Veterinary Services Industry to Expand 2.4X, Reaching USD 244.4 Billion by 2032 at an 8.4% CAGR

The global veterinary services industry is set for remarkable growth, with its valuation increasing from USD 102.3 billion in 2021 to an estimated USD 244.4 billion by 2032. According to a report by FMI, the market is expected to expand at a compound annual growth rate (CAGR) of 8.4% from 2022 to 2032, significantly outpacing historical growth rates and underscoring the rising demand for comprehensive animal healthcare services.

The surge in market growth is driven by the increasing adoption of pets, growing awareness of animal health, and advancements in veterinary diagnostics and treatment technologies. Factors such as rising expenditure on pet care and livestock health management, coupled with a growing focus on preventive care, are propelling the market forward.

In addition to traditional services, emerging areas such as telemedicine, advanced surgical interventions, and personalized veterinary care are creating new opportunities for providers. The integration of innovative technologies and digital solutions is transforming the industry, offering improved diagnostic accuracy and streamlined service delivery for veterinarians and pet owners alike.

A Full Report Overview – https://www.futuremarketinsights.com/reports/veterinary-services-market

Key Takeaways:

• Market Growth: The veterinary services market is expected to grow 2.4X, from USD 102.3 billion in 2021 to USD 244.4 billion by 2032, at a CAGR of 8.4%.
• Market Drivers: Increased pet adoption, rising demand for advanced veterinary care, and growing awareness of animal health are key growth drivers.
• Innovation Impact: Telemedicine, digital diagnostics, and personalized treatments are revolutionizing veterinary services.
• Future Outlook: The market’s robust growth highlights significant opportunities for veterinary clinics, service providers, and technology innovators to meet the evolving needs of animal health.

As the veterinary services market continues its upward trajectory, it presents immense potential for stakeholders across the animal health ecosystem to enhance care standards, embrace innovation, and support healthier lives for pets and livestock worldwide.

Competitive Analysis

The key players such as Mars Inc, Greencross Ltd, National Veterinary Care Ltd, Pets at Home Group PLC, CVS Group PLC

Some of the recent developments of key Veterinary Services providers are as follows:

• 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.

Similarly, recent developments related to companies offering Veterinary Services have been tracked by the team at Future Market Insights, which are available in the full report.

Market Segments Covered In Veterinary Services Industry Analysis

By Animal Type:

• Production Animal
  • Cattle
  • Poultry
  • Swine
  • Other Production Animals
• Companion Animal
  • Dogs
  • Cats
  • Horses
  • Other Companion Animals

By Region:

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America

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Author By:

Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.

Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.

Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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