VETERINARY SERVICES MARKET ANALYSIS

Veterinary services means a development used for the care and treatment of all animals where veterinary services mainly include outpatient care and minor medical procedures involving hospitalization of less than four days. Today's veterinarians work hard to address the health and welfare needs of every species of animal. Veterinary medicine is a medical specialty that deals with the diagnosis, prevention, and treatment of diseases affecting the health of both domestic and wild animals and with the prevention of transmission of animal diseases to people.

Veterinary services fall into four main categories, such as provision of drugs, vaccines, and other products, preventive services (avoiding disease outbreaks), clinical services (treatment of diseased animals and control of production limiting disorders), and human health protection (inspection of marketed animal products).

Market Statistics:

The global veterinary services market was valued at US$ 92,238.4 Mn in 2020 and is forecast to reach a value of US$ 157,399.8 Mn by 2028 at a CAGR of 6.9% between 2021 and 2028.

North America held dominant position in the global veterinary services market in 2020, accounting for 47.7% share in terms of volume, followed by Europe and Asia Pacific, respectively.

Figure 1. Global Veterinary Services Market Share (%), by Region, 2020

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Recent Developments:

In August 2021, Ethos and National Veterinary Associates collaborated to develop advanced veterinary medicines for patients and their families, as well as to enhance service offerings with advancements in medical care.

In May 2020, Greencross Vets announced the launch of a 24/7 online consultation platform for pets known as WebVet to reach out to more pet owners.

In August 2019, Ethos Discovery launched a program to cure splenic hemangiosarcoma in dog through its program, called Ethos Precision Medicine Umbrella Study for Hemangiosarcoma (ePUSH).

Market Drivers:

1. Growing awareness for pet health and rising demand for effective medical care is expected to boost growth of the global veterinary services market over the forecast period. For instance, the Federation of Indian Animal Protection Organisation (FIAPO) has been working to ensure welfare of animals in India by partnering with several animal rights protection organisations and activists in the country. Moreover, the federation has been tackling a wide range of animal welfare issues through awareness campaigns and lobbying.
2. Increasing prevalence of various diseases in animals or zoonotic diseases is also expected to propel growth of the global veterinary services market during the forecast period. For instance, according to the Centers for Disease Control and Prevention (CDC), Zoonotic diseases are very common, both in the United States and around the world. Scientists estimate that more than 6 out of every 10 known infectious diseases in people can be spread from animals, and 3 out of every 4 new or emerging infectious diseases in people come from animals.

Figure 2. Global Veterinary Services Market Share (%) in Terms of Value, by Animal Type, 2021

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Market Restraints:

1. High cost of veterinary services and shortage of skilled personnel is expected to hamper the growth of the global veterinary services market. The cost of diagnostic imaging equipment and veterinary drugs is high, which has led to the high cost of veterinary services.
2. Lack of awareness in developing or under-developed economies is expected to hinder growth of the global veterinary services market. For instance, cats and dogs are the two most common household companion animals that can be direct or indirect source of zoonotic infections.

Market Opportunities:

1. Emergence of COVID-19 across the globe is expected to offer lucrative growth opportunities for players in the veterinary services market. For instance, in May 2020, Humane Society International/Canada and Friends of HSI have launched COVID-19 Animal Response Program in Quebec in collaboration with the City of Montreal, with the generous support of PetSmart Charities of Canada. The program will provide critical assistance to families and individuals in urgent need of help in caring for their companion animals during this crisis.
2. Increasing demand for veterinary services across the globe is expected to provide significant growth opportunities for players in the veterinary services market. For instance, in February 2021, DCC (Dogs, Cats, & Companions) Animal Hospital expanded its footprint in India with the launch of multi-speciality animal hospitals across the country to offer cutting-edge medical technologies for our four-legged friends.

Market Trends/Key Takeaways:

1. Favorable initiatives by governments and market players to provide veterinary services are expected to drive growth of the global veterinary services market. For instance, in May 2020, Ministry of Fisheries, Animal Husbandry & Dairying, Government of India, launched mobile veterinary units (MVUs) in order to provide veterinary services at the farmers’ doorstep. The overall aim of the ‘Livestock Health & Disease Control programme’ of Government of India is to improve animal health.
2. Introduction of novel products or services by market players is expected to aid in the growth of the global veterinary services market. For instance, in June 2022, PetSmart announced the launch of PetSmart Veterinary Services (PVS) to provide a complete solution for veterinarians to open their own franchised practice and connects pet parents with local, trusted veterinarians and more convenient vet hospital locations within PetSmart stores.

Competitive Landscape:

1. CVS Group PLC
2. Ethos Veterinary Health
3. Greencross Vets
4. Idexx Laboratories Inc.
5. Mars Inc.
6. Pets at Home Group PLC
7. Armor Animal Health (Animart)
8. Kremer Veterinary Services
9. FirstVet AB
10. CityVet Inc.