Veterinary Services Market Size & Share, By Animal Type (Companion Animals, Production Animals), Service Type (Medical Services, Non-medical Services), Delivery Channel (Hospitals & Clinics, Commercial Facilities, Outdoors/Ambulatory), Regional Forecast, Industry Players, Growth Statistics Report 2024-2035

Market Outlook:

Veterinary Services Market size exceeded USD 102.03 Billion in 2023 and is estimated to cross USD 214.29 Billion by 2035, growing at over 8.19% CAGR during 2024 to 2035.

• Base Year Value (2023): USD 102.03 Billion
• CAGR (2024-2035): 8.19%
• Forecast Year Value (2035): USD 214.29 Billion
• Historical Data Period: 2019-2022
• Largest Region: North America
• Forecast Period: 2024-2035

Market Dynamics:

Growth Drivers & Opportunities

The veterinary services market is poised to experience significant growth in the coming years due to various factors. The increasing pet ownership and the growing trend of humanization of pets have led to a rise in demand for veterinary services. Moreover, the rising awareness about animal health and the growing prevalence of zoonotic diseases have further fueled the demand for veterinary services. In addition, the advancements in veterinary healthcare technology and the increasing focus on preventive care are also driving the growth of the market.

Furthermore, the rise in disposable income and the changing lifestyle patterns have resulted in an increased willingness among pet owners to spend on their pet's health. This has translated into a higher demand for veterinary services such as routine check-ups, vaccinations, and surgeries. The increasing prevalence of chronic diseases in pets has also led to a surge in demand for specialized veterinary care, such as oncology, ophthalmology, and cardiology services.

Industry Restraints & Challenges

Report Scope

Report Coverage	Details
Segments Covered	By Animal Type, Service Type, Delivery Channel
Regions Covered	• North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA)
Company Profiled	Mars, Zoetis, Greencross., National Veterinary Care., Pets at Home Group PLC, CVS Group PLC, Ethos Veterinary Health, Addison Biological Laboratory, Armor Animal Health, and PetIQ, LLC.

Despite the positive growth prospects, the veterinary services market is not without its challenges. One of the major restraints for the market is the high cost associated with veterinary services. The cost of advanced treatments, diagnostic procedures, and surgeries can be a deterrent for pet owners, especially in emerging economies where affordability is a concern. This can potentially limit the growth of the market in these regions.

Moreover, the shortage of skilled veterinary professionals and the lack of adequate infrastructure in certain regions are also posing challenges for the market. The inadequate access to veterinary services in rural areas and the limited availability of specialized care for exotic pets are further restraining the market growth.

Another challenge faced by the veterinary services market is the stringent regulatory framework and the increasing concerns regarding the safety and efficacy of veterinary drugs and treatments. Adhering to the regulatory standards and obtaining approvals for veterinary products can be a time-consuming process, thereby impacting the market growth.

Regional Forecast:

North America

North America is expected to dominate the veterinary services market, owing to the high pet ownership rates and the increasing demand for advanced veterinary care. The region has a well-established veterinary healthcare infrastructure and a high level of awareness about animal health. The growing prevalence of pet obesity, allergies, and chronic diseases has led to a surge in demand for specialized veterinary services in North America.

Moreover, the increasing expenditure on pet healthcare and the presence of major veterinary pharmaceutical companies in the region are contributing to the growth of the market. The rising trend of pet insurance and the availability of advanced diagnostic and therapeutic options are further driving the market in North America.

Asia Pacific

Asia Pacific is anticipated to witness significant growth in the veterinary services market, attributed to the increasing pet adoption rates and the rising awareness about pet health. The region has a large population of companion animals, including dogs, cats, and birds, which is driving the demand for veterinary services. In addition, the growing disposable income and the changing lifestyle patterns in countries like China and India are leading to a higher expenditure on pet health.

However, the market in Asia Pacific is also faced with challenges such as the lack of regulatory framework for veterinary services and the shortage of skilled professionals. Furthermore, the prevalence of counterfeit veterinary drugs and the limited access to advanced treatments in rural areas are hindering the market growth in the region.

Europe

Europe is projected to showcase substantial growth in the veterinary services market, driven by the increasing pet humanization and the growing awareness about animal welfare. The region has a strong veterinary pharmaceutical industry and a well-developed regulatory framework, which is fostering the growth of the market. The increasing focus on preventive care and the availability of advanced healthcare options are further propelling the market in Europe.

