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Veterinary Services Market is Estimated to Witness High Growth Owing to Rising Demand for Pet Care

Veterinary Services Market

The veterinary services market includes products and services related to animal care and treatment. Veterinary care involves prevention, diagnosis, and treatment of diseases in animals. Services offered by vet clinics include vaccination, surgical procedures, dentistry, diagnostic imaging, chiropractic, and grooming. Vet clinics also dispense medications prescribed by veterinarians. The growing companion animal population worldwide has increased the demand for veterinary services. Pet owners are increasingly aware about their pets' healthcare needs and willing to spend more on vet treatments and products.

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.

Key Takeaways

Key players operating in the veterinary services 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. The growing pet adoption in emerging nations presents significant opportunities for players in the form of access to new geographic markets. The rising veterinary infrastructure worldwide along with expanding veterinary professional services will drive global expansion of the market over the next few years.

Market drivers

The key driver for the Veterinary Services Market Growth is the rising demand for pet care. People are increasingly treating pets as members of their families and thus willing to spend more on their healthcare. Growing pet healthcare expenditure is a major factor fueling the services market. Moreover, rising breed-specific genetic disorders and increasing incidence of zoonotic and infectious diseases are other factors boosting demand for veterinary treatments and services.

PEST Analysis

Political: Veterinary Service providers have to comply with stringent regulations around animal medicine, healthcare and safety. Any changes to regulations can impact their business operations.

Economic: The economic growth and spending on animal health affect demand for veterinary services. During recession, pet owners may curb spending non-essential vet care.

Social: People are treating pets as family members and willing to spend more on their healthcare. This increases opportunities for vet clinics.

Technological: Use of technology like electronic health records, digital x-rays and mobile clinics help improve access and efficiency of service delivery. Advanced diagnostic tools assist in more accurate diagnosis and treatment Veterinary Services Market Analysis.

Geographical Regions with High Market Concentration

North America accounts for the largest share of the global veterinary services market, primarily due to high pet adoption and growing expenditure on pet health. The US is the major revenue generator owing to aggressive pet healthcare plans and rising number of veterinary practices. Europe is the second largest region supported by increasing number of veterinarians and stringent laws regarding animal welfare in countries like the UK, Germany, France and Italy.

Fastest Growing Regional Market

The Asia Pacific region is expected to grow at the fastest pace during the forecast period. This is attributed to factors like rising disposable incomes, rapid urbanization and growing pet population in India and China. Also, expanding veterinary infrastructure and increasing awareness about pet wellness are driving the regional market. Improvement in animal healthcare standards and government initiatives to promote animal welfare will further support market growth in Asia Pacific.

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About Author:

Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups.

(LinkedIn: https://www.linkedin.com/in/vaagisha-singh-8080b91)

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