Summary

The global veterinary services market was valued at about USD 101,150 million in 2020, and it is expected to reach 140,285 million in 2026, with a CAGR of 5.5% over the forecast period.

Due to the recent outbreak of COVID-19, a short-term negative impact is expected on the market due to the decreased visits of veterinary hospitals and clinics. However, amid the COVID-19 pandemic, as there are stringent restrictions on traveling and strict lockdown policies globally, there is an increasing focus on veterinary telehealth services and initiatives undertaken by the government and non-government organizations for animals, which may help in driving the market growth during the pandemic. For instance, in March 2020, Wiggles, an Indian Pet care start-up, launched online veterinary consultation for pets across India.

In May 2020, Humane Society International/Canada and Friends of HSI launched the COVID-19 Animal Response Program in Quebec in collaboration with the City of Montreal, with the generous support of PetSmart Charities of Canada. The program will provide critical assistance to families and individuals in urgent need of help in caring for their companion animals during this crisis.

Generally, the veterinary services market is expected to grow significantly due to the increase in animal adoption, rise in prevalence of animal diseases, better animal health awareness, and increase in R&D and government initiatives globally.

A significant rise in the adoption of pet animals, including dogs, cats, and even horses, as companion of human beings, has been observed over the recent years. Moreover, farm animals, including cattle and swine, are also being taken in for various commercial purposes. The developed economies represent a substantial large share in companion animal-ownership, owing to the promising economic condition. For example, according to the National Pet Owners Survey by the American Pet Products Association (APPA), in 2017-2018, in the United States, 68% of the households or about 85 million families own a pet.

Surveillance of animal health is highly important for food safety, public health, and the trade of animals and animal products. There is a rising awareness of animal health, primarily through various government initiatives, which are further expected to drive the veterinary services market’s growth. Historically, many active and passive animal health surveillance activities have been used, and they will be used continually across the world. The public health organizations are looking into alternative, new, and non‐traditional sources of data, to advance disease surveillance. Such approaches may augment current awareness about animal health. Also, in January 2020, the World Customs Organization initiated the African Swine Fever Campaign, primarily to highlight the risk of the disease and the need to manage it. It is highly prevalent in Sub-Saharan Africa, Asia, and Europe.

However, the high cost of several diagnostic imaging equipment and veterinary medicines, as well as the high cost of veterinary services, is anticipated to restrain the growth of the market studied over the forecast period.

Key Market Trends

The Companion Animal Segment is Expected to Hold the Largest Share in the Market

The companion animal segment in the veterinary services market is expected to hold major market size, during the forecast period. Currently, companion animal surgery is moving onward, adopting advancements and developments in human surgical procedures. Cardiovascular surgeries, urethral stenting, cancer surgeries, total hip replacement, neurosurgery, and kidney transplantation procedures are some of the new modalities performed on companion animals.

Additionally, there has been a significant increase in the incidence of various diseases among the pet animals. According to data published in the Nature Journal, in April 2018, the annual period prevalence of osteoarthritis in dogs, under primary veterinary care in the United Kingdom, was estimated to be 2.5%. Furthermore, as per the results of the 2017-2018 APPA (American Pet Products Association) National Pet Owners Survey, 10% of dogs and 8% of cats and birds underwent surgical procedures.

There have been numerous initiatives introduced globally for the proper management and accessibility of veterinary services and veterinary medicine to companion animals, which is likely to drive the market growth. For instance, in March 2020, the World Small Animal Veterinary Association (WSAVA) launched a list of essential medicines for dogs and cats, which was created with the partnership of Therapeutics Guidelines Group (TGG), in order to tackle the difficulties associated with companion animal veterinarians in accessing essential veterinary medicines by supporting the availability of the drugs required for minimum standards of clinical practice.

Thus, increased adoption of companion animals as pets in developed regions and increasing awareness regarding pet health are expected to drive the veterinary services market during the forecast period.

North America is Expected to Dominate the Market Over the Forecast Period

North America currently dominates the veterinary services market, and it is expected to continue its stronghold for a few more years. The United States is expected to retain its significant market share, owing to factors, such as rising animal adoption and increasing per capita animal healthcare expenditure. There were about 7.9 million cows and calves in 2019, which was more than 7.7 million in 2018, in Mexico, as per a report by the United States Department of Agriculture Global Agricultural Information 2019.

In addition, the data published by the American Pet Products Association (APPA) in 2019 stated that the total pet healthcare expenditure was estimated at USD 75.38 billion by the end of 2019, while the expenditure in 2018 was USD 72.56 billion. In 2017, the US CDC, Department of Agriculture (USDA), and the Department of the Interior (DOI) organized a One Health Zoonotic Disease Prioritization (OHZDP) workshop to address zoonotic disease challenges in the country. Such efforts are expected to increase market growth in the future.

Unfortunately, in 2020, the utilization of veterinary services went down because of the drastic hit by the COVID-19 pandemic, but it is evident that it will pull back to normal once the situation is under control. However, there is an increasing adoption of veterinary teleconsultation services due to the emergence of COVID-19. For instance, in October 2020, Chewy Inc., an American online retailer, launched a telehealth service that connects pet owners to a licensed veterinarian.

Competitive Landscape

The veterinary services market is highly competitive and consists of several major players. There is a sustainable competitive advantage, through innovations, between companies. The major market share is distributed among the few top players, and these players are focusing on technological advancements, in order to gain the maximum market share. In terms of market share, a few of the major players currently dominate the market. Companies, like CVS Group PLC, Ethos Veterinary Health, Idexx laboratories, National Veterinary Care Ltd, and Mars Inc., hold substantial shares in the market. Additionally, market players are focusing on launching new services and expanding their services globally.

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Table of Contents

1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Prevalence of Various Diseases in Animals
4.2.2 Rising Adoption of Animals
4.2.3 Rising R&D Activities in Animal Healthcare
4.3 Market Restraints
4.3.1 Shortage of Skilled Personnel
4.3.2 Increasing Cost of Veterinary Services
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry

5 MARKET SEGMENTATION
5.1 Service
5.1.1 Surgery
5.1.2 Diagnostic Tests and Imaging
5.1.3 Physical Health Monitoring
5.1.4 Other Services
5.2 Animal Type
5.2.1 Companion Animal
5.2.2 Farm Animal
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Italy
5.3.2.5 Spain
5.3.2.6 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 South Korea
5.3.3.6 Rest of Asia-Pacific
5.3.4 Middle-East and Africa
5.3.4.1 GCC
5.3.4.2 South Africa
5.3.4.3 Rest of Middle-East and Africa
5.3.5 South America
5.3.5.1 Brazil
5.3.5.2 Argentina
5.3.5.3 Rest of South America

6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 CVS Group PLC
6.1.2 Ethos Veterinary Health
6.1.3 Greencross Limited
6.1.4 Idexx laboratories
6.1.5 Mars Inc.
6.1.6 Pets at Home Group PLC
6.1.7 Armor Animal Health (Animart)
6.1.8 Kremer Veterinary Services
6.1.9 FirstVet AB
6.1.10 CityVet Inc.

7 MARKET OPPORTUNITIES AND FUTURE TRENDS