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The veterinary services market is forecasted to achieve significant growth in the coming few years with a forecast CAGR (compound annual growth rate) of 7%, as per The Business Research Company’s market report!

Read More On The Veterinary Services Market Report 2022 – https://www.thebusinessresearchcompany.com/report/veterinary-services-global-market-report

The Veterinary Services Market Size In 2022 And Forecast

The global veterinary services market is expected to grow from $116.49 billion in 2021 to $129.2 billion in 2022 at a compound annual growth rate (CAGR) of 10.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The global veterinary services market size is expected to grow to $169.67 billion in 2026 at a CAGR of 7.0%.

The veterinary services market consists of sales of veterinary services and related goods by entities (organizations, sole traders, and partnerships) that provide veterinary services to pets, farm animals, and animals kept in zoos and wildlife parks.

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Global Meat Production Is Driving The Growth Of The Veterinary Services Market

According to the US Department of Agriculture, in 2020, beef production in the USA increased to 27.5 billion pounds, the highest production volume registered in the country. Rising meat production is especially prominent in developing countries such as China, India, and Brazil, where increasing populations and rising income levels are stimulating the demand for meat products. By 2027, the production of meat and poultry in emerging markets is expected to increase by 76%. By 2050, China’s meat imports are expected to grow by over 3,500% to $150 billion as consumption of chicken, pork, and beef will surge due to the country’s rising middle class. The rising production of meat products supported by the growing population will increase the demand for feed additives in the livestock industry, driving the veterinary healthcare market.

Competitive Landscape And The Regional Analysis Of The Veterinary Services Market

Major players in the veterinary services market are IDEXX Laboratories, Pets at Home Group PLC, National Veterinary Associates, Greencross Limited, Qiagen N.V., CVS Group Plc, The Animal Medical Center, Dechra Pharmaceuticals, and Neogen Corporation.

Additionally, as per TBRC’s research – North America was the largest region in the veterinary services market in 2021 holding the largest market share.

The Veterinary Services Global Market Report 2022 covers regional data on key drivers, opportunities, and strategies for the seven major regions of the world that are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the veterinary services market report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam. The report includes market size and forecast market shares for all the regions and countries with respect to the major players of the veterinary services market.

Telemedicine – A Key Trend In The Veterinary Services Market

Telemedicine is a subset of telehealth that includes remote clinical and non-clinical elements of the healthcare system. It refers to the direct communication between veterinarians and clients via communication systems such as phones, mail, and video conferencing technologies. This technology also helps in improving existing veterinarian-client-patient relationships. Busy lifestyles and consumers’ preference for personalized services are driving the demand for telemedicine services.

Veterinary Services Market Segmentation By The Business Research Company

1) By Type: Animal Hospitals And Veterinary Clinics, Veterinary Laboratory Testing Services

2) By Type of Animal: Livestock, Companion Animals

3) By Type of Expenditure: Public, Private

4) By Type of Service: Onsite, Offsite

Here Are Some Reports Related To The Veterinary Services Market –

Companion Animal Veterinary Vaccines Global Market Report 2022

Veterinary Diagnostic Equipment Global Market Report 2022

Veterinary Imaging Equipment Global Market Report 2022

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