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| Veterinary Services Market |
Market Overview:
The global Veterinary Services Market is projected to reach a value of US$92,238.4 million in 2023, with a
compound annual growth rate (CAGR)
of 6.9% during the forecast period.
Veterinary services play a crucial role in safeguarding animal health, offering
medical care, diagnostics, and preventive measures. The market is driven by
factors such as the increasing prevalence of zoonotic diseases, the growing pet
population, and rising pet healthcare expenditure. Veterinary services help to
ensure the well-being of animals and promote a healthy animal-human bond. These
services encompass animal hospitals, clinics, and specialized veterinary
centers, providing a wide range of medical treatments and therapies to animals,
including diagnostic tests, surgeries, vaccinations, and dental care.
Market Key Trends:
One key trend in the veterinary services market is the integration of advanced
technologies and telemedicine. The advent of telemedicine has enabled veterinarians
to remotely diagnose and treat animals, reducing the need for physical visits
and improving convenience for pet owners. With the increased use of digital
platforms and mobile applications, pet owners can consult and seek advice from
veterinarians without leaving their homes. This trend has gained significant
traction during the COVID-19 pandemic, as it ensures the safety and well-being
of both animals and pet owners. Telemedicine in veterinary services also allows
for timely intervention in emergency situations, reducing the risk of
complications and improving outcomes. The integration of advanced technologies
and telemedicine is expected to revolutionize the delivery of veterinary care,
enhancing accessibility and convenience for pet owners globally.
Segment Analysis:
The Veterinary
Services Market Size can be segmented by service type, animal type, and
region. Based on service type, the market can be categorized into companion
animal services, farm animal services, and others. The companion animal
services segment is expected to dominate the market during the forecast period.
This can be attributed to the increasing pet ownership and growing expenditure
on pet health. According to the American Pet Products Association, in 2023,
Americans spent around $99 billion on their pets, which includes veterinary
care. The rising awareness about the health and well-being of companion
animals, along with the availability of advanced veterinary services, is
driving the growth of this segment.
Key Takeaways:
The global veterinary services market is expected to witness high growth,
exhibiting a CAGR of 6.9% over the forecast period. This
growth can be attributed to several factors. Firstly, there is a growing pet
ownership across the globe, especially in developed regions. Pet owners are
increasingly willing to spend on veterinary services to ensure the well-being
of their pets. Secondly, advancements in veterinary medicine and technology are
leading to the availability of advanced diagnostic and treatment options,
driving the demand for veterinary services. Furthermore, the increasing
prevalence of zoonotic diseases and the need for preventive measures are also
contributing to market growth.
In terms of regional analysis, North America is expected to be the fastest-growing
and dominating region in the veterinary services market. This can be attributed
to factors such as the high pet ownership rate, increasing expenditure on pet
health, and presence of major key players in the region. Additionally,
favorable government initiatives and reimbursement policies for veterinary
services further support market growth in this region.
Key players operating in the 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. These companies are focusing on
strategic collaborations, mergers and acquisitions, and geographical expansions
to strengthen their market presence and gain a competitive edge.
Overall, the veterinary services market is witnessing significant growth due to
factors such as increasing pet ownership, advancements in veterinary medicine,
and growing awareness about animal health. The market is expected to continue
its upward trajectory in the coming years, driven by the increasing demand for
quality veterinary care.
Read More: https://www.newsstatix.com/veterinary-services-market-growing-pet-ownership-to-drive-market-growth/