Veterinary Services Market Analysis

Veterinary Services Market Analysis

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Based on type, the market is segmented into general services, specialty services, and emergency services. The general services segment accounted for USD 46.9 billion in 2023.
 

• General services include vaccinations, regular health check-ups, deworming, and flea and tick prevention, which are essential for pets and livestock.
   
• These services also cover grooming, pet daycare, and pet fitness care, meeting most basic veterinary needs, both medical and non-medical.
   
• This wide range of services ensures a large and loyal customer base, strengthening the general services segment's top position in the market.
   
• Additionally, the constant demand for these preventive measures, along with their affordability and accessibility, drives the segment's growth.
   

Based on service, the veterinary services market is classified into diagnostic tests & imaging, physical health monitoring, surgery, vaccination, grooming, pet boarding & daycare, pet fitness, and other services. The diagnostic tests and imaging segment held highest market share of 30.4% in 2023.
 

• Advanced technologies like X-rays, MRIs, and CT scans, along with detailed lab tests, are crucial for diagnosing and monitoring various animal health issues. Continuous improvements in these technologies boost their effectiveness, leading to higher adoption and demand.
   
• The focus on preventive care, the rise in animal diseases, and the increased consumption of animal products are driving the growth of this segment.
   

Based on animal type, the veterinary services market is bifurcated into companion animals and livestock animals. The companion animals segment dominated the global market and is expected to grow at 7.2% CAGR from 2024 – 2032.
 

• As pets are increasingly seen as family members, there is a growing demand for regular and thorough veterinary care, including routine check-ups and advanced treatments.
   
• The growth of pet insurance has made veterinary care more affordable, encouraging pet owners to use a wider range of services. As more pet owners buy insurance, they are more likely to seek comprehensive care for their pets, further boosting market demand.
   

North America veterinary services market accounted for USD 45.7 billion in 2023 and is projected to reach USD 84 billion by 2032.
 

• High pet ownership rates and growing awareness and spending on pet health are driving the North American market. This focus on pet health increases the demand for various veterinary services, from routine check-ups to emergency treatments.
   
• Advancements in veterinary technology and medicine, such as better diagnostic tools and new treatments, improve the quality of care and increase the demand for advanced services. The combination of rising pet ownership, higher health spending, and technological progress is driving market growth and shaping its future.
   

The U.S. veterinary services market in 2023 was valued at USD 43.3 billion and is anticipated to grow at 7.1% CAGR.
 

• The U.S. market is growing significantly due to more pet insurance coverage and higher demand for geriatric pet care. Pet insurance reduces the financial burden of treatments, allowing for more comprehensive and frequent care.
   
• As pets age, they need more frequent and specialized medical attention. Older pets often require ongoing management of health conditions like chronic diseases and mobility issues, increasing the demand for geriatric veterinary services.
   
• These factors together drive market growth by ensuring more pets receive timely and advanced medical care.
   

China veterinary services market is expected to showcase remarkable growth over the analysis period.
 

• China's large livestock sector, including pigs, poultry, and cattle, needs extensive veterinary care for disease management, productivity improvement, and food safety. This demand for advanced veterinary services drives market growth. As the livestock industry continues to expand, the need for specialized veterinary care will further increase.
   
• Government initiatives and regulations aimed at improving animal health and food safety standards also contribute to the rising demand for veterinary services in China.
   

India is expected to witness growth at considerable rate in global veterinary services market.
 

• The Indian government is enhancing animal health and welfare by funding veterinary infrastructure, disease control programs, and veterinary education. These efforts are expanding and improving veterinary services.
   
• Moreover, the adoption of advanced veterinary technologies, such as diagnostic tools and telemedicine, is improving the quality and accessibility of veterinary services in India, supporting market growth.