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| Global Veterinary Services Market |
The global veterinary services market is estimated to be valued at US$ 92,238.4 million in 2023 and is
expected to exhibit a CAGR of 6.9% over
the forecast period of 2023-2030, as highlighted in a new report published by
Coherent Market Insights.
Market Overview:
The veterinary services market includes medical services provided to animals
for the prevention, diagnosis, and treatment of diseases. This market offers
veterinary care for various animals such as pets, livestock, and zoo animals.
The increasing pet ownership trend, along with growing awareness about animal
health and the need for preventive care, is driving the demand for veterinary
services. The market is witnessing a rise in veterinary clinics and hospitals,
along with advancements in veterinary technology, which are further fueling
market growth.
Market Key Trends:
One key trend observed in the veterinary services market is the shift towards
preventive healthcare for animals. Pet owners are becoming increasingly aware
of the importance of regular check-ups, vaccinations, and other preventive
measures to maintain the health and well-being of their pets. This trend is
driving the growth of veterinary clinics and hospitals offering preventive care
services. Additionally, advancements in diagnostic techniques and the
availability of advanced veterinary drugs and treatments are further supporting
the market trend towards preventive healthcare for animals.
Porter’s Analysis
Threat of New Entrants:
The Global
Veterinary Services Market exhibits a moderate threat of new entrants.
While the market requires specialized knowledge and expertise, the relatively
low barriers to entry such as minimal capital requirements and ease of
obtaining necessary licenses can attract new players. However, established
companies benefit from economies of scale, brand recognition, and strong
relationships with suppliers and customers, which may pose challenges for new
entrants.
Bargaining Power of Buyers:
Buyers in the veterinary services market hold moderate bargaining power. While
pet owners have a wide range of options to choose from, including veterinary
clinics, animal hospitals, and mobile veterinary services, many prioritize the
health and well-being of their pets over cost considerations. However, pet
owners are becoming increasingly price-conscious, which may give them some
leverage in negotiating prices with service providers.
Bargaining Power of Suppliers:
Suppliers in the veterinary services market hold moderate bargaining power.
Suppliers of medical equipment, pharmaceuticals, and other related products
have a significant impact on the quality and cost of services provided.
However, service providers can establish strategic partnerships with suppliers
to negotiate favorable terms and ensure a consistent supply of high-quality
products.
Threat of New Substitutes:
The threat of new substitutes in the veterinary services market is low. While
alternative healthcare options for pets like holistic medicine and natural
remedies exist, they are often seen as complementary rather than replacements
for conventional veterinary services. The specialized knowledge and equipment
required for treating complex medical conditions ensure the continued demand
for veterinary services.
Competitive Rivalry:
The competitive rivalry in the veterinary services market is high. The market
is highly fragmented with numerous small and large players, intensifying
competition. Key players are constantly striving to differentiate themselves
through superior service quality, specialized expertise, and technological
advancements. Additionally, mergers and acquisitions are common in the industry
as companies seek to expand their market reach and enhance their competitive
position.
Key Takeaways
The global veterinary services market is expected to witness high growth,
exhibiting a CAGR of 6.9% over the
forecast period of 2023-2030. This growth can be attributed to the increasing
pet adoption rates and pet owners' growing willingness to spend on veterinary
care. Furthermore, the rising awareness about pet health and the availability
of advanced diagnostic and therapeutic services are driving the demand for
veterinary services.
In terms of regional analysis, North America is anticipated to be the
fastest-growing and dominating region in the veterinary services market. The
region has a higher pet ownership rate and a well-established veterinary
infrastructure. Moreover, the presence of key market players and advancements
in veterinary technologies contribute to the growth of the market in North
America.
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 players are focusing on
expanding their service portfolios, enhancing customer experience, and
investing in research and development to stay competitive in the market.
Read More: https://www.trendingwebwire.com/veterinary-services-market-analysis/