Veterinary Services Market is projected to expand at a CAGR of around 8% during 2022 – 2032 | FMI
The Veterinary Services Market revenues is estimated at US$ 109.3 Bn in 2022 and is anticipated to grow at a CAGR of 8.4% from 2022-2032, according to a recently published Future Market Insights report. By the end of 2032, the market is expected to reach US$ 244 Bn.
The market for medical veterinary services is anticipated to grow with a high year-to-year growth rate of 8.4%. It is fueled by rises in zoonotic and food-borne parasite infections. Medical veterinary services are crucial in keeping animal welfare and human health as well as ensuring the market’s sanitary safety.
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The increasing number of government projects aimed at ensuring food and nutrition security as well as bio-security are predicted to hasten the adoption of veterinary treatment in livestock around the world. The OIE, for example, is concerned about food safety and has released guidelines on a regular basis to remove biological risks linked with farm checks, pre-slaughter, pre-processing, and processing stages.
Market growth is expected to be fueled by the growing demand by production animal type. The APAC regions can be projected to be the most lucrative region in this market during the forecast period, 2022- 2032.
Pets in Japan, for example, have a longer lifespan, making them more susceptible to knee/hip or elbow/shoulder disorders associated with old age as well as trauma. This is supposed to drive the veterinary orthopaedics market in Japan. Besides, the proportion of veterinarians in Japan who have pets and other small animals is growing, creating a potential growth for the market. The requirement for veterinarians and their services is expected to rise in India as a result of the increased demand for products such as meat and milk as a result of the rising population, which is resulting in livestock rearing.
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Key Takeaways from the Market Study
• Global Veterinary Services market is expected to reach a market size of US$ 244.4 Bn by 2032.
• In 2022, North America to contribute more than 42% market revenue.
• Companion animal segment in the animal type is expected to grow at the highest rate of 8.6% CAGR.
• Among regions, the market in APAC is expected to register highest growth of 9.5% in the coming ten years.
A number of regional and global players operate in this market. These companies compete based on the innovation of their products, their quality, their brand reputation, and their market presence in order to sell their products through various industries. A variety of strategies are being employed by companies to remain competitive.
• In June 2021, The Seven Hills Veterinary Hospital, for example, monitored the number of referrals for urgent treatment in its phones
placed under emergency or urgent cases and noted a surge in that category.
• In April 2020, VetPartners Pty. Ltd. announced the acquisition of National Veterinary Care Ltd. paying US$ 251.5 Mn.
• In December 2020, Mars’ Linnaeus division purchased five specialty referral centres from Pets at Home in the United Kingdom for US$ 132.2 Mn.
More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the Veterinary Services market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032. The study reveals essential insights on the basis of animal type across five regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
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• Genesis Healthcare
• Brookdale Senior Living Solutions
• Lincare, Inc.
• The Ensign Group, Inc
• Sunrise Senior Living, LLC
• Life Care Services
• Golden Living Centers
• LifeCare Centers of America Corporate
• Peninsula behavioral health
• Sava Senior Care Administrative Services LLC
• North America
• Asia Pacific
• Middle East & Africa
• Latin America
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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