Veterinary Services Market Size & Trend Report, 2022-2030
According to Nova one advisor, the global Veterinary Services market size was estimated at USD 114.50 billion in 2022 and is projected to hit around USD 241.96 billion by 2030, growing at a CAGR of 9.14% during the forecast period 2022 to 2030.
Key Takeaways:
The market is predominantly driven by rising concerns regarding food security and safety thus encouraging the adoption of veterinary services to yield high-quality animal source foods. In addition, increasing pet adoption is a key contributing factor for the overall market growth.
The pet adoption rate spiked during the coronavirus pandemic as many individuals have been working from home. Many consider their pet as a family fellow. Thus, veterinary companies announced some new products, services, diagnostic tools, to cater to the demand. For example, in September 2020, Zoetis launched VetscanImagyst, a new diagnostic platform to detect intestinal parasites in pets.
In addition, the advent of risk-based management systems, designed to analyze real-time fluctuations in food-borne and zoonotic disease prevalence, encourage sanitary and phytosanitary services, thus widening the scope for growth of the market. The veterinary facilities play a critical role in risk aversion and facilitate the implementation of various guidelines issued by regulatory authorities to maintain overall food safety. It also facilitates the investigation of animal disease outbreaks and the implementation of remedial measures after an outbreak has been identified. The aforementioned factors are predicted to broaden the growth potential of the
Report Scope of the Veterinary Services Market
|
Report Coverage |
Details |
|
Market Size |
USD 241.96 Billion by 2030 |
|
Growth Rate |
CAGR of 9.14% from 2022 to 2030 |
|
Largest Market |
Asia Pacific |
|
Fastest Growing Market |
North America |
|
Base Year |
2021 |
|
Forecast Period |
2022 to 2030 |
|
Segments Covered |
Service Type, Animal Type, and Region, |
|
Companies Mentioned |
…. |
Service Type Insights
The market for diagnostic tests and imaging services generated over USD 35 billion in revenue in 2021, and it is expected to continue to dominate over the forecast period with a sizable market growth rate. Pets who get infectious illnesses run the risk of dying, and farm animals are frequently less productive as a result. The potential of disease invasion is exacerbated by the globalization of the animal and allied product trade. The detection, control, and eradication of such illnesses depend on accurate and timely diagnostic procedures. As a result, veterinary services including diagnostic testing and imaging have increased. The development of equipment and auxiliary instruments for the quick and simple identification of animal diseases has been prompted by the requirement for imaging and diagnostic tests. The creation of prototype diagnostic tests for a variety of zoonotic illnesses is made possible by revolutionary technological technologies for personalized human medicine. A veterinary clinic also uses cutting-edge imaging technologies in its radiology and imaging rooms to identify and treat illnesses in animals. Therefore, as a result of the aforementioned factors, the market for veterinary services is anticipated to continue to grow over the projected period.
Animal Type Insights
The production animal type segment dominated the market in 2021 with a revenue share of more than 62%. The substantial share captured by the segment can be presumed a consequence of high concern for food safety and sustainability by government healthcare organizations globally. Policymakers in various countries are striving to achieve total food security, which propels large-scale food production and results in greater rearing of livestock.
The policies are focused on long-term sustainability, which can be achieved through a combination of improving productivity and greater attention to livestock veterinary healthcare. According to the Food and Agriculture Organization, in the emerging economies, animal-based food products account for one-third of human protein consumption, leading to an increase in livestock productivity, which is critical to meet the dietary needs of the growing human population. These factors cumulatively are responsible for the significant share captured by production animals in this segment.
The COVID-19 pandemic has severely disrupted the livestock industry. Numerous packing and processing plants across the globe were temporarily closed, while some plants faced delivery difficulties as restaurants or food service professionals had to close down their businesses. In addition, during the COVID-19 pandemic, numerous veterinary laboratories received a low number of animal samples for testing, which adversely impacted the segment growth.
The high demand for efficient monitoring and awareness about epidemiology & pathogenesis of diseases in pets has urged organizations, such as Companion Animal Parasite Council and European Scientific Counsel Companion Animal Parasites, to ensure appropriate measures are taken. These organizations also aim at maximizing productivity, focus on disease prevention, and improve the nutritional content of finished pet products. The aforementioned factors are anticipated to fuel the demand for pet care services in the coming years.
Moreover, the COVID-19 pandemic is encouraging pet owners, healthcare providers, and even payers to adopt telehealth in veterinary care. In October 2020, online pet pharmacy Chewy Inc. brought a telehealth platform for cats and dogs as pandemic disturbed vet visits. The initiatives like these are further contributing to the segment growth.
