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How Does the Projected Growth of the Veterinary Services Market Compare Over the Forecast Period?

In the past few years, there has been a significant expansion in the veterinary services market. It is projected to surge from $156.4 billion in 2024 to $168.86 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 8.0%. Factors attributing to this growth during the historic period include the rising trend of pet ownership, the increasingly human-like treatment of pets, the rise in urbanization and population density, and the availability of companion animal insurance.

In the forthcoming years, the veterinary services market is projected to witness robust expansion. It is forecasted to inflate to $223.15 billion by 2029, with an annual growth rate (CAGR) of 7.2%. Factors contributing to the forecasted growth period include preventive and wellness services, specialized veterinary care, the one health approach, e-commerce growth in pet pharmaceuticals, and the effect of the global pandemic. Significant trends during the prediction period encompass technological advancements, the rise of telemedicine and remote consultations, breakthroughs in veterinary medicine, the adoption of telehealth for pets, and an emphasis on preventive care.

Which Macro and Microeconomic Factors Are Accelerating the Growth of the veterinary services Market?

The veterinary services market is set to experience growth, spurred by the projected rise in global meat production during the forecast period. By way of illustration, the government of the UK reported in February 2024 that there was a steady meat production rate of 4.2 million tonnes in 2022, representing an 18% rise compared to ten years ago. Red meat saw a particular increase in production in 2022, with mutton and lamb recording the most significant boost of 2.9%. As the population continues to grow, the production of meat products is expected to increase as well, elevating the demand for feed additives in the livestock sector and thus stimulating the veterinary services market.

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Who Are the Key Players Steering the Development of the Veterinary Services Market?

Major companies operating in the veterinary services market include:

• Mars Inc.

• Zoetis Inc.

• VCA Inc.

• IDEXX Laboratories Inc.

• Qiagen N.V.

How Are Consumer Trends Shaping the Current and Future Landscape of the Veterinary Services Market?

The rise in telemedicine is evident as it allows pet owners to receive high-quality care regardless of their location. Telemedicine, which is a part of the broader telehealth framework, involves both clinical and non-clinical aspects of healthcare delivered remotely. This involves veterinarians directly interacting with clients through various communication channels like phone calls, emails, and video calls. This technology also enhances the existing relationships between the vet, client, and the pet. Due to hectic life schedules and a preference for customized services, the demand for telemedicine services is increasing. Prominent examples of veterinary clinics that provide telemedicine services include Televet, Fuzzy Pet Health, and Healthpets.

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Which Segments of the Veterinary Services Market Hold the Most Potential for Future Development?

The veterinary services market covered in this report is segmented –

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

2) By Type Of Service: Onsite, Offsite

3) By Type Of Animal: Livestock, Companion Animals

4) By Type Of Expenditure: Public, Private

Subsegments:

1) By Animal Hospitals And Veterinary Clinics: General Veterinary Practices, Specialty Veterinary Hospitals, Mobile Veterinary Services, Referral Veterinary Clinics

2) By Veterinary Laboratory Testing Services: Diagnostic Testing, Pathology Services, Microbiology Services, Genetic Testing Services

Which Geographical Regions Are Shaping the Veterinary Services Market Growth?

North America was the largest region in the veterinary services market in 2024. Asia-Pacific was the second-largest region in the veterinary services market. The regions covered in the veterinary services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

What Are the Key Characteristics That Define the Veterinary Services Market?

Veterinary services refer to a type of service that is engaged in providing veterinary services to pets, farm animals, and animals kept in zoos and wildlife parks, including animal hospitals and veterinary clinics that provide consultation services, treatment, and curative medicines to animals to improve their health and life cycles.

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