Veterinary services are concerned with the diagnosis, treatment, and prevention of diseases affecting the health of wild and domestic animals and the prevention of transmission of animal diseases to people. Veterinarians work with animals to evaluate animals' health, diagnose and treat illnesses, perform surgery, prescribe medication, and/or provide routine preventive care. Veterinary services help the farmers and pet owners in keeping their animals healthy and free of diseases. Veterinarians use their skills to evaluate patients, make diagnoses, and treat a wide range of animal/zoonotic diseases or conditions.
Market Statistics:
The global veterinary services market is estimated to account for US$ 98,556.8 Mn in terms of value by the end of 2021.
Market Drivers:
Rising adoption of animals, increasing prevalence of zoonotic diseases, and growing awareness among people about animal health are some major factors expected to augment growth of the global veterinary services market over the forecast period. A zoonosis (zoonotic disease) is an infectious disease that is transmitted between species from animals to humans (or from humans to animals). For instance, according to the World Health Organization (WHO), zoonoses cause more than a billion cases of disease and millions of deaths worldwide every year. Moreover, around 60% of emerging infectious diseases reported globally are zoonoses.
Market Opportunities:
Increasing demand for veterinary services around the world is expected to provide significant growth opportunities for players in the veterinary services market. For instance, in June 2022, appealing to citizens to provide succour to stray animals in distress, Chief Minister of Odisha, India inaugurated tele veterinary service and launched animal resources mapping initiative. The helpline will remain open 24×7 to extend veterinary services through animal ambulances.
Market Restraints:
High cost of several diagnostic imaging equipment and veterinary medicines and high cost of veterinary services is expected to hinder growth of the global veterinary services market.
To know the latest trends and insights prevalent in the Global Veterinary Services Market, click the link below:
https://www.coherentmarketinsights.com/market-insight/veterinary-services-market-5050
Global Veterinary Services Market - Impact of Coronavirus (Covid-19) Pandemic
The outbreak of COVID-19 has had a severe impact on the market due to the decreased visits of veterinary hospitals and clinics. However, the use of veterinary telemedicine has increased due to increasing focus on veterinary telehealth services and initiatives taken by government & non-government organizations to improve animal health. According to the article published by the Veterinary Medical Association in 2020, the use of veterinary telemedicine has grown to monitor and protect the health of veterinary teams and patients. For instance, in March 2021, Practo launched veterinary telemedicine services on its platform, by partnering with licensed veterinarians across India to offer 24x7 online consultation services. This in turn is expected to aid in the growth of the veterinary services market.
Key Takeaways:
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.
Among animal type segment companion animal segment held dominant position in the global veterinary services market in 2020, accounting for 81.7% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Market Trends:
- Growing focus of market players to develop/offer novel services is expected to propel growth of the global veterinary services market. For instance, in February 2021, DCC Animal Hospital, planned to expand its footprint in India with the launch of multi-speciality animal hospitals. These hospitals will be equipped with advanced infrastructure and medical expertise, offering cutting-edge medical technologies for our four-legged friends.
- Favorable government initiatives to promote animal health are also expected to fuel growth of the global veterinary services market. For instance, in May 2022, Chief Minister of Andhra Pradesh (India) launched Mobile Ambulatory Veterinary Clinics (MAVCs) to strengthen the services delivery mechanism to ensure better accessibility of veterinary services extended by the animal husbandry department at the ground level.
Competitive Landscape:
Major players operating in the global veterinary services 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.
Recent Developments:
In July 2022, PetSmart launched PetSmart Veterinary Services (PVS) to provide a 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.
In February 2021, CVS Group announced the acquisition of Animal Health Center located in Bristol to strengthen its business or offerings.
In December 2020, Mars Inc. acquired five veterinary specialty centres in Britain to expand its Petcare business internationally, mainly in Europe. Linnaeus is provider of veterinary services and offers an outstanding referral-led hub-and-spoke platform in the U.K.