Regional Insights
North America accounted for the highest revenue share of more than 43% in 2021. Definitive measures undertaken by various government animal welfare organizations inclined toward the overall improvement of veterinary services in the U.S. and Canada are the key drivers for this substantial growth. In the U.S. expansion of new animal education programs including non-traditional programs seeking accreditation is anticipated to improve access to these services, therefore widening the scope for adoption of veterinary services over the coming years.
On the other hand, Asia Pacific is projected to be the fastest-growing regional market over the forecast years. The exponential growth is a result of the growing pet and livestock population in the developed and emerging economies in this region. Furthermore, veterinary services also contribute to reducing poverty, especially among rural populations in developing countries as it helps in the preservation of precious livestock population.
In Japan, the proportion of veterinarians catering to pets and other small animals is increasing, thus creating a potential growth opportunity for the market. The demand for veterinarians and their services is expected to increase in India owing to the high demand for products, such as meat and milk, as a consequence of the rising population, resulting in livestock rearing.
Some of the prominent players in the Veterinary Services Market include:
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Veterinary Services market
By Service Type
By Animal Type
By Geography
Key Benefits for Stakeholders
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Veterinary Services Market
5.1. COVID-19 Landscape: Veterinary Services Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Veterinary Services Market, By Service Type
8.1. Veterinary Services Market, by Service Type, 2022-2030
8.1.1. Diagnostic tests and imaging
8.1.1.1. Market Revenue and Forecast (2017-2030)
8.1.2. Physical health monitoring
8.1.2.1. Market Revenue and Forecast (2017-2030)
8.1.3. Surgery
8.1.3.1. Market Revenue and Forecast (2017-2030)
8.1.4. Others
8.1.4.1. Market Revenue and Forecast (2017-2030)
8.1.5. Dessert
8.1.5.1. Market Revenue and Forecast (2017-2030)
Chapter 9. Global Veterinary Services Market, By Animal Type
9.1. Veterinary Services Market, by Animal Type, 2022-2030
9.1.1. Production
9.1.1.1. Market Revenue and Forecast (2017-2030)
9.1.2. Poultry
9.1.2.1. Market Revenue and Forecast (2017-2030)
9.1.3. Swine
9.1.3.1. Market Revenue and Forecast (2017-2030)
9.1.4. Cattle
9.1.4.1. Market Revenue and Forecast (2017-2030)
9.1.5. Sheep & Goats
9.1.5.1. Market Revenue and Forecast (2017-2030)
9.1.6. Fish
9.1.6.1. Market Revenue and Forecast (2017-2030)
9.1.7. Companion
9.1.7.1. Market Revenue and Forecast (2017-2030)
9.1.8. Dogs
9.1.8.1. Market Revenue and Forecast (2017-2030)
9.1.9. Cats
9.1.9.1. Market Revenue and Forecast (2017-2030)
9.1.10. Horses
9.1.10.1. Market Revenue and Forecast (2017-2030)
9.1.11. Others
9.1.11.1. Market Revenue and Forecast (2017-2030)
Chapter 10. Global Veterinary Services Market, Regional Estimates and Trend Forecast
