Veterinary Services Market Size to worth US$ 192.98 Billion by 2031, Coherent Market Insights

Veterinary Services Market Size to worth US$ 192.98 Billion by 2031, Coherent Market Insights

According
to Coherent Market Insights, the global
veterinary services
market
size is estimated to be valued at USD 118.24 billion in
2024 and is expected to surpass USD 192.98 billion by 2031, growing at a CAGR
of 7.2% from 2024 to 2031.

Rising pet
population and increasing animal health expenditure will aid in driving
veterinary services market demand. According to the American Pet Product
Organization, the U.S. pet population is increased to 90 million pet dogs and around
120 million pet cats. It reflects the popularity of pet ownership across
various economies. This burgeoning pet population has raised awareness regarding
animal health. Preventive veterinary care services such as diagnosis and vaccination
will also fuel demand.

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Technological
advancement is revolutionizing the veterinary sector. It helps in improving animal
health. AI is at the forefront, it transforms illness detection and diagnosis
in animals.

Market Trends

Increasing pet
insurance coverage trends will aid in fueling revenue in the veterinary
services market. Pet owners are adopting pet insurance plans. These plans provide
veterinary services benefits. Surgical procedures, diagnostic tests, and
prescription medicines are some services that are included in the insurance
coverage. It will help in providing financial protection and offers advanced
veterinary treatments.

According to the
North American Pet Health Insurance Association, the number of pets covered by
insurance increased from 1.6 million pets in 2016 to nearly 3 million pets in
2021 in the U.S. and Canada.

Veterinary
Services Market Report Coverage

Report
Coverage

Details

Market
Revenue in 2024

$118.24
billion

Estimated
Value by 2031

$192.98
billion

Growth
Rate

Poised
to grow at a CAGR of 7.2%

Historical
Data

2019–2023

Forecast
Period

2024–2031

Forecast
Units

Value
(USD Million/Billion)

Report
Coverage

Revenue
Forecast, Competitive Landscape, Growth Factors, and Trends

Segments
Covered

By
Service Type, By Animal Type

Geographies
Covered

North
America, Europe, Asia Pacific, and Rest of World

Growth
Drivers


Increasing Demand for Veterinary Services


Increasing Partnerships Among Key Market Players

Restraints
& Challenges


Lack of Awareness in Developing or Under-developed Economies


Shortage of Veterinary Practitioners

Demand for
specialized veterinary care services is also on the rise with growing
recognition of animal welfare. Examples include veterinary cardiology,
oncology, ophthalmology and rehabilitation services. Leading private veterinary
practices are making significant investments in specialized diagnostic
equipment and surgical facilities to attract discerning pet owners. This focus
on specialized care will support market expansion over the forecast period.

Market Opportunities

Diagnostic test
and imaging services segment is expected to account for over 30% share in 2024.
This is attributed to growing pet adoption and rising awareness regarding
animal health. Diagnostic imaging allows veterinarians to diagnose various
diseases and injuries in pets without invasive procedures. X-rays and
ultrasound scans are commonly used imaging techniques. The segment is expected
to exhibit a CAGR of 8% during the forecast period.

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Preventive care
services include vaccination, spaying/neutering, dental care, flea and tick
control, and heartworm prevention. This segment is growing rapidly due to
rising awareness about preventive healthcare for companion animals. Regular
vaccination helps protect pets from several contagious diseases. Spaying/neutering
reduces the risk of reproductive cancers and unwanted litters. The preventive
care services segment is projected to rise at a CAGR of over 6% till 2031.

Key Market
Takeaways

The global
veterinary services market is set to soar at 7.2% CAGR from 2024 to 2031. Increasing
pet healthcare expenditure and rising pet ownership will help in boosting
demand.

Based on type,
diagnostic test and imaging segment is likely to account around 30% of the
market share in 2024. Rising demand for diagnostic procedures will drive the
demand further.

By animal type,
companion animal segment is expected to dominate the market during the forecast
period. High spending on pet care is the primary factor that boosts demand.

North America is
expected to take centerstage in the market over the forecast period. This is due
to increasing per capita spending and well-established veterinary
infrastructure on pet care in this region.

Competitor
Insights

– CVS Group PLC

– Greencross
Vets

– Ethos
Veterinary Health

– Indexx
Laboratories Inc.

– Pets at Home
Group PLC

– CityVet Inc

– FirstVet AB

– Kremer
Veterinary Services

– Armor Animal
Health

– PetSmart LLC

– National
Veterinary Care Ltd.

Recent
Developments

In May 2024, SK
Telecom announced the launch of its AI-based veterinary X-ray image diagnosis
service ‘X Caliber’ in Australia.

In April 2024,
Veterinary Innovation Council announced the launch of new resources. These
resources will help in providing access to veterinary care to millions of pet
owners in underserved communities.

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Detailed Segmentation-

By Service Type:

    • Diagnostic Tests and Imaging
    • Physical Health Monitoring
    • Preventative Care
    • Others

By Animal type:

    • Companion Animal
    • Farm Animal

By Region: 

    • North America
    • Latin America
      • Brazil
      • Argentina
      • Mexico
      • Rest of Latin America
    • Europe
      • Germany
      • U.K.
      • Spain
      • France
      • Italy
      • Russia
      • Rest of Europe
    • Asia Pacific
      • China
      • India
      • Japan
      • Australia
      • South Korea
      • ASEAN
      • Rest of Asia Pacific
    • Middle East
      • GCC Countries
      • Israel
      • Rest of Middle East
    • Africa
      • South Africa
      • North Africa
      • Central Africa

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