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Global Veterinary Services Market – Segmented by Service, Animal Type, and Geography- Growth, Trends, and Forecast (2022-2030)
SKU ID : INH-13104427 | Publishing Date : 01-Jul-2018 | No. of pages : 108
The veterinary services market is expected to register a CAGR of 5.9% over the forecast period. Veterinary Services refers to all kinds of facilities, solutions, systems, and services targeted at animal health welfare, including hospitalization, dentistry, diagnostics, surgery, nursing, medication, medical devices, specialist referral, alternative therapies, and behavioral therapies performed by a veterinarian. Increase in animal adoption, rise in prevalence of animal diseases, growth in awareness regarding animal health, and increase in R&D and government initiatives are contributing to the growth of the market. However, high costs of certain products and services and the shortage of skilled personnel could adversely affect market growth.
Increase in Animal Adoption is Contributing to Market Growth
Rise in adoption of animals, including dogs and cats, as the favorite companions of human beings, as well as cattle and swine for various commercial purposes, is expected to propel the growth of the market, owing to the direct association of animal adoption with the demand for proper veterinary services. Developed countries represent a significantly large share in companion animal ownership, owing to favorable economic conditions and several other factors. For example, according to the 2017-2018 National Pet Owners Survey conducted by the American Pet Products Association (APPA), 68% of households, or about 85 million families in the United States, own a pet. It is also stated that 48% of the US population owns dogs, while 38% owns cats as pets.
In addition to the aforementioned factor, the rise in prevalence of various animal diseases, growth in awareness regarding animal health, and increase in R&D and government initiatives are expected to propel the growth of the market over the forecast period.
Shortage of Skilled Personnel is Limiting Market Growth
The lack of proper opportunities enabling veterinarians to learn technological skills is expected to restrain the growth of the veterinary services market. According to the Veterinary Hospital Managers Association’s (VHMA) October 2016 Insiders’ Insight report, dealing with the issue of hiring and retaining veterinary technicians, 41% of the respondent managers claimed the number of available, as well as skilled, veterinary technicians to be insufficient for satisfying current demand. In addition, 48% recognized the need of some college or foundational work for proper training of technicians, while more than 50% identified hands-on training to be a critical aspect, and 10% wanted these programs to promote a culture of professionalism. Moreover, 26% acknowledged the fact that the training programs are troubled by a variety of issues, such as lowered enrollment, expanded regulation and higher cost of living for students.
In addition to the aforementioned factor, high cost associated with the veterinary healthcare practice is another major factor that could restrain the growth of the market.
North America Dominates the Veterinary Services Market
North America is expected to dominate the veterinary services market over the forecast period, owing to factors such as rising pet adoption and increasing per capita animal healthcare expenditure. Data published by APPA, in 2018, stated that the total pet healthcare expenditure in the Americas is estimated to be USD 72.13 billion by the end of the year, while the expenditure in 2017 was USD 69.51 billion. The United States also emphasizes on establishing proper skills among veterinary practitioners. For example, in order to become a specialist after veterinary school, a veterinary surgeon has to undergo additional training. This training program consists of a minimum of a 1-year internship, which is then followed by a 3-year residency program that meets guidelines established by the American College of Veterinary Surgeons (ACVS). In addition, growing awareness about animal health, favorable and advanced infrastructure, helpful initiatives by the government, and rise in product innovation are some other factors propelling the growth of the veterinary services market in North America.
Key Developments in the Market
• Jul 2018 - Petco announced the launch of PetCoach, a first-of-its-kind pet care store concept that offers a whole new way for pet parents to provide complete care for their pets. PetCoach offers the highest quality suite of personalized pet services, products, and experiences.
Major Players - CVS GROUP PLC, ETHOS VETERINARY HEALTH, GREENCROSS LIMITED, IDEXX LABORATORIES, MARS INC., NATIONAL VETERINARY CARE LTD, PATTERSON COMPANIES INC., PETS AT HOME GROUP PLC, VCA INC., and VETRONIC SERVICES LTD, among others.
