Veterinary Care Market Size

Veterinary Care Market Analysis

The Veterinary Care Market size is estimated at USD 88.22 billion in 2024, and is expected to reach USD 119.97 billion by 2029, growing at a CAGR of 5.59% during the forecast period (2024-2029).

Several countries reported veterinary medicine supply disruptions and shortages due to temporary lockdowns of manufacturing sites, export bans, and increased demand for medicine to treat COVID-19. COVID-19 wreaked havoc on the industry. A low number of animal samples for testing was received by many veterinary laboratories, which hampered market growth. For instance, according to a Pet Food Processing report published in March 2021, veterinary service and product sales reached USD 31.4 billion, a 7.2% increase over the previous year, while sales of supplies, live animals, and over-the-counter (OTC) pharmaceuticals totaled USD 22.1 billion, a 15.1% increase. Other services, including grooming, dog walking, and boarding, were the only sector to have a sales fall, with USD 8.1 billion in sales, a 21.4% decrease from previous years due to the COVID-19 pandemic. However, the market has reached pre-pandemic levels in demand for veterinary care products. The market is expected to witness significant growth in a short period.

The demand for better veterinary care is growing as the number of chronic diseases in pets and livestock animals rises. Many awareness programs about better veterinary care are being held around the world, which is fueling demand. For instance, in April 2021, to improve the quality of life of older pets, Animal Care launched a campaign called "Make Senior Easier." The company has created a set of resources to assist practices in improving the care they provide to animals as they age and to educate owners on how to keep their companions healthy and happy during their "golden years." Such initiatives create awareness among pet owners about veterinary care, which is anticipated to drive the market.

The market's overall growth will be fueled by increased government initiatives to promote better veterinary care during the forecast period. For instance, in February 2022, the Animal Health and Welfare Pathway was launched by the United Kingdom Government (the Pathway). The Pathway will work to advance and support improving farm animal health and welfare over time. The Pathway is a collaboration, and the government will collaborate with farmers, veterinarians, and the broader industry. Additionally, in March 2022, the government of India (Madhya Pradesh) approved a veterinary unit scheme to provide door-to-door treatment for sick domestic animals. The program aims to make public health care more accessible to people living in rural and underserved areas. Healthcare delivered to people's homes would be beneficial, especially for rural and vulnerable populations.

Market players use a variety of strategic initiatives to meet their growth goals and expand their market share. Key companies are launching new products, forming partnerships and collaborations, expanding their local and regional footprints, and pursuing mergers and acquisitions. For instance, in January 2021, Davies Veterinary Specialists in Hitchin and Southfields Veterinary Specialists in Essex in the United Kingdom launched an advanced veterinary dentistry service and a maxillofacial surgery service for pets. Such developments are also fueling the market growth over the projected period.

Thus, all factors above are expected to boost the market over the forecast period. However, the increasing cost of animal care products and veterinary services may restrain the market over the forecast period.