March 1, 2024

The Global Veterinary Services Market powered by rising pet ownership

Veterinary services include medical care services for companion animals such as dogs, cats, and other domesticated animals. Veterinary services play a vital role in maintaining the health and well-being of pets. Rapidly increasing pet ownership, primarily in developed economies, along with growing awareness about animal health and welfare, has propelled the demand for veterinary services over the past few years. Veterinary clinics provide a wide range of medical services including vaccinations, spaying/neutering, diagnostic tests, surgeries, and other advanced treatments. They also offer pet healthcare consultation, behavior counseling, and sell pet medications. The growing human-animal bond and perception of pets as family members have made people more willing to spend on their pets’ healthcare.

The global Veterinary Services Market is estimated to be valued at US$ 130.16 Bn in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Pet health insurance and advanced pet care facilities are some of the major trends witnessed in the veterinary services market. Pet health insurance helps cover veterinary costs and encourages more veterinary visits. Several private insurers offer customized insurance plans for dogs, cats, and other pets. Advancements in veterinary medicine technologies such as digital x-rays, ultrasound equipment, MRI and CT scanners have made it possible to provide improved diagnosis and treatments for pets at veterinary clinics. Mobile veterinary services have also gained popularity as they provide on-site services at customer’s homes or farms. Growing demand for specialist veterinarians like veterinary oncologists, ophthalmologists, and dentists indicate rising demand for advanced pet care. These trends are expected to propel the veterinary services market during the forecast period.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the veterinary services market is moderate. Setting up veterinary clinics requires substantial capital investment and obtaining regulatory approvals can be challenging. However, the veterinary services market is growing which attracts new veterinarians to set up their own practice.

Bargaining power of buyers: The bargaining power of buyers is moderate. Veterinary services are essential for animal health and buyers have options to choose from multiple veterinary clinics and hospitals in a region. However, switching costs for buyers are lower if they are not satisfied with a particular veterinary service provider.

Bargaining power of suppliers: The bargaining power of suppliers is low. There are many suppliers for veterinary medicine, surgical equipment, and other supplies required in this market. This reduces dependence on a single supplier.

Threat of new substitutes: The threat of new substitutes is low. There are no major substitute services available for pet healthcare needs. While home remedies or over-the-counter products are available, they cannot replace professional vet consultation and medical procedures.

Competitive rivalry: The competitive rivalry in the veterinary services market is high. The market is fragmented with presence of many private practitioners and institutional veterinary clinics. Service providers compete on offering varied expertise, digital services, affordable pricing as well as customer service.

Key Takeaways

The Global Veterinary Services Market Share is expected to witness high growth over the forecast period of 2024 to 2031. The global Veterinary Services Market is estimated to be valued at US$ 130.16 Bn in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period 2024 to 2031.

Regionally, North America dominated the market in 2024 with a share of over 35% owing to high pet ownership and expenditure on pet healthcare in countries like the US and Canada. However, Asia Pacific is expected to grow at the fastest pace during the forecast period due to rising pet adoption, increasing disposable incomes, and growing awareness about pet health in emerging countries of the region.

Key players:

Key players operating in the Veterinary Services market are Fagron Sterile Services US, New Drug Loft & VLS Pharmacy, Nora Apothecary, Lifecare Pharmacy, Avella Specialty Pharmacy, Triangle Compounding Pharmacy, O€TMBrien Pharmacy, Tache Pharmacy, Northmark Pharmacy, Edge Pharma, and ImprimisRx. These players are focusing on expanding their service portfolios and geographic reach through collaborations with local veterinary clinics.

*Note:
1.      Source: Coherent Market Insights, Public sources, Desk research
2.      We have leveraged AI tools to mine information and compile it