Reasons to Purchase the Report
• The current and future outlook of the global surgical microscopes market in the developed and emerging markets
• Analysis of various perspectives of the market with the help of Porter’s five forces analysis
• The segment that is expected to dominate the market
• Regions that are expected to witness the fastest growth during the forecast period
• Identify the latest developments, market shares, and strategies employed by the major market players
• 3-month analyst support, along with the market estimate sheet (in Excel)
Customization of the report
• This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs
Increase in Animal Adoption is Contributing to Market Growth
Rise in adoption of animals, including dogs and cats, as the favorite companions of human beings, as well as cattle and swine for various commercial purposes, is expected to propel the growth of the market, owing to the direct association of animal adoption with the demand for proper veterinary services. Developed countries represent a significantly large share in companion animal ownership, owing to favorable economic conditions and several other factors. For example, according to the 2017-2018 National Pet Owners Survey conducted by the American Pet Products Association (APPA), 68% of households, or about 85 million families in the United States, own a pet. It is also stated that 48% of the US population owns dogs, while 38% owns cats as pets.
In addition to the aforementioned factor, the rise in prevalence of various animal diseases, growth in awareness regarding animal health, and increase in R&D and government initiatives are expected to propel the growth of the market over the forecast period.
Shortage of Skilled Personnel is Limiting Market Growth
The lack of proper opportunities enabling veterinarians to learn technological skills is expected to restrain the growth of the veterinary services market. According to the Veterinary Hospital Managers Association’s (VHMA) October 2016 Insiders’ Insight report, dealing with the issue of hiring and retaining veterinary technicians, 41% of the respondent managers claimed the number of available, as well as skilled, veterinary technicians to be insufficient for satisfying current demand. In addition, 48% recognized the need of some college or foundational work for proper training of technicians, while more than 50% identified hands-on training to be a critical aspect, and 10% wanted these programs to promote a culture of professionalism. Moreover, 26% acknowledged the fact that the training programs are troubled by a variety of issues, such as lowered enrollment, expanded regulation and higher cost of living for students.
In addition to the aforementioned factor, high cost associated with the veterinary healthcare practice is another major factor that could restrain the growth of the market.
North America Dominates the Veterinary Services Market
North America is expected to dominate the veterinary services market over the forecast period, owing to factors such as rising pet adoption and increasing per capita animal healthcare expenditure. Data published by APPA, in 2018, stated that the total pet healthcare expenditure in the Americas is estimated to be USD 72.13 billion by the end of the year, while the expenditure in 2017 was USD 69.51 billion. The United States also emphasizes on establishing proper skills among veterinary practitioners. For example, in order to become a specialist after veterinary school, a veterinary surgeon has to undergo additional training. This training program consists of a minimum of a 1-year internship, which is then followed by a 3-year residency program that meets guidelines established by the American College of Veterinary Surgeons (ACVS). In addition, growing awareness about animal health, favorable and advanced infrastructure, helpful initiatives by the government, and rise in product innovation are some other factors propelling the growth of the veterinary services market in North America.
Key Developments in the Market
• Jul 2018 - Petco announced the launch of PetCoach, a first-of-its-kind pet care store concept that offers a whole new way for pet parents to provide complete care for their pets. PetCoach offers the highest quality suite of personalized pet services, products, and experiences.
Major Players - CVS GROUP PLC, ETHOS VETERINARY HEALTH, GREENCROSS LIMITED, IDEXX LABORATORIES, MARS INC., NATIONAL VETERINARY CARE LTD, PATTERSON COMPANIES INC., PETS AT HOME GROUP PLC, VCA INC., and VETRONIC SERVICES LTD, among others.
Reasons to Purchase the Report
• The current and future outlook of the global surgical microscopes market in the developed and emerging markets
• Analysis of various perspectives of the market with the help of Porter’s five forces analysis
• The segment that is expected to dominate the market
• Regions that are expected to witness the fastest growth during the forecast period
• Identify the latest developments, market shares, and strategies employed by the major market players
• 3-month analyst support, along with the market estimate sheet (in Excel)
Customization of the report
• This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs
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