Veterinary Services Market
The goal of veterinary services is to prevent the spread of animal illnesses to humans and to diagnose, cure, and prevent diseases that impair the health of domestic and wild animals. Animals are treated by veterinarians for routine preventative care, disease diagnosis and treatment, surgery, and medication prescription. Farmers and pet owners who want to maintain their animals healthy and disease-free might benefit from veterinary services. A wide range of animal/zoonotic illnesses or ailments are treated by veterinarians using their expertise in patient evaluation, diagnosis, and treatment.
Market Statistics
By the end of 2021, the value of the worldwide veterinary services market is anticipated to reach US$ 98,556.8 Mn.
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Market Drivers
A few key aspects that are anticipated to significantly contribute to the growth of the worldwide veterinary services market throughout the projected period include rising animal adoption, rising zoonotic disease prevalence, and rising public awareness of animal health. An infectious disease known as a zoonosis (zoonotic disease) is spread from one species of animal to another (or from humans to animals). For instance, the World Health Organization (WHO) estimates that zoonoses globally result in more than a billion instances of sickness and millions of fatalities each year. Additionally, zoonoses make for around 60% of newly discovered infectious illnesses worldwide.
Market Opportunities
Players in the veterinary services market may anticipate to have tremendous growth prospects due to the rising demand for veterinary services globally. For instance, the Chief Minister of Odisha, India, established a televeterinary service and began an animal resources mapping programme in June 2022, asking to residents to help stray animals in need. The hotline will be available around-the-clock to provide veterinarian treatment via animal ambulances.
Market Restraints
The high price of many veterinary drugs, diagnostic imaging tools, and services is anticipated to impede the expansion of the worldwide veterinary services market.
Impact
The market has been severely impacted by the COVID-19 epidemic as a result of fewer people visiting veterinary hospitals and clinics. However, due to increased emphasis on veterinary telehealth services and steps done by government & non-government groups to enhance animal health, the usage of veterinary telemedicine has expanded. The usage of veterinary telemedicine has increased, according to the article written by the Veterinary Medical Association in 2020, to monitor and safeguard the health of veterinary teams and patients. For instance, Practo began offering veterinary telemedicine services on its platform in March 2021 after forming a partnership with accredited veterinarians in India to provide 24 hour online consulting services. This could help the market for veterinary services develop as a result.
Key Takeaways
The market for veterinary services worldwide has a value of US$ 92,238.4 million in 2020 and is estimated to expand at a CAGR of 6.9% from 2021 to 2028 attending US$ 157,399.8 million.
Companion animals held a dominant position in the animal type segment of the global veterinary services market in 2020, accounting for 81.7% of the market’s value share. Increasing approval and the introduction of new products are anticipated to fuel the segment’s growth over the course of the forecast period.
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Market Trends
The global market for veterinary services is anticipated to rise as a result of industry participants’ increasing focus on creating/offering unique services. For instance, DCC Animal Hospital plans to open multi-specialty animal hospitals in India in February 2021 in order to increase its presence there. For the sake of our canine friends, these facilities will be furnished with cutting-edge infrastructure and medical know-how.
The development of the global veterinary services market is also anticipated to be fueled by favourable government efforts to enhance animal health. As an illustration, the Chief Minister of Andhra Pradesh (India) introduced Mobile Ambulatory Veterinary Clinics (MAVCs) in May 2022 to improve the service delivery system and guarantee that the veterinary services provided by the animal husbandry department are more easily accessible on the ground.
Competitive Landscape
Armor Animal Health (Animart), Mars Inc., Kremer Veterinary Services, CVS Group PLC, CityVet Inc., FirstVet, Greencross Vets, Pets at Home Group PLC, Ethos Veterinary Health, and Idexx Laboratories Inc., are a few of the major companies active in the worldwide veterinary services industry.
Recent Developments
PetSmart introduced PetSmart Veterinary Services (PVS) in July 2022 to give veterinarians a way to start their own franchised practise and to link pet owners with nearby, reputable vets and more practical vet facility facilities inside PetSmart shops.
The Bristol-based Animal Health Center was purchased by CVS Group in February 2021 in order to expand its company or product offerings.
In order to grow its Petcare business abroad, particularly in Europe, Mars Inc. purchased five veterinarian specialist clinics in Britain in December 2020. In the UK, Linnaeus, a provider of veterinary services, provides a superb hub-and-spoke platform that is referral-driven.
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Table of Contents:
- Research Objectives and Assumptions
- Research Objectives
- Assumptions
- Abbreviations
- Market Purview
- Report Description
- Market Definition and Scope
- Executive Summary
- Market Hospital Information System, By Service
- Market Hospital Information System, By Animal Type
- Market Hospital Information System, By Geography
- Coherent Opportunity Map (COM)
- Report Description
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Increasing demand for veterinary services
- High cost of veterinary services
- Emergence of COVID-19 (global pandemic)
- Impact Analysis
- Key Highlights
- Regulatory Scenario
- Product launch/Approvals
- PEST Analysis
- PORTER’s Analysis
- Merger and Acquisition Scenario
- Market Dynamics
- Veterinary Services Market – Impact of Coronavirus (COVID-19) Pandemic
- COVID-19 Epidemiology
- Supply Side and Demand Side Analysis
- Economic Impact
- Veterinary Services Market, By Service, 2017-2028, (US$ Mn)
- Introduction
- Market Share Analysis, 2022 and 2030 (%)
- Y-o-Y Growth Analysis, 2017 – 2028
- Segment Trends
- Surgery
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017 – 2028,(US$ Mn)
- Diagnostic Tests and Imaging
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017 – 2028,(US$ Mn)
- Physical Health Monitoring
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017 – 2028,(US$ Mn)
- Introduction
- Veterinary Services Market, By Animal Type, 2017-2028, (US$ Mn)
- Introduction
- Market Share Analysis, 2022 and 2030 (%)
- Y-o-Y Growth Analysis, 2017 – 2028
- Segment Trends
- Companion Animal
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017 – 2028,(US$ Mn)
- Farm Animal
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017 – 2028,(US$ Mn)
- Introduction
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