Global Veterinary Services Market Report 2020 - Opportunities And Strategies, Market Forecast And Trends
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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.
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.
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The global veterinary services market is further segmented based on type, type of animal, type of expenditure, type of service and geography.
By Type: Animal Hospitals And Veterinary Clinics, Veterinary Laboratory Testing Services.
By Type of Animal: Livestock, Companion Animals.
By Type of Expenditure: Public, Private.
By Type of Service: Onsite, Offsite.
Subsegments Covered: Routine Examinations, Non-surgical Procedures, Surgical Procedures, Pet Animals, Livestock.
By Geography: The global veterinary services market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
Among these regions, the North American veterinary services market accounts for the largest share of 51% in the global veterinary services market 2019.
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Trends In The Veterinary Services Market
In developed markets, the pet insurance industry is offering new product lines for veterinary services. The insurance cover helps pet owners to explore a range of treatment options, ensuring better healthcare of animals
Veterinary Services Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides veterinary services market overviews, analyzes and forecasts market size and growth for the global veterinary services market, veterinary services market share, veterinary services market players, veterinary services market segments and geographies, veterinary services market’s leading competitors’ revenues, profiles and market shares. The veterinary services market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.