In 2022, the global Veterinarians Market reached a size of USD 44.59 billion, and the latest report by Reports and Data predicts a steady 8% revenue CAGR during the forecast period.
The rising ownership of pets and the growing recognition of their importance in people’s lives have led to an increasing demand for veterinary services. Pet owners are now investing more in the health and well-being of their beloved animals, considering them integral members of their families. This shift towards humanizing pets has created a greater need for top-notch veterinary services, resulting in a proliferation of veterinary hospitals and clinics and contributing to the expansion of the market’s revenue.
Furthermore, the increased awareness of animal health issues and the emphasis on preventive pet care have driven the growth of the veterinary market. Pet owners now comprehend the significance of routine checkups, vaccinations, and preventive measures in ensuring the overall health and well-being of their pets. This heightened awareness has led to a greater demand for veterinary services, encompassing dental treatments, preventive care, and nutritional guidance, all of which are fueling market revenue growth. Additionally, the adoption of telemedicine in the veterinary sector is expected to be a contributing factor to the growth in revenue of the veterinary services market.
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Telemedicine enables pet owners to consult with veterinarians remotely, particularly useful when transporting animals to a clinic is challenging. Consequently, there has been a surge in demand for telemedicine services, further propelling the growth of market revenue.
Key players in the Veterinarians Market:
- Zoetis Inc.
- Merck & Co. Inc.
- Bayer AG
- Eli Lilly and Company
- Boehringer Ingelheim International GmbH
- Ceva Sante Animale
- Vetoquinol S.A.
- Idexx Laboratories, Inc.
- Nestle Purina PetCare
Some Key Highlights in the Report:
- During the projection period, it is anticipated that the segment involving small animals will generate the highest income. This growth in revenue within the small animal market can be attributed to two primary factors: the increasing desire for pet ownership and the prevalence of pet diseases. Additionally, the availability of advanced veterinary treatments and the growing awareness of pet health are fueling the demand for small animal veterinarians. Moreover, rising disposable incomes and shifting lifestyle trends are leading to increased spending on pet care, thereby supporting the growth of revenue in this category.
- Over the projection period, immunizations are projected to constitute the majority of revenue, as pet owners increasingly recognize the importance of immunizations in safeguarding their dogs’ health. The continuous dominance of revenue growth in this segment is expected throughout the forecast period due to expanding pet ownership, heightened awareness of animal health, and the growing incidence of infectious diseases among animals. Furthermore, veterinarians are increasingly offering immunization services for animals, contributing to the revenue growth of this segment.
- In the forecast period, North America is anticipated to hold the largest share of revenue. This is driven by the rising trend of treating pets as family members and the increasing demand for veterinary services in this region. According to the American Pet Products Association, as of 2020, 67% of American households had at least one pet. Additionally, the growing awareness of the benefits of preventive care and regular pet check-ups is further boosting the demand for veterinary services in North America.
- The European market is expected to exhibit the highest compound annual growth rate (CAGR) in revenue during the forecast period. This growth can be attributed to several factors, including an increased focus on animal welfare, a rising number of pet adoptions, and a growing demand for veterinary services. According to the European Pet Food Federation, nearly 80 million households in Europe own pets. Furthermore, the expansion of the veterinarian’s market revenue in this region is supported by the increasing availability of pet insurance plans and investments in animal healthcare infrastructure.
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For the purpose of this report, Reports and Data has segmented the global veterinarians market on the basis of Type Outlook, Service Outlook, and Regional Outlook:
Type Outlook (Revenue, USD Billion; 2022 – 2032)
- Small Animal Veterinarians
- Large Animal Veterinarians
Service Outlook (Revenue, USD Billion; 2022 – 2032)
- Diagnostic Services
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Regional Outlook (Revenue, USD Billion; 2022-2032)
- North America
- Rest of Europe
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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Some points on how the report benefits stakeholders:
- The reports include historical (2020–2021) and forecast (2022–2032) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
- Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2019 and 2030.
- The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
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- The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
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