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What Is the Forecast for the Veterinary Services Market from 2024 to 2025?

The market size for veterinary services has witnessed robust growth in recent years. It’s projected to increase from $156.4 billion in 2024 to $168.86 billion in 2025, with a compound annual growth rate (CAGR) of 8.0%. This historical growth is attributable to several factors including emerging trends in pet ownership, rising trend of treating pets like family members, urbanization and population density, and the prevalence of insurance for companion animals.

What Is the Projected Market Size of the Veterinary Services Market?

In the coming years, the market size of veterinary services is predicted to witness substantial expansion, reaching $223.15 billion by 2029 with a compound annual growth rate (CAGR) of 7.2%. Factors contributing to this growth during the forecast period include preventive and wellness services, advanced veterinary care, one health approach, the rise of e-commerce in pet pharmaceuticals, and the impact of global pandemics. Predominant trends for the forecast period encompass technological innovations, the emergence of telemedicine and remote consultations, progress in veterinary medicine, telehealth applications for pets, and an emphasis on preventive care.

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Who are the Major Competitors in the Veterinary Services Market Outlook?

Major companies operating in the veterinary services market include Mars Inc., Zoetis Inc., VCA Inc., IDEXX Laboratories Inc., Qiagen N.V., Pets at Home Group PLC, BluePearl Pet Hospital, Dechra Pharmaceuticals plc, PetIQ LLC, CVS Group Plc, Banfield Pet Hospital, Neogen Corporation, Vetpartners, Greencross Limited, National Veterinary Associates Inc., Pathway Vet Alliance LLC, Ethos Veterinary Health LLC, Southern Veterinary Partners, VetCor, VetStrategy, National Veterinary Care Ltd., VetnCare, PetVet Care Centers, Kremer Veterinary Services, Armor Animal Health, Addison Biological Lab Inc., FirstVet AB, Vetnovo

What Is Fueling Growth in the Veterinary Services Market?

The growth of the veterinary services market is anticipated to be bolstered by an increase in global meat production in the forecast period. In February 2024, UK Livestock statistics from the government depicted that meat production in 2022 stood at 4.2 million tonnes, an 18% increase compared to ten years ago. With mutton and lamb production exhibiting the biggest surge (2.9%) in 2022, there was also a rise in red meat production. The escalating production of meat products, backed by a growing population, will enhance the need for feed additives in the livestock sector, thus propelling the veterinary services market.

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Which Veterinary Services Market Segments Are Growing the Fastest?

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 Industry Trends Are Shaping the Future of the Veterinary Services Market?

The adoption of telemedicine within pet care is on the rise as it provides pet owners with the opportunity to avail quality care from distant areas. Telemedicine, a component of the broader telehealth system, encompasses both clinical and non-clinical parts of the healthcare system communicated directly between vets and clients through methods like phones, mail, and video conferencing technologies. This technology plays a key role in enhancing current relationships between vets, clients, and their pets. The increase in demand for telemedicine services can be attributed to busy lifestyles and consumers’ fondness for customized services. Veterinary clinics like Televet, Fuzzy Pet Health, and Healthpets are some examples of those offering telemedicine services.

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Which Countries Are Leading the Veterinary Services Market?

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.

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This Report Delivers Insight On:

1. How big is the veterinary services market, and how is it changing globally?

2. Who are the major companies in the veterinary services market, and how are they performing?

3. What are the key opportunities and risks in the veterinary services market right now?

4. Which products or customer segments are growing the most in the veterinary services market?

5. What factors are helping or slowing down the growth of the veterinary services market?

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