Unlocking the Future of the Veterinary Care Market: Growth Rate, Key Trends, and Opportunities for 2025-2034
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How Will the Veterinary Care Market Grow Over the Forecast Period Based on Its Expected CAGR?
The size of the veterinary care market has seen a robust growth in the past few years. The market is projected to increase from $82.04 billion in 2024 to $87.77 billion in 2025, indicating a compound annual growth rate (CAGR) of 7.0%. The growth during the historical period is due to factors such as increased dog adoption, government efforts towards animal health, rise in the pet population, increased disposable income, and the demand for veterinary diagnostics.
The market for veterinary care is projected to experience substantial expansion in the forthcoming years. It’s predicted to surge to $113.58 billion by 2029 with a compound annual growth rate (CAGR) of 6.7%. This growth during the prediction period can be linked to the increased need for handheld devices for point-of-care (POC) services, the escalation of veterinary provisions, the growth in the cases of chronic diseases among pets, the need for harm-free animal products, and the rise in fatalities caused by rabies. Key trends for this period will see the rise of ribonucleic acid (RNA)-particle technology, novel animal health care products, progress in veterinary medicine, state-of-the-art cytology technology, and technological breakthroughs.
Which Macro and Microeconomic Factors Are Accelerating the Growth of the Veterinary Care Market?
The veterinary care market seems poised for growth given the escalating trend of pet adoption. Taking a pet from a shelter, rescue organization, or prior owner into a new forever home, complete with legal and ethical commitments, defines pet adoption. Various reasons, such as evolving societal norms, urbanization and young adults postponing parenthood, are contributing to a boost in pet adoption. Ensuring a pet’s overall health and meeting their immediate health needs is where veterinary care comes in, making it essential for pet adoption. For instance, the American Pet Products Association, a non-profit association based in the U.S., reported in October 2023 that 86.9 million American households had a pet, which is 66% of 2022’s households. Meanwhile, in November 2022, Animal Medicines Australia, an organization representing animal health in Australia, indicated that 69% of Australian households in 2022 owned pets. This growing adoption trend of pets is thus propelling the veterinary care market.
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Who Are the Dominant Players Expanding Their Reach in the Veterinary Care Market?
Major companies operating in the veterinary care market are:
• Cargill Incorporated
• Novartis AG
• Mars Incorporated
• C.H. Boehringer Sohn AG & Co. KG
• The Merck Group
What Are the Top Trends Shaping the Evolution of the Veterinary Care Market?
Key players in the veterinary care market are concentrating their efforts on creating new products like pet first-aid kits, which cater to a diverse range of requirements from preventative healthcare to complex medical condition treatments for animals. Pet first-aid kits are essentially filled with imperative supplies and gadgets intended to offer preliminary treatment to pets in the event of minor injuries or emergencies, until they’re able to receive professional veterinary assistance. A well-equipped first-aid kit can be valuable in managing typical pet emergencies such as cuts, burns, or choking. For example, in August 2023, MySimplePetLab., a US-based company that provides at-home or in-clinic pet treatment, introduced their first aid care dog kit in Target stores. The kit’s design is to offer immediate help for wounds, cuts, and minor injuries, making it a must-have for pet owners both at home and during travel. Items included in the kit are a vet-sanctioned care guide, wound cleaning materials, wound shield, bleed-stopping powder, antiseptic wipes, antibiotic ointments, gauze pads, an instant cold pack, among others.
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Which Market Segments Are Driving Strategic Growth and Trends in the Veterinary Care Market?
The veterinary care market covered in this report is segmented –
1) By Product: Therapeutics, Diagnostics
2) By Animal Type: Companion Animal, Production Animal
3) By Type Of Care: Primary, Emergency, Critical, Specialty Services, Others Services
4) By End-User: Veterinary Hospitals, Veterinary Clinics, Veterinary Laboratory Testing Services, Other End-User
Subsegments:
1) By Therapeutics: Anti-infective Drugs, Pain Management Medications, Vaccines, Anesthetics, Anti-inflammatory Drugs, Hormonal Therapies, Nutraceuticals And Supplements
2) By Diagnostics: In-Vitro Diagnostic Tests, Imaging Equipment (X-ray, Ultrasound, MRI), Blood Testing Kits, Fecal Analysis Kits, Rapid Test Kits, Histopathology Products, Diagnostic Imaging Software
Which Regions Are Setting the Pace for Veterinary Care Market Growth?
North America was the largest region in the veterinary care market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the veterinary care market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
How Is the Veterinary Care Market Defined Across Different Regions?
Veterinary care refers to the medical and preventive healthcare services veterinarians and other trained professionals provide to animals. It encompasses a wide range of activities to ensure animals’ health and well-being. Veterinary care is crucial for pets, livestock, wildlife, and other animals. This care is essential for the health of individual animals and public health, particularly when dealing with zoonotic diseases.
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