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 adoption of veterinary services worldwide. In addition, increasing pet adoption is one of the primary growth stimulants for the market.
In addition, 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 veterinary services market. Veterinary services play a critical role in risk aversion and facilitates implementation of various guidelines issued by regulatory authorities to maintain overall food safety. It also facilitates investigation of animal disease outbreaks and implementation of remedial measures after 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 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 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 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.