The Veterinary Services market is estimated to be valued at US$ 112626.87 Mn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Veterinary services include various medical services and products which provide care for animals. It involves diagnosis, treatment and preventive care for pets and livestock. Veterinary services play a vital role in maintaining health of animals and preventing spread of zoonotic diseases. With rising pet ownership and humanization of pets, demand for veterinary care is increasing significantly.
Market key trends:
One of the key trends driving the veterinary services market growth is rising pet ownership. Increasing disposable incomes and changing social norms have led to more households adopting pets. According to the American Pet Products Association (APPA), U.S household pet ownership has grown from 65% to 67% between 2019 and 2020. This has increased demand for various veterinary services like vaccinations, check-ups and medical care for pets. Another factor is advancement in veterinary care technology. Adoption of new technologies like digital X-rays, advanced surgeries and pet insurance are pushing the market growth. Growing awareness about animal welfare is also prompting more pet owners to seek preventive and advanced medical care for their pets.
Threat of new entrants: The threat of new entrants is low due to high investment requirement and stringent regulations by government agencies. Existing players have established brand names, distribution channels and technical expertise.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of alternatives and price sensitivity of buyers. Buyers can switch to other substitutes if prices are not competitive.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as suppliers have switching costs associated with certifications and testing of new suppliers.
Threat of new substitutes: The threat of new substitutes is moderate as alternate treatment and medication options are available.
Competitive rivalry: is intense among existing players.
Strength: The veterinary services market is growing significantly due to rising pet ownership and increase in per capita animal healthcare expenditure.
Weakness: Veterinary care is expensive for certain pet owners in developing regions with limited financial means. Global shortage of veterinarians in some regions.
Opportunity: Growth opportunities exist in emerging economies due to increasing pet adoption and rising living standards. Technological advancements will drive market growth.
Threats: Economic recession impacts discretionary spending on pet care. Alternate treatment options pose competitive threats.
Global Veterinary Services Market Demand is expected to reach US$ 112626.87 Mn by 2030, growing at a CAGR of 6.9% during the forecast period. Increasing pet adoption coupled with rising pet healthcare spending drives market growth.
Regional analysis The North America region dominates the veterinary services market and is expected to grow at a CAGR of 7.1% owing to high pet ownership and spending on animal health. Asia Pacific market is growing fastest at 7.5% CAGR due to increasing pet adoption in India and China correlating to changing consumer lifestyles and rising incomes.
Key players operating in the veterinary services market are Mars Inc., CVS Group PLC, Greencross Vets, Ethos Veterinary Health, Idexx Laboratories Inc., Pets at Home Group PLC, CityVet Inc., FirstVet, Kremer Veterinary Services, and Armor Animal Health, among others. Leading players are investing in technologies to enhance safety, efficiency and accessibility of veterinary treatments.
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