Veterinary Services Market Size By Service Type (Diagnostic Tests And Imaging, Physical Health Monitoring, Surgery), By Animal Type (Companion Animal, Farm Animal), Industry Analysis Report, Regional Outlook, Covid-19 Impact Analysis, Application Potentia

Veterinary Services Market Size By Service Type (Diagnostic Tests And Imaging, Physical Health Monitoring, Surgery), By Animal Type (Companion Animal, Farm Animal), Industry Analysis Report, Regional Outlook, Covid-19 Impact Analysis, Application Potential, Competitive Market Share & Forecast, 2022 - 2030

The veterinary services market is expected to grow enormously by 2030 owing to growing awareness of veterinary services for the physical and mental well-being of animals. In addition, mounting rate of cattle grazing animals, farm animals, and companion animals like dogs, cats, etc., across the globe is likely to propel market growth over the forecast period.

During the COVID-19 pandemic, restrictions on movement and business operations posed a threat to market growth. However, rising awareness of grooming and medical services among pet owners and food animal farmers has extended market reach. Additionally, several government initiatives to promote animal health have further augmented industry growth.

In February 2022, for instance, the United States Department of Agriculture introduced the Veterinary Services Grant Program (VSGP) to eradicate the shortage of veterinary services in the U.S. VSGP aims to educate, provide extension activities, and practice enhancement initiatives for veterinarians to gain special skills and provide veterinary services in assigned rural areas with veterinarian shortage.

Moreover, key participants in the veterinary services market have been engaging in various growth strategies, such as collaborations and partnerships, along with specialization in different segments to gain a competitive edge in the sector. For instance, in August 2021, Ethos Veterinary Health, a prominent veterinary services organization, and National Veterinary Associates (NVA), a global community of veterinary hospitals, announced their partnership to advance veterinary medicine. NVA also invested approximately $10 million in Ethos Discovery to improve diagnostic and therapeutic treatment for complex medical conditions in animals.

To cite another instance, in January 2022, IDEXX Laboratories Inc., a healthcare services firm, announced the expansion of its reference laboratory in the U.S. and Canada, which enables veterinarians to excel in diagnosing and treating cancer. The laboratories provide liquid biopsy tests with DNA sequencing technology, diagnostic panels for the biopsy of tissues, and novel diagnostic profiles to manage cancer therapy.

The veterinary services market has been bifurcated based on animal type, service type, and region.

In terms of service type, the veterinary services industry has been divided into physical health monitoring, diagnostic tests & imaging, surgery, and others. The others segment accounted for over $11.7 billion in revenue in 2021.

With regards to animal type, the market has been divided into farm animal and companion animal. In 2021, the farm animal segment held around 40.8% market share.

In the regional landscape, the Latin America veterinary services market held approximately 3.7% market share in 2021. Meanwhile, the veterinary services industry in the Middle East & Africa is anticipated to expand at more than 4.9% CAGR through the review timespan.