Dublin, Oct. 31, 2023 (GLOBE NEWSWIRE) -- The "Veterinary Services Industry Outlook, 2030" report has been added to ResearchAndMarkets.com's offering.
The global veterinary services market is poised to reach a substantial USD 212.73 billion by 2030, with a projected CAGR of 7.45% from 2023 to 2030.
Key drivers of this growth include increasing animal welfare activities, the need to enhance food security, a growing pet population, heightened awareness about animal health, timely diagnosis and treatments, and increased expenditure on animal healthcare services. Notably, the American Pet Products Association (APPA) reported that the U.S. pet industry expenditure reached USD 136.8 billion in 2022, marking a significant increase from the previous year.
The COVID-19 pandemic had a mixed impact on the market, initially causing a decline in growth due to movement restrictions and lockdowns. However, the subsequent year saw a recovery as lockdowns led to increased pet adoptions, driven by social isolation and psychological benefits. Furthermore, the pandemic raised concerns about disease transmission between animals and humans, prompting government measures to enhance preventative care and diagnosis in livestock animals.
The global pet population has been on the rise, as reported by organizations such as the American Veterinary Medical Association (AVMA) and the American Pet Products Association. This surge in pet ownership, particularly of dogs and cats, contributes significantly to market growth.
Market Highlights
- Production Animal Segment Dominates: In 2022, the production animal segment led the market with the largest revenue share. It is expected to continue growing due to the rising demand for animal protein and increased emphasis on sustainable agriculture practices.
- Medical Services Dominate: The market is divided into medical and non-medical services, with medical services holding the largest revenue share in 2022. This is attributed to the growing prevalence of zoonotic diseases, efforts to control outbreaks, and improved access to veterinary medical services in developing nations.
- North America Leads: North America, including the U.S. and Canada, accounted for more than 35% of the market's revenue in 2022. This can be attributed to the comprehensive measures taken by government animal welfare organizations to enhance veterinary services.
- Competitive and Fragmented Market: The veterinary services market is competitive and fragmented, featuring a significant number of small- and large-scale service providers.
In conclusion, the global veterinary services market is on a growth trajectory, driven by factors such as increased pet ownership, a focus on sustainable agriculture, and the rising demand for medical services for animals. The COVID-19 pandemic, while initially disruptive, contributed to the market's rebound through increased pet adoptions and heightened awareness of disease transmission risks. North America remains a key market player, with government initiatives supporting the overall improvement of veterinary services. This market's landscape is marked by both large and small service providers, contributing to its competitive nature.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 150 |
| Forecast Period | 2022-2030 |
| Estimated Market Value (USD) in 2022 | $120.12 Billion |
| Forecasted Market Value (USD) by 2030 | $212.73 Billion |
| Compound Annual Growth Rate | 7.4% |
| Regions Covered | Global |
Key Topics Covered
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Market Variables, Trends, & Scope
Chapter 4. Veterinary Services Market: Animal Type Estimates & Trend Analysis
Chapter 5. Veterinary Services Market: Service Type Estimates & Trend Analysis
Chapter 6. Veterinary Services Market: Regional Estimates & Trend Analysis
Chapter 7. Competitive Landscape
Companies Mentioned
- CVS Group PLC
- Mars Incorporated
- National Veterinary Associates
- Pets at Home Group PLC
- Greencross Vets
- Fetch! Pet Care
- IVC Evidensia
- A Place for Rover, Inc.
- PetSmart LLC
- Airpets International
For more information about this report visit https://www.researchandmarkets.com/r/n2fdwt
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