Global Veterinary Services Market Growth is Fueled by Rising demand for pet healthcare, cattle disease control, and technology advances in diagnostics and treatment.
According to SNS Insider, The Veterinary Services Market size was valued at USD 119.7 billion in 2023, is expected to rise to USD 226.93 billion by 2032, with a CAGR of 7.38% over the forecast period 2024 to 2032. Rising pet adoption worldwide, zoonotic and chronic animal diseases’ increasing frequency, and veterinary diagnostics, telemedicine, and surgical technique developments drive this expansion.
Further driving the need for veterinary services are rising government rules on animal health and welfare as well as growing public awareness of the need of preventative care for pets and cattle. Furthermore, greatly contributing to the expansion of the industry are the increase in cattle farming and attention on enhancing meat and dairy output.
With a CAGR of 7.31%, the U.S. veterinary services market is projected to rise to USD 65.13 billion by 2032 from USD 34.55 billion in 2023. High pet ownership rates, sophisticated animal healthcare infrastructure, rising pet insurance premiums, and laws aimed at animal welfare helped the United States account for a commanding percentage of the global industry. The American Pet Products Association (APPA) estimates that U.S. pet sector expenditure in 2023 would be around USD 143.6 billion, with veterinary care making a major share.
Key Veterinary Services Companies Profiled in the Report
Zoetis (Rimadyl, Revolution)
Royal Canin (Renal Feline Special, Dental Care kibbles)
Virbac (CaniLeish vaccine, Effipro spot-on)
Mars, Incorporated (Pedigree pet food, Whiskas cat food)
Nestlé Purina PetCare (Purina Pro Plan, Fancy Feast)
Boehringer Ingelheim Animal Health (NexGard, Heartgard)
Elanco Animal Health (Trifexis, Interceptor Plus)
Ceva Santé Animale (Vectra 3D, Adaptil)
Merck Animal Health (Bravecto, Nobivac vaccines)
Vetoquinol (Zylkene, Marbocyl)
IDEXX Laboratories (Catalyst One Chemistry Analyzer, SNAP 4Dx Plus Test)
North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East]), Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America)
Key Growth Drivers
Advancements in veterinary medicine and technology have enhanced diagnostic capabilities, enabling early detection and accurate diagnosis of various health conditions, thereby improving treatment outcomes.
Segment Analysis
By Animal Type
The companion animals segment accounted for the largest share of the veterinary services market in 2023. The growing number of homes with pets, especially dogs and cats, as well as the humanizing of pets, which results in more expenditure on their healthcare, are the main causes of this development. The American Veterinary Medical Association (AVMA) estimates that around 70% of American homes have a pet in 2023, therefore generating a consistent demand for services including dental care, vaccination, diagnostic imaging, and surgical operations.
To afford thorough treatment, pet owners are more likely to buy wellness plans and pet insurance, therefore promoting regular visits and preventative treatment. Growing knowledge of canine mental health and nutrition has led specialist veterinarian clinics to provide complete care, including behavioural therapy, grooming, and nutritional consulting. Pet owners’ growing emotional bond with their animals is probably going to help preserve the dominance of this market throughout the forecast period.
The medical services segment dominated the veterinary services market with a commanding 72% revenue share in 2023. For companion and cattle animals, this area covers diagnostics, therapy, surgery, and continuous illness management programs. The growing frequency of chronic illnesses and emergency treatments such as orthopaedic surgery, oncology services, and critical care fuels the demand for medical services.
Many veterinary clinics now provide in-house clinical testing and diagnostic labs as evidence-based treatment is in increasing demand. Diagnostic accuracy has been raised by innovations including MRI and CT scanning, digital radiography, and real-time diagnostic tools, so improved treatment results and customer happiness.
Furthermore, the growth in in-home and mobile veterinarian services has increased access, particularly in metropolitan areas where pet owners appreciate ease. Pet owners’ willingness to spend on modern medical treatments and operations has also been reinforced by the rise in pet insurance coverage, therefore guaranteeing the medical segment’s continuous dominance.
With 37% of the global veterinary services market share in 2023, North America leads. The area gains from high degrees of pet ownership, a robust network of hospitals and veterinary clinics, a developed insurance market, and excellent veterinary research. Particularly the United States keeps setting trends in pet care technologies, legal requirements, and digital veterinarian platforms.
Supported by growing awareness of animal welfare, strict EU rules on animal husbandry, and higher expenditure on cattle healthcare, Europe is the second-largest market. Leading nations in the region adopting sophisticated veterinary technologies are Germany, France, and the UK.
Asia Pacific is poised for the fastest growth during the forecast period. Particularly in China, India, and South Korea, the area is seeing an explosion in pet ownership in cities. To guarantee disease management in cattle, governments in these areas are funding initiatives for animal health, therefore ensuring economic and food security.
Recent Developments
Leading U.S.-based chain VCA Animal Hospitals extended its telehealth services over several states in 2024 to increase access for pet owners living in rural areas.
With an eye on AI-assisted diagnoses and sustainable clinic operations, Mars Veterinary Health announced a USD 500 million investment in veterinary infrastructure in North America and Europe.
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