Veterinary Services Market to hit USD 160.9 billion by 2030, says Global Market Insights Inc. – GlobeNewswire
Selbyville, Delaware, June 15, 2022 (GLOBE NEWSWIRE) —
The veterinary services market value is expected to reach USD 160.9 billion by 2030, according to a new research report by Global Market Insights Inc. Increasing preference for advanced pet treatment across the world is expected to boost the market size.
The availability of advanced medical facilities for pets, mobile pet grooming services, and pet insurance will positively impact industry revenue. Moreover, companies operating in the market are currently focusing on geographical expansion especially in emerging market to explore untapped potential. Strategic partnership and collaboration are major strategies adopted by companies to strengthen their service portfolio and customer base to gain significant market share and competitive edge over other players in the market.
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Surgery segment surpassed USD 17.8 billion in 2021. This is attributed to increasing awareness and growing number of veterinarians especially in developed countries such as U.S. and Germany among others. For instance, in 2020, according to the American Veterinary Medical Association, 118,624 veterinarians are practicing in the U.S. alone. Thus, rising number of veterinarians will increase the demand for vet services.
Some major findings of the veterinary services market report include:
- Increasing adoption of pet animals, growing demand for premium pet products and rising expenditure on veterinary care will drive pet care market expansion.
- Growing adoption rate of companion animals and availability of advanced veterinary services to curb the prevalence of animal derived human infections will foster the market demand.
- Rising government initiatives to control and prevent the outbreak of zoonotic diseases will fuel the APAC market progression.
Browse key industry insights spread across 130 pages with 112 market data tables & 14 figures & charts from the report, “Veterinary Services Market Analysis By Service Type (Diagnostic Tests & Imaging Physical Health Monitoring, Surgery), Animal Type (Companion Animal, Farm Animal), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
Companion animal is set to cross USD 99.5 billion by 2030. This is owing to increasing trend of adopting companion animals and availability of various veterinary services. Thus, availability of advanced veterinary services to curb the prevalence of animal derived human infections coupled with rise in pet care spending & adoption will favor the market growth.
Veterinary services market in Asia Pacific region is projected to witness 7.4% CAGR during the forecast timeframe due to increased focus and awareness of government regarding early detection and eradication of animal disease. At municipal level, cities also enacted companion animals regulations mandating microchipping and vaccination of dogs. Thus, such rising awareness and to control and prevent the outbreak of zoonotic diseases will propel the regional market trends.
A few notable companies operating in the veterinary services market include Mars, Incorporated, IDEXX Laboratories, Inc, CVS Group plc, VetPartners, Pets at Home Group plc, PetIQ, LLC., Greencross Vets, and CityVet Inc. Industry players are focusing on various strategies such as acquisitions, business expansion and novel product launches to consolidate their market presence.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.