Veterinary Services Market Size (2024 - 2029)

The veterinary services market is projected to experience growth over the forecast period, driven by factors such as increased pet adoption, heightened awareness of animal health, and expanded research and development initiatives. The COVID-19 pandemic initially impacted the market due to reduced veterinary visits, but it also spurred a greater focus on veterinary services and vaccinations for animals. The rising expenditure on pet health and the demand for advanced veterinary services are key contributors to market expansion. Despite these positive trends, challenges such as a shortage of skilled personnel and rising service costs may impede market growth.

Market Size of Veterinary Services Industry

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Veterinary Services Market Summary
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

Veterinary Services Market 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.

Veterinary Services Industry Segmentation

As per the scope of the report, veterinary services refer to all kinds of facilities, solutions, systems, and services targeted at animal health welfare, including hospitalization, dentistry, diagnostics, surgery, nursing, medication, medical devices, specialist referral, alternative therapies, and behavioral therapies performed by a veterinarian. The Veterinary Services Market is segmented by Service (Surgery, Diagnostic Tests and Imaging, Physical Health Monitoring, and Other Services), Animal Type (Companion Animal, and Farm Animal), and Geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value (in USD million) for the above segments.

By Service
Surgery
Diagnostic Tests and Imaging
Physical Health Monitoring
Other Services
By Animal Type
Companion Animal
Farm Animal
Geography
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle East and Africa
GCC
South Africa
Rest of Middle East and Africa
South America
Brazil
Argentina
Rest of South America
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Veterinary Services Market Size Summary

The veterinary services market is poised for significant growth over the forecast period, driven by several key factors. The increased adoption of pets, heightened awareness of animal health, and a rise in the prevalence of animal diseases are central to this expansion. The COVID-19 pandemic initially disrupted the market due to reduced visits to veterinary facilities; however, it also spurred a greater focus on veterinary services as pet ownership surged during lockdowns. Initiatives by both government and non-government organizations, alongside advancements in veterinary research and development, have further bolstered the market. Innovations such as virtual veterinary programs and advanced medical services for pets are contributing to the market's dynamic growth. Despite challenges like a shortage of skilled personnel and rising service costs, the market is expected to continue its upward trajectory, with the companion animal segment holding a significant share.

North America currently leads the veterinary services market, with the United States maintaining a substantial portion due to increasing pet adoption and higher per capita spending on animal healthcare. The region's growth is supported by a rising incidence of diseases among pets, which drives demand for advanced veterinary services. The market is moderately concentrated, with major players like CVS Group PLC, Ethos Veterinary Health, and Mars Inc. dominating through technological innovations and service expansions. These companies are actively launching new services and enhancing their global presence to capture a larger market share. The ongoing developments in veterinary medicine and the growing awareness of pet health are expected to sustain the market's growth momentum in the coming years.

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Veterinary Services Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

      1. 1.2.1 Increasing Prevalence of Various Diseases in Animals

      2. 1.2.2 Rising Adoption of Animals

      3. 1.2.3 Growing Expenditure on Animals/Pets

    3. 1.3 Market Restraints

      1. 1.3.1 Shortage of Skilled Personnel

      2. 1.3.2 Increasing Cost of Veterinary Services

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Threat of New Entrants

      2. 1.4.2 Bargaining Power of Buyers/Consumers

      3. 1.4.3 Bargaining Power of Suppliers

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION (Market Size by Value - USD million)

    1. 2.1 By Service

      1. 2.1.1 Surgery

      2. 2.1.2 Diagnostic Tests and Imaging

      3. 2.1.3 Physical Health Monitoring

      4. 2.1.4 Other Services

    2. 2.2 By Animal Type

      1. 2.2.1 Companion Animal

      2. 2.2.2 Farm Animal

    3. 2.3 Geography

      1. 2.3.1 North America

        1. 2.3.1.1 United States

        2. 2.3.1.2 Canada

        3. 2.3.1.3 Mexico

      2. 2.3.2 Europe

        1. 2.3.2.1 Germany

        2. 2.3.2.2 United Kingdom

        3. 2.3.2.3 France

        4. 2.3.2.4 Italy

        5. 2.3.2.5 Spain

        6. 2.3.2.6 Rest of Europe

      3. 2.3.3 Asia-Pacific

        1. 2.3.3.1 China

        2. 2.3.3.2 Japan

        3. 2.3.3.3 India

        4. 2.3.3.4 Australia

        5. 2.3.3.5 South Korea

        6. 2.3.3.6 Rest of Asia-Pacific

      4. 2.3.4 Middle East and Africa

        1. 2.3.4.1 GCC

        2. 2.3.4.2 South Africa

        3. 2.3.4.3 Rest of Middle East and Africa

      5. 2.3.5 South America

        1. 2.3.5.1 Brazil

        2. 2.3.5.2 Argentina

        3. 2.3.5.3 Rest of South America

Veterinary Services Market Size FAQs

The Veterinary Services Market size is expected to reach USD 122.72 billion in 2024 and grow at a CAGR of 4.90% to reach USD 155.88 billion by 2029.

In 2024, the Veterinary Services Market size is expected to reach USD 122.72 billion.

Veterinary Industry Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)