New York, United States, Feb.  12, 2024  (GLOBE NEWSWIRE) -- The digital transformation of a veterinary clinic makes it feasible to access patient records and provide care effectively. For example, technological advances allow veterinarians to do imaging tests, upload photographs to the cloud, and share them with any pathology lab anywhere globally. Additionally, veterinary imaging services now meet higher standards because of the digitalization of clinical operations. Furthermore, they can freely spend money on providing their dogs with top-notch medical treatment thanks to the growing affection between pet parents and their animals, rising disposable income, and expanding market penetration of different pet insurance plans.

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Growing Frequency of Various Animal Diseases Drives the Global Market

According to Straits Research, “The global veterinary services market size was valued at USD 97,350.90 million in 2022. It is projected to reach USD 182,009.07 million by 2031, growing at a CAGR of 7.20% during the forecast period (2023-2031).” Animals can contract several ailments, such as cysts, arthritis, periodontal diseases, cancer, and gastrointestinal disorders, including diarrhea, coccidiosis, melena, dyspepsia, and bowel obstruction. The growing burden of different animal diseases worldwide is expected to drive growth in the market under research. In 2019, almost 37.6% of occurrences involving young animals in Russia were linked to gastrointestinal disorders, according to a 2020 paper by V N Makarova et al. titled "Etiology and diagnosis of the gastrointestinal and respiratory diseases of calves in the farms of the Vologda region." Nearly 46.6% of calves born over the previous five years had, on average, been impacted.

Rise in Animal Adoption Creates Tremendous Opportunities

Farm animals like pigs and cattle have grown significantly. Industrialized nations account for a disproportionately large part of pet ownership because of favorable economic conditions and other factors. For instance, according to the American Pet Products Association (APPA), 85 million American families, or 67% of households, had a pet as of the 2019-2020 National Pet Owners Survey. More than 91.49 million dogs and cats were maintained as pets in China's cities in 2017, making up 9% of the 813.47 million urban dwellers in the country, according to the Chinese Pet Industry 2018 White Paper.

Regional Analysis

North America is the most significant revenue contributor and is anticipated to exhibit a CAGR of 6.95% over the projected period. The United States is expected to maintain its market share due to increased pet adoption and rising per capita spending on veterinary care. The rise in the frequency of various animal ailments and injuries has also been cited as fueling the market's expansion. In March 2021, Farmer's Business Network announced the opening of its animal nutrition and wellness platform in the US. An autonomous farmer-to-farmer network is called Farmer's Business Network. The group said that its members in select states would have access to dairy, swine, and beef cattle services thanks to a collaboration with Southwest Veterinary Services.

Europe is anticipated to grow at a CAGR of 6.50% during the forecast period. The growth of the German market can be attributed to the creation of new products and the increasing adoption of pets. Additionally, as of 2019, there were approximately 26,053.4 pigs and 11,639,532 cattle in Germany, according to estimates from the Federal Statistical Office of Germany (Federal Statistical Office). With so many companion and livestock animals in the country, veterinary services are expected to rise soon. By November 2020, Destatis expected 20,500 German farms.

Key Highlights

Competitive Players

The Top 10 players in the global veterinary services market's are CVS Group PLC, Ethos Veterinary Health, Greencross Vets, Idexx Laboratories Inc., Mars Inc., Pets at Home Group PLC, Armor Animal Health (Animart), Kremer Veterinary Services, FirstVet AB, and CityVet Inc.

Market News

Global Veterinary Services Market: Segmentation

By Service

By Animal Type

By Regions

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Global Veterinary Services Market Size is Projected to

The global veterinary services market size was valued at USD 97,350.90 million in 2022 and is projected to reach USD 182,009.07 million by 2031, growing at a CAGR of 7.20% during the forecast period (2023-2031). This growth is driven by the growing frequency of various animal diseases, the rise in animal adoption, and the increasing adoption of pets in industrialized nations.