The veterinary services market consists of sales of veterinary services and related goods by entities (organizations, sole traders and partnerships) that provide veterinary services to pets, farm animals and animals kept in zoos and wildlife parks. This industry includes animal hospitals and veterinary clinics that provide consultation services, treatment, curative medicines to animals.
The global veterinary services market is expected to decline from $109.7 billion in 2019 to $84.9 billion in 2020 at a compound annual growth rate (CAGR) of -22.6%. The decline is mainly due to COVID-19 outbreak and the measures to contain it. Several veterinary care facilities in affected countries have been completely closed or have been only providing minimal treatment for emergency cases. This is because, the global public health organizations have recommended some medical facilities to postpone or cancel non-urgent visits/services, and to prioritize urgent and emergency visits and procedures in order to contain the coronavirus spread. The market is then expected to recover and grow at a CAGR of 5% from 2021 and reach $133.7 billion in 2023.