The global Veterinary Healthcare Services market reached a value of about USD 43.7 billion in 2021. The industry is projected to grow at a CAGR of around 6.8% in the forecast period of 2022-2027 to reach a value of about USD 64.6 billion by 2027.
The global Veterinary Healthcare Services industry report gives a comprehensive analysis of the industry, including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. The rising demand for healthcare services for pets and cattle feed is driving the market growth. In the industry report, the key demand indicator is the highest category spender by region—North America and Europe.
Veterinary Healthcare Services is a medical speciality that deals with the prevention, management, diagnosis, and treatment of illnesses that impact the health of domestic and wild animals and the prevention of disease transmission from animals to humans. The Veterinary Healthcare Services industry report comprises segments by species (companion, ruminants, swine, poultry, and aquatic) and region (North America, Europe, Asia Pacific, the Middle East, and Africa, and South America).
North America and Europe hold a significant share of the market. North America is one of the world's most developed areas. It presently controls most of the veterinary healthcare industry, and this trend is likely to continue during the projection period. The growing number of partnerships, mergers, and acquisitions between organisations is also predicted to increase the market's growth. Furthermore, the region holds a dominant share of the global veterinary healthcare market due to the rising pet ownership, increasing advancement in animal healthcare facilities, rising animal healthcare expenditure, growing pet population, and a rising figure of firms introducing new products for companion animals. It is expected to maintain its growth during the forecast period.
The market is being driven by the rising adoption of pets and increased spending on their healthcare. Growing disposable incomes and lifestyle changes like the need for companionship are driving the market. Furthermore, the emergence of new illnesses presents the animal healthcare industry with undiscovered prospects. The animal healthcare industry is also fueled by the rising frequency of foodborne and zoonotic diseases. Also, with the growing consumption of animal products, agricultural techniques such as squeezing animals into smaller areas are frequently used, which eventually leads to the spread of dangerous illnesses furthering the industry's expansion. As a result, Companies in the animal health industry are boosting their research and development operations to find better treatments for existing and emerging illnesses.
However, with the high cost of diagnostic imaging equipment and veterinary pharmaceuticals and the high price of veterinary services, the market is expected to have a negative impact.
The global Veterinary Healthcare Services industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by major global Veterinary Healthcare Services regions, such as engagement models, contract terms, and buyer and supplier negotiation levers, among others.
Veterinary services are divided into four categories:
A veterinary hospital is a facility that provides medical care and treatment for animals and housing and confinement in outdoor pens, runs, and enclosures.
The industry is being propelled by the approval of new products linked to the treatment of animal illnesses. Public health organisations are focusing on novel alternatives and non-traditional data sources to increase disease monitoring. The market for Animal Healthcare categories would be driven by consumer desire for natural goods and food processor requirements for transparent labelling. The carotenoid industry would benefit from advancements in microencapsulation technology and packaging innovation. Animal vaccination programmes are widely implemented, and in certain countries, animal immunisation is mandated. Government officials engage with veterinarians to make plans to ensure that the best inventory is available in the fields for treating agricultural animals.
The regional markets for the industry can be divided into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.
To obtain a competitive advantage and help them stay competitive in the market, major corporations have implemented various business strategies, including regional development plans, mergers and acquisitions, and joint research efforts. Major enterprises have launched innovative goods, providing the market with a competitive advantage.
1. Executive Summary
2. Veterinary Healthcare Services Industry Snapshot
2.1. Veterinary Healthcare Services Market Outlook
2.2. Veterinary Healthcare Services Industry Analysis by Species
2.3. Regional Overview
2.3.1. North America
2.3.3. Asia Pacific
2.3.4. Latin America
2.3.5. Middle East & Africa
3. Impact of Recent Events
4. Veterinary Healthcare Services Value Chain Analysis
5. Veterinary Healthcare Services Production Process
6. Trade Analysis
7. Major Risk Factors in Sourcing
8. Veterinary Healthcare Services Cost Structure
9. Veterinary Healthcare Services Price Analysis
10. Key Demand Indicator Analysis
11. Key Price Indicator Analysis
12. Veterinary Healthcare Services Market Dynamics
12.1. Drivers & Constraints
12.2. Industry Events
12.3. Innovations & Trends
12.4. SWOT Analysis
12.5. Porter’s Five Forces
12.5.1. Buyer Power
12.5.2. Supplier Power
12.5.3. Threat of New entrants
12.5.4. Threat of Substitutes
12.5.5. Industry Rivalry
13. Industry Best Practices
13.1. Sourcing Strategy
13.2. Procurement Model
13.3. Contract Structure
13.4. Negotiation Levers
13.5. Pricing Model
13.6. Key Factors Influencing the Quotation
14. Key Supplier Analysis
14.1. Zoetis Inc
14.2. Elanco Animal Health Inc
14.3. Clinglobal International Ltd.
14.4. Envigo Inc
14.5. Horizon Discovery Ltd
The global Veterinary Healthcare Services market size was valued at USD 43.7 billion in 2021.
As per the application provided, the companion animals segment is anticipated to lead the market between 2022 and 2027.
The significant demand for healthcare services for pets and cattle feed is one of the essential drivers of the Veterinary Healthcare Services market growth.
Zoetis Animal Healthcare, Elanco Animal Health, PPD Inc, Clinglobal International Ltd., and Boehringer Ingelheim are a few of the leading companies in the market.
The North America and Europe region of the Veterinary Healthcare Services industry holds a significant share in the market.
The global Veterinary Healthcare Services market attained a value of USD 43.7 billion in 2021, driven by the rising adoption of pets and increased spending on their healthcare. Growing disposable incomes and lifestyle changes like the need for companionship are driving the market. Furthermore, the emergence of new illnesses and the rising frequency of foodborne and zoonotic diseases is furthering industry growth. Aided by the approval of new products, increased disease monitoring, consumer desire for natural goods, and transparent labelling, the market is expected to witness further growth in the forecast period of 2022-2027, growing at a CAGR of 6.8%. The market is projected to reach USD 64.6 billion by 2027. Some of the leading players in the industry are Zoetis Animal Healthcare, Elanco Animal Health, PPD Inc, Clinglobal International Ltd., and Boehringer Ingelheim.
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