The veterinary services market deals with providing various services to veterinarians like compounding medications for animals. Various veterinary services comprise pet care medications, veterinary surgeries, veterinary imaging and other services. With increasing pet adoption and owners considering pets as family members, demand for quality pet care and pet health services has increased substantially. This has propelled the growth of the veterinary services industry as these services play a vital role in ensuring the well-being of animals.

The Global Veterinary Services Market is estimated to be valued at US$ 130.16 Bn in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period 2024 to 2030.

Key Takeaways
Key players operating in the veterinary services 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. These players are focusing on expanding their offerings and capabilities to cater to the rising demand.

The increasing pet population coupled with rising pet healthcare expenditure is a major factor driving the demand for veterinary services. As per statistics, the U.S. is home to around 90 million pet dogs and cats, and Americans spent over $31 billion on pet care in 2021. With growing pet humanization, this expenditure is expected to rise further in the coming years.

Veterinary Services Market companies are investing heavily in technological advancements like 3D printing, robotics, and digital technologies to enhance their treatment capabilities and service offerings. 3D printing is being used for producing veterinary drugs, implants, and anatomical models for safer surgeries. Integration of digital technologies is also improving pet care and disease management.

Market Trends
Growing consumption of compounded medications: As readymade animal drugs may not suit every pet, the demand for tailor-made compounded medications as per veterinarian's prescriptions is rising. This is driving the compounding pharmacy services segment.

Rise of telehealth services: The pandemic propelled the adoption of teleconsultations and e-visits in veterinary services. Various players are now offering virtual care options like online booking, remote monitoring, and e-prescriptions for improved pet care accessibility.

Market Opportunities
Emerging markets in Asia: Countries like India and China are witnessing rising pet adoption and pet humanization similar to western nations. This offers lucrative opportunities for veterinary service providers to establish themselves in these fast-growing markets.

Increasing focus on pet insurance: Pet health insurance is gaining popularity as owners focus on financing veterinary costs. Service players can collaborate with insurers to provide seamless services and claims settlement. This would also drive the market growth.

Impact of COVID-19 on Veterinary Services Market
The COVID-19 pandemic has significantly impacted the growth of the veterinary services market. During the initial lockdown periods in 2020, veterinary clinics had to limit operations due to strict restrictions and social distancing norms. This led to postponement of routine checkups, vaccination programs, and non-emergency surgeries. However, veterinary practices continued providing essential services such as treatment of infectious diseases, management of chronic illnesses, urgent surgeries and emergency care.
With lifting of lockdowns in 2021, the veterinary services market started recovering. The demand for routine checkups, vaccinations and wellness visits increased. However, staffing shortages, supply chain disruptions and increased costs impacted the market growth to some extent in the initial recovery period. Various services like telehealth, pharmaceutical products delivery at doorstep helped veterinary practices to cope up with restrictions during the pandemic. Some practices also adopted alternate staffing programs to deal with worker shortage.

Going forward, increased pet ownership during the pandemic, growing awareness about preventive healthcare and focus on expanding telehealth services will drive growth opportunities in the post-COVID scenario. Leveraging technology for virtual consultations and enhancing e-commerce platforms will remain important strategies for veterinary practices. Emphasis on staff vaccination programs will also help clinics to maintain continuity of operations.

About Geographical Regions
In terms of value, North America accounts for the largest share in the veterinary services market currently. This can be attributed to factors like higher pet ownership, growing pet healthcare expenditure, presence of leading players and adoption of advanced technologies in the region. The United States represents the major market for veterinary services in North America due to high per capita pet healthcare spending.
The Asia Pacific region is expected to witness the fastest growth over the forecast period. Rising pet adoption, increasing pet care awareness, growing per capita incomes especially in India and China are driving the veterinary services demand in Asia Pacific. Government initiatives to promote animal health and control zoonotic diseases will further support regional market expansion.

 

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