The global veterinary services market is anticipated to generate significant revenue from 2018 to 2025 (forecast period), according to a report on Radiant Insights, Inc. High prevalence of zoonotic diseases is projected to drive market growth during the forecast period. Rising demand for diagnostic centers and adoption of pets are expected to further augment the market. Demand for reimbursement policies covering animal diseases can also positively influence the market in the forthcoming years.
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Investment in R&D by companies to increase the efficacy of diagnostic kits can boost the market for veterinary services. Launch of portable imaging equipment with extended battery life to manage animal diseases in rural areas can benefit the market in terms of expansion. In addition, development of information management systems, mobile applications, and vaccine banks can augur market growth over the forecast period.
Demand for animal meat is also expected to play a major role in the development of the market. Advancements in automation of diagnostic tests and other methods to make them cost-effective for patients are anticipated to augur market volume during the forecast period. Adoption of big data technologies and wearables to predict the probability of maladies can disrupt the market. Emerging options of stem cell therapy to treat orthopedic disorders and formation of premium plans due to rise in pet ownership numbers can open up new avenues for the market.
The worldwide veterinary services market is segmented by type, application, and region. By type, the market is divided into veterinary devices and drugs. By application, it is bifurcated into veterinary clinics and hospitals.
On the basis of regions, the veterinary services market is categorized into China, India, Japan, Southeast Asia, United States (U.S.), and European Union (EU). The U.S. market for veterinary services is anticipated to expand at a robust growth rate due to growing number of pet owners.
The EU veterinary services market is characterized by high adoption of pets and emphasis on animal health. Countries such as Spain, U.K., France, and Germany possess high potential due to increased pet expenditure and upsurge in livestock population. The growth in dog and cat population and presence of affordable clinics can bode well for the global market.
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Key players in the veterinary services market include Banfield Pet Hospital; CVS Group plc; Greencross Vets Pty Ltd.; VCA Inc.; and Animal Medical Center Inc. Mergers and acquisitions (M&A) is one of the chief business strategies used by most companies to gain a competitive edge in the market. to put this into perspective, in September 2017, CVS Group; one of the largest integrated veterinary service providers in the U.K., acquired B&W Equine Vets to increase its reach within the region and to provide superior veterinary services.
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