What Fueled Veterinary Services Market?
The veterinary services market has seen considerable growth due to a variety of factors.
• The size of the veterinary services market has seen significant expansion in recent times. Greater growth is expected, from $156.4 billion in 2024 to $168.86 billion in 2025, with an approximate compound annual growth rate (CAGR) of 8.0%.
The increase observed in the past can be linked to trends such as rising pet ownership, treating pets more like humans, increasing urbanization and population density, and the growth of companion animal insurance.
What is the Forecasted Growth of the Veterinary Services Market Size?
The veterinary services market is expected to maintain its strong growth trajectory in upcoming years.
• The size of the veterinary service market is predicted to exhibit significant growth in the coming years, reaching a total worth of $223.15 billion in 2029, showcasing a compound annual growth rate (CAGR) of 7.2%.
This projected growth during the forecast period is due to factors such as preventive and wellness services, specialized veterinary care, the one health approach, the rise in e-commerce for pet medicines, and the impact of the global pandemic. The future trends expected to influence this period will include technological progress, the rise of telemedicine and remote consultations, developments in veterinary medicine, telehealth services for pets, and an increased emphasis on preventive care.
What Key Factors and Trends are Driving the Growth of the Veterinary Services Market?
The anticipated increase in global meat production in the coming years is set to spur growth in the veterinary services market. For example, UK government Livestock statistics indicated in February 2024 that meat production in 2022 was 18% more than it was ten years prior, at 4.2 million tonnes. In the same year, red meat saw a rise in production, with the largest surge seen in mutton and lamb production (2.9%). The growing population's impact on the rise in meat product production is likely to spur the need for feed additives in the livestock sector, thereby propelling the veterinary services market.
What Is The Segmentation Of The Global Veterinary Services Market?
The veterinary services market covered in this report is segmented –
1) By Type: Animal Hospitals And Veterinary Clinics, Veterinary Laboratory Testing Services
2) By Type Of Service: Onsite, Offsite
3) By Type Of Animal: Livestock, Companion Animals
4) By Type Of Expenditure: Public, Private
Subsegments:
1) By Animal Hospitals And Veterinary Clinics: General Veterinary Practices, Specialty Veterinary Hospitals, Mobile Veterinary Services, Referral Veterinary Clinics
2) By Veterinary Laboratory Testing Services: Diagnostic Testing, Pathology Services, Microbiology Services, Genetic Testing Services
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What Emerging Trends Are Shaping The Veterinary Services Market?
The popularity of Telemedicine is growing because it allows pet owners to access high-quality care from distant locations. As a component of telehealth, Telemedicine encompasses both the clinical and non-clinical aspects of remote healthcare delivery. It involves direct interaction between veterinarians and pet owners via various communication platforms such as phones, email, and video conferencing technologies. This tool is crucial in strengthening the current relationships between veterinarians, clients, and their pets. The rising demand for telemedicine services is attributed to hectic lifestyle schedules and the inclination of customers towards customized services. Notably, clinics such as Televet, Fuzzy Pet Health, and Healthpets offer these vet telemedicine services.
Who Are the Key Players in the Veterinary Services Market?
Major companies operating in the veterinary services market include:
• Mars Inc.
• Zoetis Inc.
• VCA Inc.
• IDEXX Laboratories Inc.
• Qiagen N.V.
• Pets at Home Group PLC
• BluePearl Pet Hospital
• Dechra Pharmaceuticals plc
• PetIQ LLC
• CVS Group Plc
• Banfield Pet Hospital
• Neogen Corporation
• Vetpartners
• Greencross Limited
• National Veterinary Associates Inc.
• Pathway Vet Alliance LLC
• Ethos Veterinary Health LLC
• Southern Veterinary Partners
• VetCor
• VetStrategy
• National Veterinary Care Ltd.
• VetnCare
• PetVet Care Centers
• Kremer Veterinary Services
• Armor Animal Health
• Addison Biological Lab Inc.
• FirstVet AB
• Vetnovo
What are the Regional Insights into the Veterinary Services Market?
North America was the largest region in the veterinary services market in 2024. Asia-Pacific was the second-largest region in the veterinary services market. The regions covered in the veterinary services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
