Veterinary Services Market Share, Growth, Opportunities 2032

Report Description

Veterinary Services Market Outlook 2032

The global veterinary services market size was USD 126.7 Billion in 2023 and is projected to reach USD 250.8 Billion by 2032, expanding at a CAGR of 7.8% during 2024–2032. The market growth is attributed to the increasing awareness about animal health and the rising pet and livestock population.

Rising awareness among pet owners about preventive healthcare measures for companion animals boosts the veterinary services market. Veterinarians are increasingly integrating advanced veterinary healthcare solutions in safeguarding the health and well-being of animals. Furthermore, the increasing adoption of companion animals, such as dogs and cats, across the globe is boosting the demand for effective veterinary healthcare solutions, thereby propelling the market.

• For instance, according to a report published on January 25, 2024, approximately 29% of households in the US own cats.

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Impact of Artificial Intelligence (AI) on the Veterinary Services Market

The use of artificial intelligence is likely to boost the veterinary services market. Veterinary clinics and hospitals leverage AI solutions to expedite the diagnosis of complex conditions to improve treatment outcomes. Additionally, AI-driven predictive analytics track treatment responses and aid in designing personalized healthcare plans for individual animals based on their unique characteristics and medical history.

Veterinary Services Market Dynamics

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Major Drivers

Increasing pet ownership across the globe is anticipated to drive the market during the forecast period. This, in turn, boosts the demand for veterinary services for the well-being and welfare of animals. For instance, according to Pet Ownership Statistics 2024, the number of pet-owning households in the US increased from 73 million in 2010 to 87 million in 2022. Moreover, the growing awareness of preventive healthcare among pet owners and the rising prevalence of zoonotic diseases among animals are expected to boost the demand for veterinary services in the coming years.

Existing Restraints

Limited access to veterinary services in rural areas creates barriers for pet owners to assess effective treatment options for their pets. Moreover, the high costs associated with veterinary services and the lack of skilled veterinary professionals hamper the market.

Emerging Opportunities

Rising demand for specialized veterinary services among pet owners creates immense opportunities for the players competing in the market. Veterinary specialists are capitalizing on this trend by offering enhanced diagnostics, treatment options, and surgical procedures. Additionally, the rising adoption of telemedicine and mobile health apps enhances accessibility and convenience for pet owners, which boosts the market.

Scope of the Veterinary Services Market Report

The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics are included in the report.

Regional Outlook

In terms of region, the global veterinary services market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America held a major market share in 2023 and the market in the region is projected to grow at a rapid pace in the coming years, due to the rising pet ownership. For instance, as per Pet Ownership Statistics 2024, 66% of households in the US, which is equivalent to 86.9 million homes, have a pet. Moreover, the presence of well-established veterinary clinics and hospitals in this region contributes to regional market growth.

The market in Asia Pacific is projected to grow at a significant pace in the coming years, owing to the increasing rates of pet ownership in emerging economies. Countries such as China, India, and Japan are registering a rapid surge in pet ownership. The growing awareness of pet health and well-being and the rising population of pets and livestock in the region fuels the market. Additionally, rising investments in healthcare infrastructure and rising animal education programs aimed at enhancing access to high-quality veterinary services are anticipated to propel the market during the forecast period.

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Veterinary Services Market Segment Insights

Service Type Segment Analysis

Based on service type, the global market is divided into physical health monitoring, diagnostic tests and imaging, surgery, and others. The diagnostic tests segment held a major share of the market in 2023, due to the increasing need for early disease detection.

Veterinary clinics and hospitals heavily rely on advanced diagnostic technologies, such as MRI, CT scans, ultrasound, and laboratory tests, to accurately diagnose and treat a wide range of ailments in animals. Moreover, the rising number of veterinary clinics and referral centers specializing in diagnostic imaging further fuels the segment.

The physical health monitoring segment is expected to expand at a significant growth rate in the coming years, owing to the growing adoption of wearable devices. The increasing demand for innovative solutions that enable continuous monitoring of vital signs, activity levels, and overall health status boosts the segment. Furthermore, the advancements in wearable devices facilitate early detection of health issues and mitigate possible risks among pets, thereby boosting the adoption of physical health monitoring devices.

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Animal Type Segment Analysis

On the basis of animal type, the global market is bifurcated into companion animals and farm animals. The companion animals segment is anticipated to expand at a substantial CAGR during the forecast period, owing to the rising demand for preventive and specialized healthcare services among pet owners. Furthermore, the rising demand for services, such as vaccinations, wellness exams, dental care, and medical treatments, catering to companion animals further boosts the segment.