Veterinary Service Trends and Forecast
The future of the global veterinary service market looks promising with opportunities in the diagnostic tests & imaging, surgery, physical health monitoring, and vaccination markets. The global veterinary service market is expected to reach an estimated $164.2 billion by 2030 with a CAGR of 5.1% from 2024 to 2030. The major drivers for this market are expanding expenditure on pets, rising consumption of products generated from animals, increasing initiatives by major players in the sector, and growing emphasis on sustainable animal husbandry.
• Lucintel forecasts that, within the type category, the companion is expected to witness higher growth over the forecast period.
• In terms of regions, North America will remain the largest region over the forecast period due to identified initiatives carried out by several government animal protection organizations to improve veterinarian care in the US and Canada.
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Emerging Trends in the Veterinary Service Market
The typical structure and functioning of veterinary services, as rolled out hitherto, is being altered by new trends. These trends are determined largely by technological advancements and specific market requirements.
• Integration of Telemedicine: Telemedicine is on the rise and includes services such as follow-ups and consultations over a distance. This feature makes it easy to get assistance without necessarily having to go to a healthcare center.
• Artificial Intelligence and Machine Learning: AI codes are utilized in diagnostics and treatment design, thus increasing the effectiveness of veterinary care. Machine learning systems can analyze medical data, such as pictures and associated information, in a more practical manner through pattern recognition.
• Prevention of Diseases: The shift from curative to preventive care is increasing and includes developed wellness plans and early detection of diseases. This shift targets recurrent health problems, from the most serious ones, and focuses on the good health of pets.
• Treatment Tailoring: Genomic technologies, along with a personal approach to medicine, allow for selecting individualized therapy depending on the health status of a specific pet. This ensures safety and success as the prescribed therapy is adhered to.
• Increasing Number of Specialized Services: More veterinary clinics offer specializations in oncology, cardiology, orthopedics, and more. This trend correlates with the rise in skills and the need to manage complicated diseases with focused treatment.
These trends are changing the veterinary services market by improving the quality of care, its accessibility, and personalization in such a way that all possible positive effects on the health of animals can be provided concerning their welfare.
Recent Developments in the Veterinary Service Market
The veterinary services market is undergoing various changes that are transforming the way care is provided and accessed throughout the world. Changes in technology and consumer preferences are driving these transformations.
• Telemedicine Adoption: Telemedicine is the phenomenon witnessed today where it is easy to provide services like diagnosis and consultation from different geographical locations. This development heightens convenience for pet caregivers who may not be able to make physical visits and reduces unnecessary consultations.
• AI and Diagnostic Tools: The incorporation of AI in diagnostic processes makes them faster and more accurate. AI assists in processing patient medical data, analyzing it, and determining information that aids in developing more effective treatment interventions, leading to better outcomes for patients.
• Expansion of Specialty Services: Veterinary clinics are beginning to have more personnel specializing in areas such as cardiology and oncology. This expansion caters to the increasing needs for specialized treatment of complicated health issues.
• Focus on Preventive Care: Veterinary care is increasingly oriented toward prevention, with an emphasis on wellness checks, vaccinations, and the early identification of health problems. This strategy seeks to enhance the welfare of pets by preventing conditions that may lead to crises in the future.
• Growth in Pet Insurance: Pet insurance is decreasing the financial burden that had previously hindered veterinary services. The availability of such coverage encourages pet owners to seek advanced interventions and better treatment as a result of improved healthcare financing.
These advancements are transforming the veterinary services market by improving care, making it more accessible, and enhancing pet health.
Strategic Growth Opportunities for Veterinary Service Market
There is a marked change occurring in the market for veterinary services due to factors such as increased pet ownership, better standards of living, and improved veterinary services. These changes have also brought about new possibilities for growth and diversification within the industry.
• Telemedicine and Remote Consultations: There is a growing trend in telemedicine services wherein veterinarians can consult and provide diagnoses without physically seeing the patients. This reduces the number of required physical consultations, increases accessibility, and provides convenience for pet owners.
• Specialized Veterinary Care: The need for specialized veterinary care, such as veterinary cardiology, oncology, and ophthalmology, is increasing. This calls for veterinarians to seek further learning or advanced training, which may require them to purchase more sophisticated equipment that is more appealing to pet owners.
• Preventive Care and Wellness Services: New trends focusing on prevention and wellness have led to an increased need for services such as vaccinations, dental hygiene, and nutrition programs. This is within the realm of veterinarians, who will design comprehensive disease control programs and offer wellness packages.
• Pet Insurance and Financing Options: The ability of pet owners to access pet insurance products and other available financing mechanisms makes it easier for them to seek veterinary services for their pets. This enables practitioners to expect increased operational activities, thus increasing revenue and expanding services offered.
• Pet Lifestyle Products and Services: The industry related to services such as grooming, training, and boarding pets is on the rise. Pet owners recognize these needs and turn to veterinarians to provide additional services.
All these growth opportunities are transforming the veterinary services market as a whole. They represent compelling developments that enhance the availability of care and improve the experience for pet owners. By adapting to these trends and embracing change, veterinarians can prepare for a bright future in a competitive and evolving environment.
Veterinary Service Market Driver and Challenges
The veterinary sector is characterized by a number of contrasts, both in driving forces and in areas that pose challenges. It is clear that this industry will be shaped by technological, economic, and regulatory changes.
The factors driving the veterinary services market include:
• Technological Advancements: The quality and efficacy of veterinary practice are improving due to the introduction of new diagnostic imaging devices, surgical methods, and telemedicine expansion. These trends also contribute to the creation of additional innovations.
