According to Coherent Market Insights, the global veterinary services market size is estimated to be valued at USD 118.24 billion in 2024 and is expected to surpass USD 192.98 billion by 2031, growing at a CAGR of 7.2% from 2024 to 2031.
Rising pet
population and increasing animal health expenditure will aid in driving
veterinary services market demand. According to the American Pet Product
Organization, the U.S. pet population is increased to 90 million pet dogs and around
120 million pet cats. It reflects the popularity of pet ownership across
various economies. This burgeoning pet population has raised awareness regarding
animal health. Preventive veterinary care services such as diagnosis and vaccination
will also fuel demand.
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Technological
advancement is revolutionizing the veterinary sector. It helps in improving animal
health. AI is at the forefront, it transforms illness detection and diagnosis
in animals.
Market Trends Increasing pet
insurance coverage trends will aid in fueling revenue in the veterinary
services market. Pet owners are adopting pet insurance plans. These plans provide
veterinary services benefits. Surgical procedures, diagnostic tests, and
prescription medicines are some services that are included in the insurance
coverage. It will help in providing financial protection and offers advanced
veterinary treatments. According to the
North American Pet Health Insurance Association, the number of pets covered by
insurance increased from 1.6 million pets in 2016 to nearly 3 million pets in
2021 in the U.S. and Canada.
Veterinary
Services Market Report Coverage Report
Coverage Details Market
Revenue in 2024 $118.24
billion Estimated
Value by 2031 $192.98
billion Growth
Rate Poised
to grow at a CAGR of 7.2% Historical
Data 2019–2023 Forecast
Period 2024–2031 Forecast
Units Value
(USD Million/Billion) Report
Coverage Revenue
Forecast, Competitive Landscape, Growth Factors, and Trends Segments
Covered By
Service Type, By Animal Type Geographies
Covered North
America, Europe, Asia Pacific, and Rest of World Growth
Drivers •
Increasing Demand for Veterinary Services •
Increasing Partnerships Among Key Market Players Restraints
& Challenges •
Lack of Awareness in Developing or Under-developed Economies •
Shortage of Veterinary Practitioners
Demand for
specialized veterinary care services is also on the rise with growing
recognition of animal welfare. Examples include veterinary cardiology,
oncology, ophthalmology and rehabilitation services. Leading private veterinary
practices are making significant investments in specialized diagnostic
equipment and surgical facilities to attract discerning pet owners. This focus
on specialized care will support market expansion over the forecast period.
Market Opportunities Diagnostic test
and imaging services segment is expected to account for over 30% share in 2024.
This is attributed to growing pet adoption and rising awareness regarding
animal health. Diagnostic imaging allows veterinarians to diagnose various
diseases and injuries in pets without invasive procedures. X-rays and
ultrasound scans are commonly used imaging techniques. The segment is expected
to exhibit a CAGR of 8% during the forecast period.
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Preventive care
services include vaccination, spaying/neutering, dental care, flea and tick
control, and heartworm prevention. This segment is growing rapidly due to
rising awareness about preventive healthcare for companion animals. Regular
vaccination helps protect pets from several contagious diseases. Spaying/neutering
reduces the risk of reproductive cancers and unwanted litters. The preventive
care services segment is projected to rise at a CAGR of over 6% till 2031.
Key Market
Takeaways
The global
veterinary services market is set to soar at 7.2% CAGR from 2024 to 2031. Increasing
pet healthcare expenditure and rising pet ownership will help in boosting
demand. Based on type,
diagnostic test and imaging segment is likely to account around 30% of the
market share in 2024. Rising demand for diagnostic procedures will drive the
demand further. By animal type,
companion animal segment is expected to dominate the market during the forecast
period. High spending on pet care is the primary factor that boosts demand. North America is
expected to take centerstage in the market over the forecast period. This is due
to increasing per capita spending and well-established veterinary
infrastructure on pet care in this region.
Competitor
Insights
- CVS Group PLC - Greencross
Vets - Ethos
Veterinary Health - Indexx
Laboratories Inc. - Pets at Home
Group PLC - CityVet Inc - FirstVet AB - Kremer
Veterinary Services - Armor Animal
Health - PetSmart LLC - National
Veterinary Care Ltd.
Recent
Developments In May 2024, SK
Telecom announced the launch of its AI-based veterinary X-ray image diagnosis
service ‘X Caliber’ in Australia.
In April 2024,
Veterinary Innovation Council announced the launch of new resources. These
resources will help in providing access to veterinary care to millions of pet
owners in underserved communities.
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Detailed Segmentation- By Service Type: By Animal type:
By Region:
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