Veterinary Services Market is Expected to Grow at a CAGR of 9.8%, Reaching a Valuation of US$ 241.76 Billion from 2022-2030, Contrive Datum Insights
According to a market research study published by Contrive Datum Insights, North America generated the highest revenue in 2020, more than 43% of the total, and Asia Pacific is anticipated to develop the fastest in the future years
Farmington, Jan. 25, 2023 (GLOBE NEWSWIRE) -- *The global **Veterinary Services Market** size accounted for USD 114.41 Billion in 2022 and it is expected to surpass around USD 241.76 Billion by 2030 with a registered CAGR of 9.8% from 2023 to 2030**. *The dramatic global increase in zoonotic and food-borne diseases is the primary market driver. Veterinary services are essential for maintaining animal health and ensuring the safety of international trade from a health standpoint. In addition, it helps preserve public health and ensure food safety. The Organization for Animal Health (OIE) published an article stating that the global demand for animal-derived foods is increasing. This includes the predicted demand for beef to reach 445 million tonnes by 2050. As a result of the COVID-19 pandemic, less people are shopping in conventional stores and increasingly on online platforms. This has accelerated the growth rate of the market.
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Both PetMed Express and Chewy reported increased sales for the first quarter of 2020. As a result of the V-shaped recovery, the services market is anticipated to gain momentum in the future years, creating an opportunity for growth. Also, it is considered a tool to reduce the transmission of zoonotic illnesses among animal populations, which might help the industry expand.
*Veterinary Services Market **Recent Developments:*
· *In August 2021,* Ethos and National Veterinary Associates teamed up to develop cutting-edge veterinary medicines for patients and their families and to enhance service delivery with advances in healthcare.
· *In May 2020,* Greencross Vets announced the launch of a 24/7 online counseling platform for pets known as WebVet to reach more pet owners.
· *In August 2019,* Ethos Discovery launched a program to treat splenic hemangiosarcoma in dogs through a program called the Ethos Precision Medicine Umbrella Study for Hemangiosarcoma (ePUSH).
*Veterinary Services Market **Segmentation Analysis:*
In 2021, the market for diagnostic tests and imaging services generated more than USD 34 billion, and it is anticipated that it would continue to lead the industry with a high growth rate over the coming years. When pets contract contagious diseases, they may perish, and agricultural animals frequently become less productive. The globalization of animal and related product trade increases the likelihood of disease transmission. Accurate and prompt diagnostic approaches are required for the detection, control, and eradication of such diseases.
It was anticipated that pets will account for more than 59.2% of the market in 2021. The increasing number of people who acquire companion animals is a significant factor in the need for more pet care services, such as veterinarian care. In 2021, according to the American Pet Products Association (APPA), dog owners will spend an average of $1,480 annually on a dog's basic needs. Similarly, there has been an unmistakable increase in the number of people who own diseased dogs.
North America generated the highest revenue in 2020, more than 43% of the total. Numerous government animal welfare groups in the U.S. and Canada have taken significant measures to improve veterinary services as a whole, which is the primary reason for this enormous expansion. Expanding new animal education programs in the United States, including non-traditional schools seeking accreditation, is anticipated to make these services more accessible, allowing more people to use veterinarian services in the future.
In contrast, Asia Pacific is anticipated to develop the fastest in the future years. The exponential growth is a result of the increasing number of pets and livestock in industrialized and developing economies in this region. Additionally, veterinary services aid in alleviating poverty, particularly among rural communities in developing nations, by preserving valuable livestock populations.
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*Scope of Report:*
*Report Attributes* *Details*
*Growth Rate* *9.8%* from 2023 to 2030
*Market Size in 2022* *USD **114.41 Billion*
*Revenue Forecast by 2030* *USD 241.76 Billion*
*By Service Type* Diagnostic tests and imaging, Physical health monitoring, Surgery, Others
*By **Animal Type* Production, Poultry, Swine, Cattle, Sheep & Goats, Fish, Companion, Dogs, Cats, Horses, Others
*By **Delivery Channel* Introduction, Hospitals and Clinics, Commercial Facilities, Outdoors/Ambulatory, Others
*By Companies* Merck Animal Health, Ceva Sante Animale, Vetoquinol S.A., Zoetis, Boehringer Ingelheim GmbH, Elanco, Nutreco N.V., Virbac, Kindred Biosciences, Inc., Biogenesis Bago, Indian Immunologicals Ltd., Neogen Corp., Hester Biosciences, Phibro Animal Health, Dechra Pharmaceuticals PL, and Others.
*Base Year* 2022
*Historical Year* 2017 to 2021
*Forecast Year* 2023 to 2030
In the coming years, the global market for veterinary services is anticipated to expand as an increasing number of individuals are concerned about their dogs' health and need quality medical treatment. The Federation of Indian Animal Protection Organisation (FIAPO), for instance, has collaborated with other animal rights organisations and activists in India to ensure that animals are handled humanely. In addition to awareness campaigns and lobbying, the federation has worked on a variety of animal welfare problems.
The high cost of veterinary services and the dearth of qualified personnel are projected to hinder the expansion of the global veterinary services industry. Due to the high price of diagnostic imaging equipment and veterinary medications, veterinarian services have become costly. Lack of awareness in developing or less-developed economies will likely restrict the growth of the global veterinary services market.
The global dissemination of COVID-19 is projected to create growth opportunities for the veterinary services industry. Humane Society International/Canada and Friends of HSI, for instance, started the COVID-19 Animal Response Program in Quebec with assistance from PetSmart Charities of Canada and the City of Montreal in May 2020. During this time of need, the program will assist families and people who require immediate assistance in caring for their companion animals.
*Veterinary Services Market Key Segments Covered:*
*Top Market Players:
*Merck Animal Health, Ceva Sante Animale, Vetoquinol S.A., Zoetis, Boehringer Ingelheim GmbH, Elanco, Nutreco N.V., Virbac, Kindred Biosciences, Inc., Biogenesis Bago, Indian Immunologicals Ltd., Neogen Corp., Hester Biosciences, Phibro Animal Health, Dechra Pharmaceuticals PL, and Others.
*By Service Type *
· Diagnostic tests and imaging
· Physical health monitoring
*By Animal Type*
· Sheep & Goats
*By Delivery Channel*
· Hospitals and Clinics
· Commercial Facilities
*Regions and Countries Covered*
· *North America: *(US, Canada, Mexico, Rest of North America)
· *Europe: *(Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
· *Asia-Pacific: *(Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
· *The Middle East & Africa: *(Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
· *Latin America: *(Brazil, Argentina, Rest of Latin America)
· *Rest Of the World*
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