However, the market in Europe is also confronted by challenges such as the rising cost of pet healthcare and the stringent regulations pertaining to veterinary products. The shortage of veterinary professionals and the limited access to specialized care in certain regions are also posing hurdles for the market growth.

In conclusion, the veterinary services market is anticipated to experience significant growth in the coming years, driven by the increasing pet ownership and the growing awareness about animal health. While there are challenges such as the high cost of veterinary services and the shortage of skilled professionals, the market is expected to witness sustained growth, especially in regions like North America, Asia Pacific, and Europe. With the advancements in veterinary healthcare technology and the rising focus on preventive care, the market is poised for expansion in the foreseeable future.

Segmentation Analysis:

Companion Animals:

Veterinary Clinics and Hospitals:

Veterinary clinics and hospitals cater specifically to companion animals, offering a wide range of services including wellness exams, vaccinations, surgical procedures, dental care, and emergency services. These facilities are equipped with state-of-the-art medical equipment and often have specialized departments for surgery, internal medicine, and diagnostic imaging. In recent years, the demand for high-quality veterinary care for companion animals has increased, leading to the expansion of veterinary clinics and hospitals in urban and suburban areas.

Livestock:

Animal Pharmaceuticals:

The animal pharmaceuticals sub-segment of the livestock market focuses on providing essential medications and healthcare products for farm animals, including cattle, poultry, swine, and sheep. These medications are crucial for maintaining the health and productivity of livestock, as well as preventing the spread of infectious diseases. The growth of the livestock industry and the increasing focus on animal welfare have contributed to the rising demand for animal pharmaceuticals, leading to the development of new and advanced medications specifically designed for different types of livestock.

Competitive Landscape:

The veterinary services market is highly competitive, with numerous players striving to gain a competitive edge through innovation, strategic partnerships, and expansion into new markets. Some of the key players in the global veterinary services market include veterinary clinics and hospitals, animal pharmaceutical companies, veterinary diagnostic laboratories, and veterinary equipment manufacturers.

Veterinary Clinics and Hospitals:

Veterinary clinics and hospitals play a crucial role in the veterinary services market, offering a wide range of medical services for companion animals. Some of the leading veterinary clinics and hospitals include VCA Inc., Banfield Pet Hospital, and BluePearl Veterinary Partners. These companies have a strong presence in the market and are known for their high-quality care, advanced medical facilities, and comprehensive range of services for pets.

Animal Pharmaceutical Companies:

Leading animal pharmaceutical companies such as Zoetis Inc., Merck Animal Health, and Elanco Animal Health dominate the livestock segment of the veterinary services market. These companies develop and manufacture a wide range of medications, vaccines, and healthcare products for both companion animals and livestock. They have a strong focus on research and development, as well as strategic collaborations with agricultural companies and veterinary professionals to ensure the availability of innovative and effective pharmaceutical solutions for animal health.

Veterinary Diagnostic Laboratories:

Veterinary diagnostic laboratories play a crucial role in the early detection and diagnosis of animal diseases, providing essential diagnostic tests, imaging services, and pathology services for veterinary clinics, animal hospitals, and livestock producers. Some of the key players in this segment include IDEXX Laboratories, Antech Diagnostics, and Zoetis Reference Laboratories. These companies are known for their state-of-the-art diagnostic capabilities, advanced testing methods, and efficient laboratory services, supporting the timely and accurate diagnosis of various animal illnesses.

Veterinary Equipment Manufacturers:

The veterinary equipment manufacturing segment of the market comprises companies that design, manufacture, and supply a wide range of medical devices, instruments, and equipment for veterinary clinics, hospitals, and research facilities. Companies such as Smiths Medical, Henry Schein Animal Health, and Midmark Corporation are prominent players in this segment, offering innovative and high-quality equipment for surgical procedures, diagnostic imaging, anesthesia, and general healthcare for animals. These companies focus on product development, technological advancements, and market expansion to meet the evolving needs of veterinary professionals and the growing demand for advanced veterinary equipment.

In conclusion, the veterinary services market is dynamic and diverse, characterized by the presence of established players, emerging companies, and continuous innovation in veterinary care, pharmaceuticals, diagnostics, and equipment. The increasing focus on animal health and welfare, the growing pet ownership, and the expansion of the livestock industry are driving the demand for veterinary services, creating opportunities for market players to expand their presence, develop new solutions, and address the evolving needs of veterinary professionals and animal owners.