Veterinary Services Market Charecterstics
Veterinary services provide healthcare for animals - especially pets, farm animals, and animals kept in zoos and wildlife parks. Healthcare is required in cases of disease or injury and for health maintenance and management.
This industry comprises licensed veterinary practitioners who practice veterinary medicine, dentistry or surgery for animals.
Veterinary Services Market Competitive Landscape
The global veterinary services market is highly fragmented. Top veterinary pharmaceutical companies in the market are VCA Inc., Banfield Pet Hospitals, Greencross Limited, CVS Group Plc., and The Animal Medical Center.
Veterinary Services Market Size
The veterinary services market is expected to reach higher than $125 billion by 2022, growing at a little over 5% CAGR in the forecast period. Growth in the veterinary services market is due to increasing penetration of pet insurance, rising pet spending, wildlife conservation and digital media marketing.
However, the veterinary services market is expected to face restraints from several factors such as shortage of veterinarians and high costs of equipment, resources and maintenance.
Veterinary Services Market Segmentation
The global veterinary services market is segmented into animal hospitals and veterinary clinics, laboratory services and pet food and product sales.
The animal hospitals and veterinary clinics market comprises specialized treatments for animals. These hospitals provide services such as dispensary, surgery, radiology, clinical pathology, ward accommodation, farm visits to examine livestock and facilities for 24 hour observation of patients.
The animal hospitals and veterinary clinics segment is further divided into routine examinations, surgical procedures and non-surgical procedures.
The veterinary laboratories segment comprises establishments that test infectious agents and toxins in animal diagnostic samples. The operations of a veterinary testing laboratory include the study of the composition, structure, properties and chemical and biological processes occurring in the objects of veterinary medicine.
The pet food and product sales segment comprises the sale of pet food and related products channeled through veterinary clinics and hospitals. These pet food and related products are generally provided as a part of the veterinary service to needed pets.
Among these three segments, the animal hospitals and veterinary clinics segment accounted for the largest share in the global veterinary services market.
By Geography- The veterinary services market is further segmented into North America, South America, Asia Pacific, Western Europe, Eastern Europe, Middle East and Africa regions. Among these regions, the North American veterinary services market is estimated to have the largest share in the global veterinary services market.
Veterinary Services Market Trends
Several trends witnessed in the global pet vet market include the use of portable technology, electronic health records, insurance services aiding pet owners and specialty services.
Potential Opportunities In The Veterinary Services Market
Rising disposable income, and increasing spending on pets and growing pet ownership among the Gen X and Gen Y population has opened a significant demand and scope for the global veterinary services market in the forecast period.