Veterinary Services Market: Comprehensive Analysis of Future Growth and Business Demand, Forecast to 2033
Global Veterinary Services Market to Surpass USD 182,009.07 Million by 2031, Growing at a CAGR of 7.2%
Straits Research Highlights Key Trends and Opportunities in the Veterinary Services Market
The global veterinary services market, valued at USD 97,350.90 million in 2022, is poised for significant growth, projected to reach USD 182,009.07 million by 2031. This represents a compound annual growth rate (CAGR) of 7.2% during the forecast period (2023–2031), according to Straits Research.
Market Definition
Veterinary services encompass a wide array of healthcare services provided to animals, including medical diagnostics, treatment, surgeries, and wellness care. These services play a pivotal role in maintaining animal health and supporting agricultural and companion animal industries globally.
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Market Dynamics
Key Trends:
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Rising adoption of advanced diagnostic technologies, including imaging and molecular diagnostics, in veterinary practices.
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Increasing awareness about pet health and wellness, driving demand for preventive veterinary care.
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Expansion of telemedicine and mobile veterinary services, enhancing accessibility for pet owners.
Growth Factors:
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Increasing pet ownership worldwide, fueled by rising disposable incomes and changing lifestyles.
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Growing demand for high-quality veterinary care and specialized services.
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Expansion of veterinary services in emerging markets, supported by government initiatives and investments.
Key Market Opportunities:
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Development of AI-powered diagnostic tools for enhanced accuracy and efficiency in veterinary practices.
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Growing demand for mobile veterinary clinics in rural and underserved regions.
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Increasing focus on the development of sustainable and eco-friendly veterinary practices.
Market Segmentation
By Service:
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Surgery
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Diagnostic Tests and Imaging
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Physical Health Monitoring
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Other Services
By Animal Type:
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Companion Animal
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Farm Animal
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Regional Insights
North America leads the global veterinary services market, driven by advanced veterinary infrastructure, high pet ownership rates, and robust investments in animal health. Europe is expected to witness the fastest growth during the forecast period, supported by increasing awareness about animal health and welfare and the expansion of veterinary services.
Key Players in the Veterinary Services Market
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CVS Group PLC
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Ethos Veterinary Health
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Greencross Vets
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Idexx Laboratories Inc.
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Mars Inc.
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Pets at Home Group PLC
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Armor Animal Health (Animart)
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Kremer Veterinary Services
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FirstVet AB
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CityVet Inc.
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Straits Research’s comprehensive report offers detailed insights into the veterinary services market, highlighting key growth drivers, challenges, and opportunities. The report emphasizes the market’s dynamic landscape and its potential to revolutionize animal healthcare worldwide.
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