The Veterinary Services Market is estimated to be valued at US$ 92,238.4 Mn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Veterinary Services Market offers a wide range of healthcare services for animals, including medical consultations, surgical procedures, laboratory diagnostics, and preventive care. With the increasing pet population and the growing awareness about animal welfare, the demand for veterinary services is expected to witness significant growth. The market also provides specialized services such as dentistry, orthopedics, ophthalmology, and dermatology for pets. In addition, advancements in veterinary technology and diagnostics have led to the development of innovative treatments and therapies, further driving market growth.
Market Dynamics:
The Veterinary Services Market Demand can be attributed to two key drivers. Firstly, the increasing pet ownership and humanization of pets have resulted in higher expenditure on animal healthcare. Pet owners are willing to invest in premium healthcare services for their companions, driving the demand for veterinary services. Secondly, the rising prevalence of zoonotic diseases and the need to control and prevent these diseases have increased the demand for veterinary services. Regular check-ups and vaccinations are essential to prevent the transmission of diseases from animals to humans. These factors are expected to fuel the growth of market over the forecast period.
SWOT Analysis:
Strength:
The Veterinary Services Market has a strong demand due to the increasing pet ownership and growing pet humanization trend. This presents a lucrative opportunity for market players to expand their services and generate higher revenue.
Weakness:
The veterinary services market is highly fragmented, with several small and local clinics facing limitations in terms of resources and facilities. Additionally, the lack of standardized pricing and reimbursement policies for veterinary services hinders market growth.
Opportunity:
The rising adoption of pet insurance policies provides a significant opportunity for the market. As more pet owners opt for insurance coverage, the accessibility and affordability of veterinary services increase, driving market growth. Furthermore, the growing prevalence of pet health insurance plans enhances the scope for additional services such as preventive care and wellness programs.
Threats:
The increasing costs of Veterinary Services Market Analysis and medications pose a threat to the market’s growth. Higher expenses may discourage pet owners from seeking veterinary care, thereby impacting the market negatively. Additionally, stringent regulations and compliance requirements in the veterinary industry can pose challenges to market players, especially those operating across different regions.
Key Takeaways:
The global veterinary services market is expected to witness high growth, exhibiting a CAGR of 6.9% over the forecast period. This growth can be attributed to the increasing pet ownership and the rising trend of pet humanization.
In terms of regional analysis, North America is the fastest-growing and dominating region in the market. This can be attributed to factors such as a higher spending capacity on pet healthcare, advanced veterinary infrastructure, and a higher adoption rate of pet insurance policies.
Key players operating in the market include Mars Inc., CVS Group PLC, Greencross Vets, Ethos Veterinary Health, Idexx Laboratories Inc., Pets at Home Group PLC, CityVet Inc., FirstVet, Kremer Veterinary Services, and Armor Animal Health (Animart), among others. These players focus on strategic collaborations, acquisitions, and service expansions to strengthen their market position and cater to the increasing demand for veterinary services.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author – Vaagisha Singh
Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups. LinkedIn