What Fueled The Previous Growth In The Veterinary Care Market?
The veterinary care market has seen considerable growth due to a variety of factors.
• The size of the veterinary care market has seen a robust growth in the past few years. It's projected to increase from $82.04 billion in 2024 to $87.77 billion in 2025, boasting a compound annual growth rate (CAGR) of 7.0%.
The growth witnessed in the past can be attributed to factors like increased dog adoption, heightened government interventions for animal health, a surge in the pet population, a rise in disposable income, and a growing demand for veterinary diagnostics.
What Can Be Expected from the Veterinary Care Market Size?
The veterinary care market is expected to maintain its strong growth trajectory in upcoming years.
• Anticipated robust expansion is projected for the veterinary care market in the upcoming years, with its valuation predicted to hit $113.58 billion in 2029, exhibiting a compound annual growth rate (CAGR) of 6.7%.
The surge during this forecast period can be associated with a burgeoning need for compact devices for point-of-care (POC) services, amplified veterinary services, peaking number of pets with chronic illnesses, necessity for non-hazardous animal products, and upscaling in the number of rabies fatalities. Significant market trends for the anticipated period include advancements in ribonucleic acid (RNA)-particle technology, novel animal healthcare commodities, progress in veterinary medicine, digital cytology technology enhancements, and cutting edge technological evolutions.
What Are the Critical Driver Fuelling The Veterinary Care Market's Growth?
The surge in pet adoption is likely to fuel the expansion of the veterinary care market in the future. Pet adoption entails accepting responsibility for a pet that comes from a shelter or rescue organization or a previous owner, offering them a stable, lasting home, which necessitates legal and ethical obligations. The growth in pet adoption is due to a variety of causes, including societal trends, urban growth, and the delay of parenthood by young adults. Veterinary care plays a critical role in pet adoption as it ensures the health of the pet by providing preventive care and addressing any urgent medical requirements. For example, the American Pet Products Association, a non-profit organization in the US, reported in October 2023 that 86.9 million US households, or 66% of all households in 2022, had a pet. Also, according to Animal Medicines Australia, an association representing animal health based in Australia, revealed in November 2022 that 69% of Australian households in 2022 were pet owners. As such, the rise in pet adoption is driving the growth of the veterinary care market.
How Is The Veterinary Care Market segmented?
The veterinary care market covered in this report is segmented –
1) By Product: Therapeutics, Diagnostics
2) By Animal Type: Companion Animal, Production Animal
3) By Type Of Care: Primary, Emergency, Critical, Specialty Services, Others Services
4) By End-User: Veterinary Hospitals, Veterinary Clinics, Veterinary Laboratory Testing Services, Other End-User
Subsegments:
1) By Therapeutics: Anti-infective Drugs, Pain Management Medications, Vaccines, Anesthetics, Anti-inflammatory Drugs, Hormonal Therapies, Nutraceuticals And Supplements
2) By Diagnostics: In-Vitro Diagnostic Tests, Imaging Equipment (X-ray, Ultrasound, MRI), Blood Testing Kits, Fecal Analysis Kits, Rapid Test Kits, Histopathology Products, Diagnostic Imaging Software
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What Trends Are Reshaping The Future Of The Veterinary Care Market?
Leading companies in the veterinary care market are centred on creating innovative items like pet first-aid kits to improve the health and welfare of animals, fulfilling a vast spectrum of requirements from preventive care to handling severe health conditions. A pet first-aid kit embodies a spectrum of fundamental equipment and resources tailored to offer preliminary care for pets during minor injuries or emergencies before securing professional veterinary assistance. Possessing a sufficiently equipped first-aid kit can be essential in addressing usual pet emergencies, including cuts, burns, or choking. For example, in August 2023, MySimplePetLab., a company based in the US that offers pet care at home or in a clinical setting, launched a dog first aid care kit available in Target stores. This kit is curated to provide instant relief for wounds, cuts, and minor injuries, rendering it a must-have for pet owners both at home and during travels. The kit comprises indispensable items like a veterinarian-approved care guide, wound cleansing, wound protection, bleed-stop powder, antiseptic wipes, antibiotic creams, gauze pads, an immediate cold pack, among others.
Who Are the Key Players In The Veterinary Care Market?
Major companies operating in the veterinary care market are:
• Cargill Incorporated
• Novartis AG
• Mars Incorporated
• C.H. Boehringer Sohn AG & Co. KG
• The Merck Group
• Zoetis Inc.
• Elanco Animal Health Incorporated
• IDEXX Laboratories Inc.
• Ceva Santé Animale
• Phibro Animal Health Corporation
• Dechra Pharmaceuticals PLC
• PetVet Care Centers LLC
• VetStrategy Inc.
• Vetoquinol
• Heska Corporation
• Neogen Corporation
• Sequent Scientific Ltd.
• Animal Care Group Plc
• Medivet
• Hester Bioscience Limited
What Is The Most Dominant Region In The Veterinary Care Market?
North America was the largest region in the veterinary care market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the veterinary care market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
