Market Size of Veterinary Services Industry
| Study Period | 2021 - 2029 |
| Market Size (2024) | USD 122.72 Billion |
| Market Size (2029) | USD 155.88 Billion |
| CAGR (2024 - 2029) | 4.90 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Veterinary Services Market Analysis
The Veterinary Services Market size is estimated at USD 122.72 billion in 2024, and is expected to reach USD 155.88 billion by 2029, growing at a CAGR of 4.90% during the forecast period (2024-2029).
Due to the COVID-19 outbreak, a short-term impact was seen on the market owing to the decreased visits to veterinary hospitals and clinics. However, owing to the increasing adoption of pets during the pandemic and stringent restrictions on traveling, and strict lockdown policies globally, the focus on veterinary services increased. The government and non-government organizations for animals have taken steps forward to start new initiatives. Furthermore, as the pandemic progressed, many service providers and organizations focused on veterinary vaccination to protect animals from COVID-19 infection.For instance, in July 2021, Zoetis donated COVID-19 vaccines to help support the health of zoo animals. Additionally, in June 2022, the government of India launched Ancovax, a COVID-19 vaccine for animals such as dogs, lions, leopards, mice, and rabbits. Therefore, based on the factors stated above, the COVID-19 pandemic was anticipated to have a significant impact on the market studied.
The increase in animal adoption, the rise in prevalence of animal diseases, better animal health awareness, and the increase in research and development (R&D) and government initiatives globally are the major factors attributed to the growth of the veterinary services market.
A significant rise in the adoption of pet animals, including dogs, cats, and even horses, as companions of human beings has been observed over recent years. Moreover, farm animals, including cattle and swine, are also being taken in for various commercial purposes. Because of their promising economic conditions, developed economies account for a disproportionately large share of companion animal ownership.For example, the Pet Food Manufacturers Association (United Kingdom) reported that in the year 2021, around 17 million households in the United Kingdom were estimated to own pets. The rise in pet ownership is raising awareness about pet safety.This ultimately creates demand for advanced veterinary services. This is expected to contribute to the overall market growth during the analysis period.
Additionally, pet owners have been investing significantly in their pets, which has resulted in rising expenditure on their health, which is thus acting as a key driver for market growth. An article by the Government of Canada on reportable diseases in terrestrial animals updated in February 2021 listed a few diseases that affect animals, including companion animals in the region. The large list of diseases includes "eugenic infectious anemia," "equine piroplasmosis," "Newcastle disease," "Pullorum disease," and "vesicular stomatitis," among others. The increase in the occurrence of diseases among companion animals in Canada calls for the availability of services for better diagnosis and treatment and requires the availability of associated medications. This is further expected to provide lucrative growth for the veterinary healthcare services market during the study period.
Furthermore, developments are increasing in the veterinary services market. For instance, in February 2021, DialCare developed an innovative new virtual veterinary program that provides members with quick access to licensed veterinary doctors for advice and counseling on their dogs via video or phone chat. In addition, the qualified veterinary professionals at DialCare Virtual Vet can provide information on general pet health care. 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 market growth over the projected period.
Therefore, the market is expected to witness growth over the forecast period owing to the factors mentioned above. However, the shortage of skilled personnel and the increasing cost of veterinary services are anticipated to hamper market growth over the study period.
