The global veterinary services market size is expected to reach USD 142.04 billion by 2025, according to a new report by Grand View Research, Inc., experiencing a CAGR of 5.6% during the forecast period. Rising concerns regarding food security and safety are encouraging the adoption of veterinary services worldwide. In addition, increasing pet adoption is one of the primary growth stimulants for the market.
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In addition, the advent of risk-based management systems, designed to analyze real-time fluctuations in food-borne and zoonotic disease prevalence, is widening the scope for growth of the veterinary services market. Veterinary services play a critical role in risk aversion and facilitate the implementation of various guidelines issued by regulatory authorities to maintain overall food safety. It also facilitates investigation of animal disease outbreaks and the implementation of remedial measures after the identification of an outbreak. The aforementioned factors are expected to help the market gain tremendous momentum over the coming years.
Further key findings from the report suggest:
• Production animal accounted for the largest share in the market in 2017 owing to high adoption of facilities for livestock to maintain biosecurity
• Cattle was the leading revenue contributor among production animals in 2017 owing to increasing penetration of services such as hoof care and artificial insemination
• The companion animals segment is projected to expand at a lucrative rate during the forecast period owing to an unprecedented increase in their adoption for associated health benefits for humans such as greater psychological stability, lower blood pressure, and reduced anxiety attacks
• North America dominated the global veterinary services market in 2017 as a result of the local presence of private veterinarians that directly supply these services to consumers
• Asia Pacific is anticipated to register an exponential CAGR during the same period owing to strong clinical urgency to curb the high incidence of zoonotic diseases and management of sudden disease outbreaks such as Ebola and swine influenza
• The market is highly fragmented in nature and the key participants adopt strategies such as regional expansion to gain competitive advantage. For instance, in June 2018, Mars Petcare acquired AniCura and Linnaeus to broaden its geographical presence in the U.K. and Sweden respectively.
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Grand View Research has segmented the global veterinary services market on the basis of animal type and region:
Veterinary Services Animal Type Outlook (Revenue, USD Million, 2014 - 2025)
• Production Animal
o Cattle
o Artificial Insemination
o Hoof Care
o Diagnostic Services
o Others
o Poultry
o Biosecurity
o Reproductive Consulting
o Diagnostic Services
o Others
o Swine
o Biosecurity
o Reproductive Consulting
o Diagnostic Services
o Others
o Others
• Companion Animal
o Dogs
o Dental Care
o Vaccinations
o Grooming
o Diagnostic Services
o Others
o Cats
o Dental Care
o Vaccinations
o Grooming
o Diagnostic Services
o Others
o Horses
o Hoof Care
o Dental Care
o Artificial Insemination
o Grooming
o Others
o Others
Veterinary Services Regional Outlook (Revenue, USD Million, 2014 - 2025)
• North America
o The U.S.
o Canada
• Europe
o The U.K.
o Germany
o France
o Italy
o Spain
• Asia Pacific
o Japan
o China
o India
• Latin America
o Brazil
o Mexico
• Middle East & Africa
o South Africa
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.