Veterinary Services Market is Estimated to Witness High Growth Owing to Increasing Pet Ownership
The Veterinary Services market is estimated to be valued at US$ 112626.87 Mn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Veterinary services include various medical services and products which provide
care for animals. It involves diagnosis, treatment and preventive care for pets
and livestock. Veterinary services play a vital role in maintaining health of
animals and preventing spread of zoonotic diseases. With rising pet ownership
and humanization of pets, demand for veterinary care is increasing
significantly.
Market key trends:
One of the key trends driving the veterinary services market growth is rising
pet ownership. Increasing disposable incomes and changing social norms have led
to more households adopting pets. According to the American Pet Products
Association (APPA), U.S household pet ownership has grown from 65% to 67%
between 2019 and 2020. This has increased demand for various veterinary
services like vaccinations, check-ups and medical care for pets. Another factor
is advancement in veterinary care technology. Adoption of new technologies like
digital X-rays, advanced surgeries and pet insurance are pushing the market
growth. Growing awareness about animal welfare is also prompting more pet
owners to seek preventive and advanced medical care for their pets.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low due to high
investment requirement and stringent regulations by government agencies.
Existing players have established brand names, distribution channels and
technical expertise.
Bargaining power of buyers: The bargaining power of buyers is high due to
availability of alternatives and price sensitivity of buyers. Buyers can switch
to other substitutes if prices are not competitive.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as
suppliers have switching costs associated with certifications and testing of
new suppliers.
Threat of new substitutes: The threat of new substitutes is moderate as
alternate treatment and medication options are available.
Competitive rivalry: is intense among existing players.
SWOT Analysis
Strength: The veterinary services market is growing significantly due to rising
pet ownership and increase in per capita animal healthcare expenditure.
Weakness: Veterinary care is expensive for certain pet owners in developing
regions with limited financial means. Global shortage of veterinarians in some
regions.
Opportunity: Growth opportunities exist in emerging economies due to increasing
pet adoption and rising living standards. Technological advancements will drive
market growth.
Threats: Economic recession impacts discretionary spending on pet care.
Alternate treatment options pose competitive threats.
Key Takeaways
Global
Veterinary Services Market Demand is expected to reach US$ 112626.87 Mn
by 2030, growing at a CAGR of 6.9%
during the forecast period. Increasing pet adoption coupled with rising pet
healthcare spending drives market growth.
Regional analysis The North America region dominates
the veterinary services market and is expected to grow at a CAGR of 7.1% owing
to high pet ownership and spending on animal health. Asia Pacific market is
growing fastest at 7.5% CAGR due to increasing pet adoption in India and China
correlating to changing consumer lifestyles and rising incomes.
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