The global veterinary care market is on a transformative path, expected to achieve a compound annual growth rate (CAGR) of over 6.8% from 2024 to 2031. Valued at USD 6.85 billion in 2024, it is projected to surpass USD 16.41 billion by 2031. Key factors such as rising pet ownership, chronic diseases in animals, and increased awareness of veterinary health are driving this growth. Here’s a deep dive into the trends shaping this lucrative market.
Rising Demand for Veterinary Services
The surge in chronic diseases among pets and livestock has fueled demand for advanced veterinary care. Awareness campaigns like Canada’s Animal Health Week and the Global One Health Initiative highlight the importance of integrated healthcare for animals and humans. These initiatives promote disease prevention and control to encourage collaborative research, unlocking broader market opportunities.
Government efforts further accelerate growth. For instance, Ella’s Fund in the U.S. supports emergency healthcare for dogs, encouraging greater accessibility to veterinary services. Such programs stimulate market expansion while promoting community engagement.
Pet Ownership Trends Driving Growth
Pet adoption is at an all-time high, with 70% of U.S. households owning pets in 2023. Dogs, in particular, dominate with 69 million households having at least one. This trend significantly boosts demand for dog care products and services, positioning the dog care segment as a pivotal growth driver.
The companion animal segment accounts for over 60% of the global veterinary care market revenue. This dominance is attributed to increased spending on pet healthcare, heightened disease awareness, and the adoption of proactive measures by organizations like the Companion Animal Parasite Council.
Production Animal Segment: A Critical Growth Contributor
The production animal sector plays a vital role in addressing global food security concerns. Livestock such as cattle and poultry are receiving increased medical attention, driven by the need for higher productivity and improved animal welfare. Regions like Asia-Pacific are witnessing a shift towards better veterinary practices, spurred by regulatory changes and heightened awareness.
Innovative Market Segmentation
Veterinary care services are categorized into non-medicalization, basic medicalization, and full veterinary care. The trend is shifting towards higher medicalization, with government policies and increased awareness driving this transition. Diagnostic services, particularly point-of-care devices, are gaining traction, further enhancing market potential.
Latin America: An Emerging Powerhouse
Latin America is emerging as a significant player in the veterinary care market. Countries like Brazil and Argentina are experiencing robust demand for veterinary services due to growing livestock populations and increased pet ownership. The region’s focus on animal welfare and food safety creates a fertile ground for market expansion.
Market Segmentation
By Animal Type:
Dogs
Cats
Cattle
Pigs
Horses
Poultry
By Medicalization Type:
No Medicalization
Basic Medicalization
Veterinary Care
By Region:
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
These categories highlight the breadth of the veterinary care market, showcasing its relevance across various animal types, levels of care, and global regions.
Key Players Driving Industry Innovation
Major industry players are driving innovation through strategic acquisitions and partnerships:
Zoetis
Merck Animal Health (US)
Boehringer Ingelheim (Germany)
Elanco (US)
Ceva Santé Animale (France)
Phibro Animal Health Corporation (US)
Virbac SA (France)
IDEXX Laboratories, Inc.
Neogen Corporation (US)
Heska Corporation (US)
Bayer AG (Germany)
Cargill, Incorporated (US)
Vetoquinol (France)
Dechra Pharmaceuticals (UK)
Merial (part of Boehringer Ingelheim)
Land O'Lakes, Inc. (US)
Royal DSM (Netherlands)
Alltech (US)
Pharmgate Animal Health (US)
Hill’s Pet Nutrition (US)
Nutreco (Netherlands)
Source: NDTV
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