Veterinary services include various medical care services provided by veterinary healthcare professionals to animals. Veterinary services play a crucial role in monitoring pet health and wellness through routine checkups, vaccination, surgeries, and other medical procedures. The increasing pet adoption coupled with rising awareness about pet health insurance is driving the demand for veterinary services.

The global Veterinary Services Market is estimated to be valued at US$ 130.16 Bn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Increased demand for pet health insurance is one of the key trends contributing to the growth of the veterinary services market. Pet health insurance helps pet owners manage veterinary care costs and provides financial assistance for various medical treatments. According to the North American Pet Health Insurance Association, about 2.6 million dogs and cats were covered by insurance in the United States in 2021. With pet owners becoming more responsive about their pet's healthcare needs, pet health insurance is gaining widespread acceptance globally. This rising insurance penetration is encouraging more pet owners to seek routine checkups and necessary medical care from veterinarians, thereby driving the demand for veterinary services.

Segment Analysis

The global veterinary services market is segmented by type of service into surgery, treatment/meds, grooming/boarding and others. The surgery segment dominates the market with over 35% share as pet owners are increasingly opting for surgery treatments for conditions such as spaying/neutering, orthopedic procedures and dental care. Growing companion animal adoption rate along with rising pet healthcare spending is driving the growth of the surgery segment.

Key Takeaways

The Global Veterinary Services Market Share is expected to witness high growth over the forecast period of 2024 to 2031. The market size is projected to grow from US$ 130.16 Bn in 2024 to US$ 191.26 Bn by 2031, expanding at a CAGR of 5%.

Regional analysis: North America dominates the veterinary services market with over 40% share owing to high per capita pet healthcare expenditure in countries like the US and Canada. The region is expected to continue its dominance during the forecast period supported by growing pet adoption and increasing awareness about animal health.

Key players: Key players operating in the veterinary services market are Fagron Sterile Services US, New Drug Loft & VLS Pharmacy, Nora Apothecary, Lifecare Pharmacy, Avella Specialty Pharmacy, Triangle Compounding Pharmacy, O’Brien Pharmacy, Tache Pharmacy, Northmark Pharmacy, Edge Pharma, and ImprimisRx. Fagron Sterile Services US leads the market with strong portfolio of sterile compounding solutions for veterinary practitioners.

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