The global Veterinary Services Market Growth Accelerated by Increased Demand for Pet Health Insurance
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Veterinary Services Market |
Veterinary services refer to
medical care and treatment provided by veterinarians to animals. Veterinarians
diagnose, treat, and research medical conditions and diseases affecting
animals. They provide preventive care to pets and also perform surgeries like
spaying/neutering, dental cleaning, tumor removal, repairing fractured bones
using plates and screws, treating animal bites and wounds. Veterinarians also
take clinical and diagnostic samples for tests such as blood tests, x-rays, and
ultrasounds. The global veterinary services market also includes
pharmaceuticals and vaccines for companion animals and production animals.
The global veterinary services
market is estimated to be valued at US$
130.16 Bn in 2023 and is expected to exhibit
a CAGR of 5.0% over the forecast period 2024 to 2031, as highlighted in a
new report published by Coherent Market Insights.
Market Dynamics:
Rising pet ownership driven by
increasing humanization of pets is a key driver fueling growth of the
veterinary services market. According to the American Pet Products Association,
U.S. pet industry expenditure in 2021 was estimated at over $123 billion, with
over $31.3 billion spent on veterinary care. Growing focus on pet healthcare
and willingness of owners to spend more on vet bills is prompting increased
visits to veterinary clinics. Additionally, evolving disease patterns among
companion and production animals necessitate more frequent diagnosis and
treatment, thereby boosting market revenue. Advancements in veterinary medical
equipment and treatments such as stem cell therapy, laser surgery, veterinary
immunotherapy, and pain management using radiofrequency and cryotherapy provide
potential growth opportunities over the forecast period.
SWOT Analysis
Strength: The veterinary services
market has a strong presence across developed countries. Growing pet ownership
and rising pet healthcare expenditure are fueling market growth. Furthermore,
increasing awareness about animal health and continuous innovations in
veterinary treatments and diagnostics are the key strengths of this market.
Weakness: High costs associated
with veterinary care limit the adoption of veterinary services in developing
and underdeveloped nations. Moreover, shortage of veterinarians in some regions
poses operational challenges.
Opportunity: Growth opportunities
lie in increasing pet adoption in developing regions. Additionally, expansion
of veterinary telehealth services during the pandemic has opened new growth
avenues. Investments in advanced veterinary research can further boost the
market prospects.
Threats: Risk of zoonotic
diseases spreading from animals to humans is a major threat. Moreover,
stringent regulations surrounding veterinary drugs and cost of complying with
regulatory standards increase compliance challenges.
Key Takeaways
The Global
Veterinary Services Market Share is expected to witness high growth
over the forecast period. It is estimated that the market size will reach US$ 130.16 billion in 2024 and further
increase to US$ 207.67 billion by 2031,
registering a CAGR of 5.0% during
the forecast period.
Regional analysis: North America currently dominates the global
veterinary services market owing to high pet ownership and infrastructure
support. The region accounts for over 40% market share. However, Asia Pacific
is anticipated to emerge as the fastest growing regional market on account of
rising pet adoption and improving veterinary infrastructure in countries like
India and China.
Key players: Key players operating in the veterinary services
market are Fagron Sterile Services US, New Drug Loft & VLS Pharmacy, Nora
Apothecary, Lifecare Pharmacy, Avella Specialty Pharmacy, Triangle Compounding
Pharmacy, O’Brien Pharmacy, Tache Pharmacy, Northmark Pharmacy, Edge Pharma,
and ImprimisRx. These players focus on diversifying their product portfolios
and expanding into international markets through strategic collaborations and
partnerships.
Get More Insights Here
https://captionssky.com/solar-panel-automatic-cleaning-robot-the-future-of-solar-energy-production/
https://www.pressreleasebulletin.com/veterinary-services-market-size-share-growth-outlook-2023/
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