The veterinary services market is witnessing robust growth, expected to increase from $138.94 billion in 2023 to $148.77 billion in 2024 at a CAGR of 7.1%. This surge is driven by trends such as growing pet ownership, the humanization of pets, urbanization, and rising popularity of companion animal insurance.
The market will experience steady growth, expanding to $194.28 billion by 2028 with a CAGR of 6.9%. Key drivers include the growing demand for preventive and wellness services, an increase in specialized veterinary care, the adoption of the One Health approach, and the rise of e-commerce for pet pharmaceuticals. Significant trends shaping the sector include technological innovations, telemedicine and remote consultations, advancements in veterinary medicine, the expansion of telehealth for pets, and a continued focus on preventive care strategies.
Global meat production is on the rise, further supporting the growth of the market. According to the U.S. Department of Agriculture, beef production in the USA reached 27.5 billion pounds in 2020, marking a record high. Developing nations, including China, India, and Brazil, are also experiencing a surge in meat production due to increasing populations and income levels. By 2027, meat and poultry production in emerging markets is expected to grow by 76%, and by 2050, China’s meat imports are projected to skyrocket by over 3,500% to $150 billion. This rapid growth in meat consumption is expected to drive demand for veterinary services and feed additives to ensure animal health and food safety.
Major companies operating in the market report are Mars Inc., Zoetis Inc., VCA Inc., IDEXX Laboratories Inc., Qiagen N.V., Pets at Home Group PLC, BluePearl Pet Hospital, Dechra Pharmaceuticals plc, PetIQ LLC, CVS Group Plc, Banfield Pet Hospital, Neogen Corporation, Vetpartners, Greencross Limited, National Veterinary Associates Inc., Pathway Vet Alliance LLC, Ethos Veterinary Health LLC, Southern Veterinary Partners, VetCor, VetStrategy, National Veterinary Care Ltd., VetnCare, PetVet Care Centers, Kremer Veterinary Services, Armor Animal Health, Addison Biological Lab Inc., FirstVet AB, Vetnovo.
North America Leading The Veterinary Services Market
North America was the largest region in the veterinary services market in 2023. Asia-Pacific was the second-largest region in the market. The regions covered in the market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Source:
https://www.thebusinessresearchcompany.com/report/veterinary-services-global-market-report