10.1. North America
10.1.1. Market Revenue and Forecast, by Service Type (2017-2030)
10.1.2. Market Revenue and Forecast, by Animal Type (2017-2030)
10.1.3. U.S.
10.1.3.1. Market Revenue and Forecast, by Service Type (2017-2030)
10.1.3.2. Market Revenue and Forecast, by Animal Type (2017-2030)
10.1.4. Rest of North America
10.1.4.1. Market Revenue and Forecast, by Service Type (2017-2030)
10.1.4.2. Market Revenue and Forecast, by Animal Type (2017-2030)
10.2. Europe
10.2.1. Market Revenue and Forecast, by Service Type (2017-2030)
10.2.2. Market Revenue and Forecast, by Animal Type (2017-2030)
10.2.3. UK
10.2.3.1. Market Revenue and Forecast, by Service Type (2017-2030)
10.2.3.2. Market Revenue and Forecast, by Animal Type (2017-2030)
10.2.4. Germany
10.2.4.1. Market Revenue and Forecast, by Service Type (2017-2030)
10.2.4.2. Market Revenue and Forecast, by Animal Type (2017-2030)
10.2.5. France
10.2.5.1. Market Revenue and Forecast, by Service Type (2017-2030)
10.2.5.2. Market Revenue and Forecast, by Animal Type (2017-2030)
10.2.6. Rest of Europe
10.2.6.1. Market Revenue and Forecast, by Service Type (2017-2030)
10.2.6.2. Market Revenue and Forecast, by Animal Type (2017-2030)
10.3. APAC
10.3.1. Market Revenue and Forecast, by Service Type (2017-2030)
10.3.2. Market Revenue and Forecast, by Animal Type (2017-2030)
10.3.3. India
10.3.3.1. Market Revenue and Forecast, by Service Type (2017-2030)
10.3.3.2. Market Revenue and Forecast, by Animal Type (2017-2030)
10.3.4. China
10.3.4.1. Market Revenue and Forecast, by Service Type (2017-2030)
10.3.4.2. Market Revenue and Forecast, by Animal Type (2017-2030)
10.3.5. Japan
10.3.5.1. Market Revenue and Forecast, by Service Type (2017-2030)
10.3.5.2. Market Revenue and Forecast, by Animal Type (2017-2030)
10.3.6. Rest of APAC
10.3.6.1. Market Revenue and Forecast, by Service Type (2017-2030)
10.3.6.2. Market Revenue and Forecast, by Animal Type (2017-2030)
10.4. MEA
10.4.1. Market Revenue and Forecast, by Service Type (2017-2030)
10.4.2. Market Revenue and Forecast, by Animal Type (2017-2030)
10.4.3. GCC
10.4.3.1. Market Revenue and Forecast, by Service Type (2017-2030)
10.4.3.2. Market Revenue and Forecast, by Animal Type (2017-2030)
10.4.4. North Africa
10.4.4.1. Market Revenue and Forecast, by Service Type (2017-2030)
10.4.4.2. Market Revenue and Forecast, by Animal Type (2017-2030)
10.4.5. South Africa
10.4.5.1. Market Revenue and Forecast, by Service Type (2017-2030)
10.4.5.2. Market Revenue and Forecast, by Animal Type (2017-2030)
10.4.6. Rest of MEA
10.4.6.1. Market Revenue and Forecast, by Service Type (2017-2030)
10.4.6.2. Market Revenue and Forecast, by Animal Type (2017-2030)
10.5. Latin America
10.5.1. Market Revenue and Forecast, by Service Type (2017-2030)
10.5.2. Market Revenue and Forecast, by Animal Type (2017-2030)
10.5.3. Brazil
10.5.3.1. Market Revenue and Forecast, by Service Type (2017-2030)
10.5.3.2. Market Revenue and Forecast, by Animal Type (2017-2030)
10.5.4. Rest of LATAM
10.5.4.1. Market Revenue and Forecast, by Service Type (2017-2030)
10.5.4.2. Market Revenue and Forecast, by Animal Type (2017-2030)
Chapter 11. Company Profiles
11.1. Merck Animal Health
11.1.1. Company Overview
11.1.2. Product Offerings
11.1.3. Financial Performance
11.1.4. Recent Initiatives
11.2. Ceva Sante Animale
11.2.1. Company Overview
11.2.2. Product Offerings
11.2.3. Financial Performance
11.2.4. Recent Initiatives
11.3. Vetoquinol S.A.
11.3.1. Company Overview
11.3.2. Product Offerings
11.3.3. Financial Performance
11.3.4. Recent Initiatives
11.4. Zoetis
11.4.1. Company Overview
11.4.2. Product Offerings
11.4.3. Financial Performance
11.4.4. Recent Initiatives
11.5. Boehringer Ingelheim GmbH
11.5.1. Company Overview
11.5.2. Product Offerings
11.5.3. Financial Performance
11.5.4. Recent Initiatives
11.6. Elanco
11.6.1. Company Overview
11.6.2. Product Offerings
11.6.3. Financial Performance
11.6.4. Recent Initiatives
11.7. Nutreco N.V.
11.7.1. Company Overview
11.7.2. Product Offerings
11.7.3. Financial Performance
11.7.4. Recent Initiatives
11.8. Virbac
11.8.1. Company Overview
11.8.2. Product Offerings
11.8.3. Financial Performance
11.8.4. Recent Initiatives
11.9. Kindred Biosciences, Inc.
11.9.1. Company Overview
11.9.2. Product Offerings
11.9.3. Financial Performance
11.9.4. Recent Initiatives
11.10. Biogenesis Bago
11.10.1. Company Overview
11.10.2. Product Offerings
11.10.3. Financial Performance
11.10.4. Recent Initiatives
Chapter 12. Research Methodology
12.1. Primary Research
12.2. Secondary Research
12.3. Assumptions
Chapter 13. Appendix
13.1. About Us
13.2. Glossary of Terms
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers