VETERINARY SERVICES MARKET ANALYSIS

Veterinary Services Market Size and Trends

Global veterinary services market is estimated to be valued at USD 118.24 Bn in 2024 and is expected to reach USD 192.98 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 7.2% from 2024 to 2031.

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The veterinary services market is expected to witness significant growth over the forecast period. The factors driving the market growth include rising pet adoption across the world, increasing awareness about animal health, and growing per capita animal healthcare expenditure. Moreover, economic prosperity in developing regions and growing trend of pet humanization is further expected to propel the demand for veterinary services. However, high costs associated with veterinary services and lack of standardization in livestock healthcare sector in developing countries may hinder the market growth.

Increasing Demand for Veterinary Services

Increasing demand for veterinary services across the globe is expected to provide significant growth opportunities for players in the veterinary services market. For instance, in February 2021, DCC Animal Hospital expanded its footprint in India with the launch of multi-specialty animal hospitals across the country to offer cutting-edge medical technologies for four-legged friends.

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Increasing Partnerships among Key Market Players

Increasing partnerships among key market is expected to drive the market growth over the forecast period. For instance, on March 22, 2024, Modern Animal, a pioneering force in redefining veterinary care, announced a partnership with DOG PPL, LA's first canine social club. This collaboration aims to revolutionize the landscape of pet wellness and community engagement to inspire, educate, and support pet parents in their quest to provide healthy and enriching experiences for their pets.