Unlocking the Future of the Veterinary Care Market: Growth Rate, Key Trends, and Opportunities for 2025-2034
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How has the veterinary care market size evolved in recent years?
The size of the veterinary care market has seen robust growth in the past few years. It is projected to rise from $82.04 billion in 2024 to $87.77 billion in 2025, showcasing a compound annual growth rate (CAGR) of 7.0%. The historic period growth is due to factors such as an increase in dog adoptions, enhanced government initiatives for animal health, growth in the pet population, rising disposable income, and an augmented demand for veterinary diagnostics.
What are the predictions for the veterinary care market size in the coming years?
The market size for veterinary care is predicted to experience robust growth over the next few years, reaching $113.58 billion by 2029 at a compound annual growth rate (CAGR) of 6.7%. This projected growth during the forecast period can be attributed due to the increasing demand for convenient devices for point-of-care (POC) services, an upsurge in veterinary services, a growing number of chronic diseases in pets, a need for safe animal products, and a rise in deaths due to rabies. Key trends that are expected during the forecast period involve RNA-particle technology, inventive animal healthcare products, progress in the field of veterinary medicine, digital cytology technology, and advancements in technology.
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What key factors are fueling the growth of the veterinary care market?
The veterinary care market’s growth is anticipated to be driven by the rising trend of pet adoption. Pet adoption, which involves legal and ethical commitments, is the act of assuming responsibility for a pet from a shelter, rescue group, or former owner, and providing them with a secure, perpetual home. The surge in pet adoption can be ascribed to various factors such as societal trends, urbanization, and young adults’ tendency to postpone parenthood. Veterinary care plays a pivotal role in pet adoption, as it offers crucial medical care and preventive measures, ensuring the animal’s health and dealing with any urgent medical requirements. For example, the American Pet Products Association, a non-profit organization based in the US, reported that in October 2023, there were 86.9 million pet-owning households in the US, a growth from 66% of households in 2022. Likewise, Animal Medicines Australia, an organization advocating for animal health, stated in November 2022 that 69% of Australian households were pet owners in 2022. Consequently, the growing trend of pet adoption is fueling the veterinary care market.
How is the global veterinary care market divided into key segments?
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
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Who are the key firms paving the way for growth 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, Zoetis Inc., Elanco Animal Health Incorporated, IDEXX Laboratories Inc., Ceva Santé Animale, Phibro Animal Health Corporation, Dechra Pharmaceuticals PLC, PetVet Care Centers LLC, VetStrategy Inc., Vetoquinol, Heska Corporation, Neogen Corporation, Sequent Scientific Ltd., Animal Care Group Plc, Medivet, Hester Bioscience Limited
Which trends are expected to transform the veterinary care market?
Major companies in the field of veterinary care are concentrating their efforts on creating novel products, like pet first-aid kits, in order to improve the overall health and well-being of animals. These kits function as a preparatory solution to a variety of needs, spanning from preventive care to treatment of intricate medical ailments. A pet first-aid kit brings together vital supplies and equipment intended to offer preliminary care to pets suffering from minor injuries or emergencies, prior to acquiring professional veterinary assistance. A comprehensive first-aid kit can be an invaluable tool when dealing with common pet emergencies, for example, cuts, burns, or choking incidents. Take for example the case of MySimplePetLab., a U.S.-based organization offering pet care services from home or clinic, that introduced the first aid care dog kit in Target stores in August 2023. This kit has been specifically curated to offer instant relief to wounds, cuts, and minor injuries, making it a must-have for pet owners both at home and on the go. The kit comprises essential items like a vet-approved care guide, wound cleansing, wound shield, bleed-stop powder, antiseptic wipes, antibiotic ointments, gauze pads, an instant cold pack, among others.
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What regions are contributing significantly to the growth of the veterinary care market?
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.
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