Veterinary Care Industry Overview
The global veterinary care market size was valued at USD 74.7 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 5.4% from 2021 to 2028.
Increasing cases of chronic diseases in pets and livestock animals are fueling the demand for better veterinary care. Many awareness programs are being conducted around the world regarding better veterinary care, thus propelling the demand. For example, each year, during the first week of October, Canadian Veterinary Medical Association organizes Animal Health Week, a national public awareness campaign. The introduction of initiatives, such as the One Health Initiative for the improvement of healthcare standards for animals, has widened growth prospects for the market.
Gather more insights about the market drivers, restrains and growth of the Global Veterinary Care Market
This collaborative initiative unites clinical care, disease surveillance, control, and education & research for improving the management of epidemics. The rising number of government initiatives to promote better veterinary care is expected to fuel the overall growth of the market during the forecast period.
COVID-19 has severely disrupted the industry. Numerous packing and processing plants across the globe had to temporarily close their doors, while some plants faced delivery difficulties as restaurants or food service professionals had to close down their businesses. In addition, during the COVID-19 pandemic, numerous veterinary laboratories received a low number of animal samples for testing, which adversely impacted the market growth. Vet visits were also decreased during the first two quarters of 2020.
According to the AmerisourceBergen Corporation’s report, veterinary dental services decreased by 31% in the first quarter of 2020 in the U.S. as compared to the previous year. The vaccination program has also been decreased by 19% from the past year. However, the market showed a V-shaped recovery in the 2nd quarter of 2020 and clinics started rebounded as dental services increased by 10% in the 2nd quarter of 2020 as compared to last year. Senior wellness bloodwork reported the highest positive growth of 24% from the last year. The aforementioned factors are expected to bolster the market revenue over the coming years.
Browse through Grand View Research's Animal Health Industry Research Reports
- Veterinary Telemetry Systems Market: The global veterinary telemetry systems market size was estimated at USD 271.9 million in 2021 and is anticipated to expand at a compound annual growth rate (CAGR) of 6.59% from 2022 to 2030.
- Animal Biotechnology Market: The global animal biotechnology market size was valued at USD 22.66 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 9.2% from 2022 to 2030.
Veterinary Care Market Segmentation
Grand View Research has segmented the global veterinary care market on the basis of animal type, type of care, and region:
Veterinary Care Animal Type Outlook (Revenue, USD Billion, 2016 - 2028)
- Companion Animal
- Production Animal
Veterinary Care Type Of Care Outlook (Revenue, USD Billion, 2016 - 2028)
- Companion Animal
- Production Animal
Veterinary Care Regional Outlook (Revenue, USD Billion, 2016 - 2028)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Market Share Insights
- May 2020: PetIQ launched its telehealth services platform in partnership with whiskerDocs, a veterinary telehealth expert. This empowers pet owners to conveniently make better health and clinical decisions for their pets.
- April 2020: VetPartners Pty. Ltd. acquired National Veterinary Care Ltd. for USD 251.5 million. The two companies would combine their resources to improve veterinary health services across Australia and New Zealand.
- September 2019: Agriculture and Horticulture Development Board formed Ruminant Health and Welfare Group to deliver an organized approach to tackling sheep and cattle health issues.
Key Companies profiled:
Some of the prominent players in the global veterinary care market include:
- Merck Animal Health
- Ceva Santé Animale
- Zoetis
- Boehringer Ingelheim GmbH
- Elanco
- IDEXX Laboratories, Inc.
- Heska Corp.
- Virbac
- Vetoquinol S.A.
- Indian Immunologicals Ltd.
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