Veterinary Services Market Analysis Report By Animal Type (Production (Poultry, Cattle, Swine), Companion (Cats, Dogs, Equine)), By Region (APAC, North America, Europe), And Segment Forecasts, 2018 - 2025

Industry Insights

The global veterinary services market size was valued at USD 91.78 billion in 2017. It is anticipated to witness a CAGR of 5.6% during the forecast period. Rising prevalence of zoonotic and food-borne diseases is one of the key trends stimulating market growth. Veterinary services play an important role in protecting animal health and welfare and ensuring the safety of animals during transportation.

In addition, it also aids safeguarding public health and ensuring food safety across the globe. According to the article published by the Organization for Animal Health (OIE), demand for animal source foods is growing globally. This includes the demand for meat, which is expected to reach 445 million tonnes by 2050.

Moreover, it is seen as a preventive approach to counter zoonotic diseases within the livestock population, thereby fueling growth prospects. Increasing number of government initiatives to ensure food security and biosecurity is projected to expedite the adoption of veterinary services in livestock globally. To put this in perspective, OIE is focused on maintaining food safety and have been consistently issuing guidelines to eliminate potential biological hazards and risks associated with checks on-farm, pre-slaughter, pre-processing, and processing stages.

Furthermore, a sharp rise in the pet population globally in recent times has also led to a greater demand for veterinary services. Veterinarians and veterinary service providers are undertaking consistent efforts to ensure animal welfare, thus encouraging pet owners to incline towards these services.

Widening base of both pet and livestock population is leading to an increased demand for elderly pet care. Moreover, a rising number of pet owners are perceiving pets as an important part of the family. This is resulting in an upswing in expenditure on pet care. These factors along with the rising disposable income of people worldwide are providing an upthrust to the market.

Animal Type Insights

On the basis of animal type, production animal dominated the market in 2017. Rising concerns regarding food safety and sustainability by government healthcare organizations globally are supplementing the growth of the segment. Policymakers in various countries are striving to achieve total food security, which augments large-scale food production and results in greater rearing of livestock.

Policies are focused on long-term sustainability that can be achieved through a combination of improving productivity and greater attention to livestock veterinary healthcare. According to the Food and Agriculture Organization, in emerging economies, animal-based food products account for one-third of human protein consumption. This is leading to an increase in livestock productivity, which is critical to meet the dietary needs of the growing human population. These factors cumulatively are responsible for sizeable share represented by production animals in the veterinary services market during the forecast period.

Surging demand for efficient monitoring and awareness about epidemiology and pathogenesis of diseases in pets is prompting organizations, such as Companion Animal Parasite Council and European Scientific Counsel Companion Animal Parasites, to ensure appropriate measures are taken. These organizations also aim at maximizing productivity, focus on disease prevention, and improve the nutritional content of finished pet products.

Regional Insights

North America is likely to be the largest regional market throughout the forecast horizon, owing to several definitive measures taken by various government animal welfare organizations to improve veterinary services in the U.S. and Canada. In the U.S. expansion of new animal education programs, including non-traditional programs seeking accreditation, is estimated to improve access to these services, therefore widening the scope of adoption of veterinary services over the coming years.

On the other hand, Asia Pacific is poised to post the highest CAGR during the same period. Growing pet and livestock population in developed and emerging economies is one of the primary growth stimulants for the region. Furthermore, veterinary services are cost-effective in the long run as they help the rural population in preserving their livestock.

In Japan, the proportion of veterinarians catering to pets and other small animals is increasing, thus shaping the future of the market. Similarly, demand for veterinarians and their services is anticipated to increase in India owing to the upsurge in demand for products such as meat and milk as a consequence of the increasing population of the country.

Veterinary Services Market Share Insights

The market is highly fragmented in nature. Extensive animal welfare initiatives, mergers & acquisitions, and regional expansion strategies adopted by key players have supported the growth of the market. For instance, in May 2018, CVS Group Plc acquired Western Counties Equine Hospital. This acquisition was done to strengthen the company’s position in the horses segment.

Moreover, in September 2017, Mars Inc. acquired VCA Inc. for approximately USD 9.1 billion. The acquisition has strengthened the company’s foothold in the global market. Furthermore, in January 2018, National Veterinary Care Ltd. entered into binding agreements to acquire four clinics located in Queensland and Victoria.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional & country levels and provides an analysis of the industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global veterinary services market report on the basis of animal type and region:

• Animal Type Outlook (Revenue, USD Billion, 2014 - 2025)

  • Production Animal

    • Cattle

      • Artificial Insemination

      • Hoof Care

      • Diagnostic Services

      • Others

    • Poultry

      • Biosecurity

      • Reproductive Consulting

      • Diagnostic Services

      • Others

    • Swine

      • Biosecurity

      • Reproductive Consulting

      • Diagnostic Services

      • Others

    • Others

  • Companion Animal

    • Dogs

      • Dental Care

      • Vaccinations

      • Grooming

      • Diagnostic Services

      • Others

    • Cats

      • Dental Care

      • Vaccinations

      • Grooming

      • Diagnostic Services

      • Others

    • Horses

      • Hoof Care

      • Dental Care

      • Artificial Insemination

      • Grooming

      • Others

    • Others

• Regional Outlook (Revenue, USD Billion, 2014 - 2025)

  • North America

    • The U.S.

    • Canada

  • Europe

    • The U.K.

    • Germany

    • France

    • Italy

    • Spain

  • Asia Pacific

    • Japan

    • China

    • India

  • Latin America

    • Brazil

    • Mexico

  • Middle East & Africa

    • South Africa