Veterinary Services Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Veterinary Services Global Market Report 2021: COVID 19 Impact and Recovery to 2030

  • February 2021 •
  • 400 pages •
  • Report ID: 6027730 •
  • Format: PDF
Major companies in the veterinary services market include VCA; Banfield Pet Hospital; Greencross Limited and CVS Group.

The global veterinary services market is expected to grow from $93.23 billion in 2020 to $107.21 billion in 2021 at a compound annual growth rate (CAGR) of 15%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $131.47 billion in 2025 at a CAGR of 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 veterinary services market is segmented into animal hospitals and veterinary clinics and veterinary laboratory testing services.

North America was the largest region in the global veterinary services market, accounting for 52% of the market in 2020.Western Europe was the second largest region accounting for 22% of the global veterinary services market.

Africa was the smallest region in the global veterinary services market.

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 which includes remote clinical and non-clinical elements of healthcare system.

It refers to the direct communication between veterinarians and client 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 is driving the demand for telemedicine services. For instance, some of the veterinary clinics offering telemedicine include Televet, Fuzzy Pet Health and Healthpets.

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 is expected to continue to have a negative impact on 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.

The 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, the beef production in the USA is expected to increase 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 growing population will increase the demand for feed additives in the livestock industry, driving the veterinary healthcare market.