Veterinary Services Market Definition
The veterinary services market consists of sales of veterinary services by entities (organizations, sole traders and partnerships) that provide veterinary services. Veterinary services provide healthcare for animals - especially pets, farm animals, and animals kept in zoos and wildlife parks.
Veterinary Services Market Size
The global veterinary services market reached a value of nearly $98 billion in 2017, having grown at a compound annual growth rate (CAGR) of more than 7% since 2013.
Major drivers of the veterinary services industry in the historic period included emerging markets growth, increased pet spending, increased pet ownership by gen x and gen y adults, and increased requirements for certification to export meat products; major restraints on the market included shortage of trained veterinarians, high costs and limited government support.
Major drivers of the veterinary services industry in the forecast period include economic growth, technology advances, rising livestock population and more stringent government regulations and major restraints on the market include interest rate increases and global warming.
Veterinary Services Market Drivers
The Key drivers of the veterinary services market include:
Certification To Import Meat Products – Many countries seek certification for meat products imported in their countries. Meat products are tested for foodborne diseases, pathogens and anti-biotics administered on the animals. For instance, in the EU, veterinary certificate is required for all meat products imported in the region. Complying with these regulations often requires the use of vets for implementation, monitoring and certification. Thus, government regulations to certify meat products is driving the demand for veterinary services in many developed and developing countries.
Veterinary Services Market Restraints
The key restraints on the veterinary services market include:
Global Warming – Increasing summer and winter temperatures due to global warming are leading to a decline in wildlife populations. Global warming effects include landslides and forest fires. There is a heavy loss in wildlife population due to forest fires and floods. Also, many pets are not evacuated during natural disasters leading to loss in pet population. Global warming will also increase vector borne diseases resulting in a fall in pet population, thus affecting the growth of the veterinary services market.
Veterinary Services Market Trends
Major trends influencing the veterinary services market include:
Electronic Health Records - Electronic health records offer an efficient way to collect and store electronic health information about a client’s pets or livestock. Electronic health records accurately represent vital data while ensuring pet history and relevant information which is always accessible and easy to use, in order to increase efficiencies as a result of allowing veterinarians to examine possible trends and long-term changes in the pet’s record.
Insurance Services Aiding Pet Owners - 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. For example, Healthy Paws pet insurance offers insurance for pet illness, accidents, hereditary and congenital conditions, chronic conditions and alternative care.
Veterinary Services Market Segmentation
The Veterinary Services market is segmented by service type and by geography.
By Service Type -
The veterinary services market is further segmented by service type into
Laboratory Services had the highest growth rate of nearly 8.7% during the historic period. The fastest growth in the historic period can be attributed to the high expenditure for pet care, rising preferences of pet owners to spend for the diagnostic services, technology advancements in animal diagnostics and high costs associated with these services led to the high market growth for this segment.
- a) Animal Hospitals & Veterinary Clinics
- b) Pet Food & Product Sales
- c) Laboratory Services
By Service Type -
The animal hospitals & veterinary clinics market can be further segmented by service type into
By Geography - The veterinary services market is segmented into
- a) Routine Examinations
- b) Non-surgical Procedures
- c) Surgical Procedures
North America is the largest market for veterinary services, accounting for almost 45% of the global market. It was followed by Western Europe, Asia-Pacific and then the other regions. Going forward, Asia-Pacific and Eastern Europe will be the fastest growing regions in this market.
- o North America
- o Western Europe
- o Asia Pacific
- o Eastern Europe
- o South America
- o Middle East
- o Africa
Veterinary Services Competitive Landscape
Major Competitors are:
Other Competitors Include:
- • Mars, Inc.
- • VCA Inc.
- • Banfield Pet Hospital
- • Idexx Laboratories
- • Greencross Limited
- • The Bergh Memorial Animal Hospital ASPCA
- • CVS Group Plc
- • Pets at Home Group PLC
- • National Veterinary Care Ltd
- • The Animal Medical Center
- • Abaxis
- • Qiagen N.V.
- • Neogen Corporation
- • Nelco Vet Inc.
- • Royal Veterinary College
- • Blacks Vets Dudley Hospital
- • International Center for Veterinary Services
- • Shenpu Pet Hospital
- • Paw Veterinary Clinic
- • Chengdu Vet Hospital
- • Canberra Veterinary Hospital
- • Noah Animal Hospital
- • Blue Cross of India
- • Sanjay Gandhi Animal Care Center
- • Brooke Hospitals For India
- • Daktari Animal Hospital
- • Mitaka Veterinary Medical Group
- • Niiza Veterinary Medical Group
- • Four Loving Paws Veterinary Services
- • Brazil Animal Clinic
- • Clinica Veterinaria Prontovet
- • Clear Lake Veterinary Hospital
- • British Veterinary Center
- • Dubai Equine Hospital
- • American Veterinary Clinic
- • Drakenstein veterinary clinic
- • Onderstepoort veterinary academic hospital