Veterinary Services Market Is Estimated To Witness High Growth...

Veterinary Services Market Is Estimated To Witness High Growth Owing To Rising Pet Adoption

Postado 2023-12-07 07:32:46

SWOT Analysis
Strength: The veterinary services market has experienced consistent growth over the past decade due to rising awareness about animal health. Veterinarians have advanced knowledge and skills to treat various pet diseases. There is a growing demand for 24x7 emergency veterinary facilities.
Weakness: The cost of veterinary services continues to rise faster than general inflation. Shortage of veterinarians in some regions affects timely service delivery. Expanding into new areas requires large capital investments.
Opportunity: Growing pet ownership in developing nations presents an opportunity for market expansion. Adoption of new technologies like digital x-rays and advanced surgical equipment can improve efficiency. Telehealth and online appointment systems allow better consumer access.
Threats: Strict regulations around veterinary drug approvals and facility standards increase compliance costs. Economic slowdowns may reduce discretionary spending on pet care. Low-cost animal clinics and internet pharmacies pose competition.

Key Takeaways
Global Veterinary Services Market Demand is expected to witness high growth, exhibiting CAGR of 6.9% over the forecast period, due to increasing pet ownership worldwide. Rising income levels allow people to spend more on pet healthcare.

Regional analysis: North America dominates the veterinary services market currently. It is estimated to continue its dominance till 2030 backed by advanced healthcare infrastructure and growing pet population. Asia Pacific is expected to be the fastest growing region on account of rising awareness and expanding veterinary facilities in major countries.

Key players: 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, among others. These players are focusing on new technology adoption and service portfolio expansion to strengthen their market presence.

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