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2024-2033 Veterinary Services Market Growth Rate: What’s the Forecast?

In recent times, the veterinary services market has seen robust growth. The market is expected to expand from $138.94 billion in 2023 to $148.77 billion in 2024, with a compound annual growth rate (CAGR) of 7.1%. The previous growth in this market can be credited to the increase in pet ownership trends, humanization of pets, urbanization, and population density, along with the rise of companion animal insurance.

In the coming years, the veterinary services market is projected to experience robust expansion. The anticipations are that it will reach a market size of $194.28 billion by 2028, with a compound annual growth rate (CAGR) of 6.9%. Several factors such as preventive and wellness services, specialized veterinary care, the one health approach, e-commerce in pet pharmaceuticals and the impact of the global pandemic contribute to this projected growth. The forecast period is also expected to witness major trends like technological innovations, telemedicine, remote consultations, advancements in veterinary medicine, pet telehealth services, and a stronger emphasis on preventive care.

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What Drivers Are Accelerating the Growth of the veterinary services Market?

The veterinary services market is set to be benefitted by the anticipated increase in global meat production over the forecast period. Data from the US Department of Agriculture showed a rise in beef production in the USA up to 27.5 billion pounds in 2020, marking the largest production volume recorded locally. Development-driven countries like China, India, and Brazil are seeing a significant rise in meat production, attributable to escalating population numbers and higher income levels, which in turn accelerates the demand for meat commodities. By 2027, a 76% increase in poultry and meat production is predicted in these emerging markets. By 2050, it is expected that China’s meat imports will surge over 3,500% to $150 billion, spurred by the expanding middle class’s increased consumption of pork, chicken, and beef. This surge in meat products, underpinned by population growth, will heighten the demand for feed additives in the livestock trade, thus stimulating growth in the veterinary services market.

What Key Segments Can Be Identified in the Veterinary Services Market?

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 Covered: Routine Examinations, Non-surgical Procedures, Surgical Procedures, Pet Animals Laboratory Testing Services, Livestock Laboratory Testing Services

What Trends Are On the Rise in the Veterinary Services Market?

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What Regions Are Steering Growth in the Veterinary Services Sector?

North America was the largest region in the veterinary services market in 2023. 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.

The Veterinary Services Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the veterinary services market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Veterinary Services Market Include

1. Veterinary Services Market Executive Summary

2. Veterinary Services Market Segments

3. Veterinary Services Market Size And Template Market Growth Rate

4. Key Veterinary Services Market Trends

5. Major Veterinary Services Market Drivers

……

25. Key Mergers And Acquisitions In The Veterinary Services Market

26. Top Veterinary Services Companies

27. Veterinary Services Market Opportunities And Strategies

28. Veterinary Services Market, Conclusions And Recommendations

29. Appendix

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