• Rising Pet Ownership: The growth in the number of pet owners is a key reason for the increase in the pet care market. This has been driven by accelerating population changes, urbanization, and increasing rates of pet ownership.
• Economic Growth: Increased disposable income levels imply that pet owners will spend more on the health and well-being of their pets, leading to a larger market for veterinary services and premium products. This has expanded the market for veterinarians as demand for services and products increases.
• Regulatory Changes: Rules and restrictions established by the government regarding animal care, pet licensing, and veterinary practice standards can impact the market. These regulations must be observed for veterinarians to operate within the law and uphold ethical practice.
• Changing Consumer Preferences: These developments have made pet owners more aware and demanding regarding high-quality products and personalized care. This shift is likely to trigger changes in veterinary practices and services.
Challenges in the veterinary service market include:
• Rising Costs: Pet owners find it increasingly difficult to afford their animalsÄX%$%X healthcare due to rising costs of cancer treatment, inflation, advanced technology, and specialized treatments. This can lead to affordability problems and affect demand.
• Labor Shortages: The shortage of qualified veterinary specialists means that most services will be limited in access and costly. Addressing this challenge requires more resources for training and educating veterinarians.
• Competition: The barriers to entering the veterinary service provision business have diminished, creating cut-throat competition in a market that was once dominated by a few competitors. This may affect pricing and profitability.
The veterinary services market has considerable potential due to factors such as technological innovations, growing pet ownership, and increasing income levels. However, issues such as high costs, workforce shortages, and competition need to be addressed to foster growth and profitability. By understanding the key enablers and challenges, veterinarians can make informed decisions in this rapidly changing environment.
List of Veterinary Service Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies veterinary service companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the veterinary service companies profiled in this report include-
• CVS
• Mars
• National Veterinary Associates
• Pets at Home
• Greencross Vets
• Fetch! Pet Care
• IVC Evidensia
Veterinary Service by Segment
The study includes a forecast for the global veterinary service by service type, delivery channel, animal type, and region.
Veterinary Service Market by Service Type [Analysis by Value from 2018 to 2030]:
• Diagnostic Tests & Imaging
• Surgery
• Physical Health Monitoring
• Vaccination
Veterinary Service Market by Delivery Channel [Analysis by Value from 2018 to 2030]:
• Hospitals & Clinics
• Commercial Facilities
Veterinary Service Market by Animal Type [Analysis by Value from 2018 to 2030]:
• Food-Producing
• Companion
Veterinary Service Market by Region [Analysis by Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
Country Wise Outlook for the Veterinary Service Market
The veterinary sector is changing rapidly, especially due to technological progress, emerging advocacy for pet welfare, and shifting consumer patterns. Key changes differ from one region to another, influenced by region-specific requirements and industry factors.
• United States: Advances in veterinary medicine have led to the inclusion of telemedicine services, allowing for consultation and diagnosis at a distance. This trend has improved accessibility and efficiency in care.
• China: Increasing pet ownership is driving demand for advanced veterinary services, leading to the emergence of more hospitals and specialist care.
• Germany: There has been an increased focus on wellness and preventive care, with a recent trend toward using digital technology and data management in patient care and related medical operations.
• India: Growing concern about pet health means pet owners are seeking more advanced surgical procedures and specialized treatment services, driven by increasing income levels.
• Japan: Japan has a veterinary market where specialization is fully ingrained, featuring high-end medical machines and gadgets, along with high-quality care supported by national programs aimed at improving animal health standards and veterinary education.
Features of the Global Veterinary Service Market
Market Size Estimates: Veterinary service market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Veterinary service market size by service type, delivery channel, animal type, and region in terms of value ($B).
Regional Analysis: Veterinary service market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different service type, delivery channel, animal type, and regions for the veterinary service market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the veterinary service market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
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FAQ
Q.1 What is the veterinary service market size?
Answer: The global veterinary service market is expected to reach an estimated $164.2 billion by 2030.
Q.2 What is the growth forecast for veterinary service market?
Answer: The global veterinary service market is expected to grow with a CAGR of 5.1% from 2024 to 2030.
Q.3 What are the major drivers influencing the growth of the veterinary service market?
Answer: The major drivers for this market are expanding expenditure on pets, rising consumption of products generated from animals, increasing initiatives by major players in the sector, and growing emphasis on sustainable animal husbandry.
Q4. What are the major segments for veterinary service market?
Answer: The future of the global veterinary service market looks promising with opportunities in the diagnostic tests & imaging, surgery, physical health monitoring, and vaccination markets.
Q5. Who are the key veterinary service market companies?
Answer: Some of the key veterinary service companies are as follows:
• CVS
• Mars
• National Veterinary Associates
• Pets at Home
• Greencross Vets
• Fetch! Pet Care
• IVC Evidensia
Q6. Which veterinary service market segment will be the largest in future?
Answer: Lucintel forecasts that companion is expected to witness higher growth over the forecast period.
Q7. In veterinary service market, which region is expected to be the largest in next 5 years?
Answer: North America will remain the largest region over the forecast period due to identified initiatives carried out by several government animal protection organizations with the goal of improving veterinarian care in the US and Canada.
Q.8 Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the veterinary service market by service type (diagnostic tests & imaging, surgery, physical health monitoring, and vaccination), delivery channel (hospitals & clinics and commercial facilities), animal type (food-producing and companion), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
For any questions related to Veterinary Service Market, Veterinary Service Market Size, Veterinary Service Market Growth, Veterinary Service Market Analysis, Veterinary Service Market Report, Veterinary Service Market Share, Veterinary Service Market Trends, Veterinary Service Market Forecast, Veterinary Service Companies, write Lucintel analyst at email: helpdesk@lucintel.com. We will be glad to get back to you soon.