Veterinary Services Global Market Report 2022

Major companies in the veterinary services market include IDEXX Laboratories, Pets at Home Group PLC, National Veterinary Associates, Greencross Limited, Qiagen N.V., CVS Group Plc, The Animal Medical Center, Dechra Pharmaceuticals, and Neogen Corporation.

The global veterinary services market is expected to grow from $116.49 billion in 2021 to $129.4 billion in 2022 at a compound annual growth rate (CAGR) of 11.1%. The market is expected to grow to $185.92 billion in 2026 at a compound annual growth rate (CAGR) of 9.5%.

The veterinary services market consists of sales of veterinary services and related goods by entities (organizations, sole traders, and partnerships) that provide veterinary services to pets, farm animals, and animals kept in zoos and wildlife parks. This industry includes animal hospitals and veterinary clinics that provide consultation services, treatment, curative medicines to animals.

The main types of veterinary services are animal hospitals and veterinary clinics, veterinary laboratory testing services.The veterinary laboratory testing services refer to the services that are provided to the animals to test a disease.

The types of services offered are onsite, and offsite and are used for livestock, and companion animals. The expenditure includes public, private.

North America was the largest region in the veterinary services market in 2021.Asia-Pacific was the second-largest region in the veterinary services market.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

Global meat production is expected to rise in the forecast period, supporting the growth of the veterinary healthcare market. According to the US Department of Agriculture, in 2020, beef production in the USA increased to 27.5 billion pounds, the highest production volume registered in the country. The rising meat production is especially prominent in developing countries such as China, India, and Brazil, where increasing population and rising income levels are stimulating the demand for meat products. By 2027, the production of meat and poultry in emerging markets is expected to increase by 76%. By 2050, China’s meat imports are expected to grow over 3,500% to $150 billion as consumption of chicken, pork and beef will surge due to the country’s rising middle class. The rising production of meat products supported by the growing population will increase the demand for feed additives in the livestock industry, driving the veterinary healthcare market

The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the veterinary services market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally.COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing.

The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China, and spread globally including Western Europe, North America, and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of ’lock down’ and the outbreak hurt businesses throughout 2020 and into 2021. However, it is expected that the veterinary services market will recover from the shock across the forecast period as it is a ’black swan event and not related to ongoing or fundamental weaknesses in the market or the global economy

Telemedicine is gaining traction as this technology enables pet owners to get access to quality care from remote locations.Telemedicine is a subset of Telehealth that includes remote clinical and non-clinical elements of the healthcare system.

It refers to the direct communication between veterinarians and clients via communication systems such as phone, mails, and video conference technologies.This technology also helps in improving existing veterinarian-client-patient relationships.

Busy lifestyles and consumers’ preference for personalized services are driving the demand for telemedicine services. For instance, some of the veterinary clinics offering telemedicine include Televet, Fuzzy Pet Health, and Healthpets

The countries covered in the veterinary services market include Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam.