Global Veterinary Services Market Size
Veterinary Healthcare

Global Veterinary Services Market Key Insights 2024-2033

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

According to The Business Research Company’s Veterinary Services Global Market Report 2024, the veterinary services market is expected to show promising growth in the forecast period.

The veterinary services market has seen robust growth in recent years, driven by various factors including pet ownership trends and urbanization. Here, we delve into the market’s recent performance, future growth projections, key trends, and influential factors driving this expansion.

Recent Market Performance

  • Market Size in 2023:
    • The veterinary services market was valued at $138.94 billion.
    • Significant growth attributed to pet ownership trends, humanization of pets, urbanization, and companion animal insurance.
  • Expected Growth in 2024:
    • Market size expected to reach $148.77 billion.
    • Compound annual growth rate (CAGR) of 7.1%.

Future Market Projections

  • Market Size by 2028:
    • Expected to grow to $194.28 billion.
    • CAGR of 6.9% from 2024 to 2028.
  • Key Growth Drivers:
    • Increasing demand for preventive and wellness services.
    • Rise in specialized veterinary care.
    • Adoption of the “One Health” approach.
    • Growth in e-commerce for pet pharmaceuticals.
    • Continued impact of global pandemics.

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Major Trends Shaping the Market

  • Technological Innovations:
    • Advancements in veterinary medicine and care.
  • Telemedicine and Remote Consultations:
    • Increased use of telehealth services for pets.
  • Preventive Care Focus:
    • Growing emphasis on preventive health measures for animals.

Rising Meat Production and Its Impact

  • Global Meat Production Trends:
    • Beef production in the USA reached 27.5 billion pounds in 2020.
    • Developing countries like China, India, and Brazil are experiencing a surge in meat production.
  • Future Projections:
    • Meat and poultry production in emerging markets expected to rise by 76% by 2027.
    • China’s meat imports projected to increase by over 3,500% by 2050, driven by a growing middle class.
  • Impact on Veterinary Services:
    • Increased meat production will drive demand for veterinary services in livestock management.
    • Higher need for feed additives and animal health management solutions.

Strategic Partnerships for Competitive Edge

  • Collaboration Benefits:
    • Access to new technologies.
    • Enhanced customer choices.
    • Expanded global servicing capabilities.
    • Integration of diverse services.
  • Notable Example:
    • In September 2022, GlobalVetLink partnered with Veterinary Innovative Partners to streamline clinic processes.
    • Implementation of the GlobalVetLink Compliance Assistant platform for better management of animal health certificates and compliance documents.

Market Segmentation

  • By Type:
    • Animal Hospitals and Veterinary Clinics.
    • Veterinary Laboratory Testing Services.

Regional Insights

  • North America:
    • The largest region in the veterinary services market in 2023.
    • Strong infrastructure and high pet ownership rates contribute to market dominance.

The veterinary services market is poised for continued growth, driven by both demand for pet care and the rise in global meat production. With advancements in technology and strategic partnerships enhancing service offerings, the market is set to expand significantly. This growth will not only cater to the rising pet population but also support the agricultural sector’s evolving needs.

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