattle industry, leading to the temporary closure of several packaging and processing facilities worldwide. The food service sector also faced operational challenges, impacting the supply chain.
Moreover, veterinary laboratories experienced a decline in the number of animal samples received for testing during the pandemic, temporarily restricting segment growth. However, COVID-19 has also acted as a catalyst for innovation in veterinary care, encouraging the adoption of telemedicine among pet owners and healthcare providers. This shift toward remote consultations is expected to have a lasting impact on the industry, paving the way for greater accessibility and efficiency in veterinary services.
With continuous advancements in veterinary care and a growing emphasis on animal health and welfare, the global veterinary services market is set to witness remarkable growth in the coming decade.
Veterinary Services Industry Leaders Should Pay Attention
Rising Demand for Advanced Veterinary Care
The surge in pet adoption, coupled with increasing awareness of animal health, is driving demand for specialized veterinary services, including preventive care, diagnostics, and surgical procedures. Companies investing in cutting-edge veterinary technology will be at the forefront of this evolution.
Expanding Revenue Streams in Livestock Healthcare
The livestock sector is undergoing rapid transformation as precision farming and animal disease control become top priorities. Veterinary service providers catering to cattle, poultry, and swine industries stand to benefit from government initiatives promoting animal welfare and sustainable food production.
The Boom in Telemedicine and Digital Health Solutions
The integration of AI-driven diagnostics, remote consultations, and wearable health monitoring is revolutionizing veterinary services. Industry leaders who adopt telehealth platforms will gain a first-mover advantage in providing cost-effective and accessible veterinary care.
Regulatory Support and Market Expansion
Governments worldwide are investing in veterinary infrastructure and research, opening doors for new market entrants and established players. Companies that align with regulatory compliance and innovative service models will secure long-term growth opportunities.
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Strategic Moves for Decision-Makers
- Invest in Veterinary Diagnostics & Specialized Care – From point-of-care testing to oncology and cardiology services, expanding specialized offerings will drive higher profitability.
- Expand Digital Veterinary Services – Implementing AI-powered diagnostic tools and remote monitoring solutions will enhance operational efficiency and client satisfaction.
- Leverage Mergers & Acquisitions – Collaborating with emerging veterinary startups or expanding into new geographic regions can accelerate market penetration.
- Prioritize Sustainable & Ethical Veterinary Practices – Addressing antibiotic resistance, ethical animal treatment, and eco-friendly veterinary solutions will position companies as industry frontrunners.
Seize the Opportunity: Lead the Veterinary Services Market
As the veterinary services market undergoes a transformative shift, proactive decision-making will determine industry leaders. Companies investing in technology, strategic partnerships, and service diversification will be best positioned to capture market share and drive long-term success.
Key Takeaways:
- The companion animal segment in the animal type category is projected to grow at the fastest CAGR of 8.6%.
- The APAC region holds the largest market share and is expected to register the highest CAGR of 9.5% over the next decade.
- The United States led the market with a revenue share exceeding 42%, driven by strong government animal welfare initiatives.
- The expansion of animal education programs in the U.S., including non-traditional accredited programs, is set to enhance veterinary service accessibility, further boosting market growth.
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 among leading veterinary service providers include:
- June 2021: Seven Hills Veterinary Hospital reported a surge in emergency and urgent care referrals based on call monitoring data.
- April 2020: VetPartners Pty. Ltd. acquired National Veterinary Care Ltd. for USD 251.5 million.
- December 2020: Mars’ Linnaeus division acquired five specialty referral centers from Pets at Home in the UK for USD 132.2 million.
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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
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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