Veterinary services are those services which are serve to offer healthcare for animals-especially pets, farm animals and animals kept in zoos and wildlife parks. The sector of veterinary services involves clinics and animal hospitals, pet food and products and laboratory services retailed through veterinaries. Moreover, the sub segments in the clinics and animal hospitals sector involve surgical procedures, routine examinations and non-surgical processes.
Economic growth, latest technological advances, increasing livestock population and more severe government rules and regulations are the some major key drivers of the veterinary service market whereas, the interest rate increases and global warming are the major restraints on the market. Moreover, the key players of this industry are adopting the effective technologies for gaining the highest share and leading the market growth significantly in the recent trend.
According to the report analysis, ‘Veterinary Services Global Market Opportunities And Strategies To 2021 Including: Animal Hospitals and Veterinary Clinics and Veterinary Laboratory Testing Services Covering: VCA, Banfield Pet Hospital, Greencross Limited, CVS Group’states that some of the major companies which are currently functioning in this sector more actively for acquiring the highest share by defeating the demand of the potential consumers includes International Center for Veterinary Services, Shengpu Pet Hospital, Paw Veterinary Clinic, Chengdu Vet Hospital, Canberra Veterinary Hospital, International Centre for Veterinary Services, Noah Animal Hospital, Blue Cross of India, ICAR-IVRI, Sanjay Gandhi Animal Care Center, Royal Veterinary College, Blacks Vets Dudley Hospital, France Ave Pet Hospital, German Village Veterinary Hospital, AniCura Group, AAH Veterinary Services, VCA animal hospitals, Banfield Pet Hospitals, Vanguard Veterinary Hospital, Foothill Farms Veterinary Hospital, Smith Animal Hospital, Four Loving Paws Veterinary Services, Pet Care Hospital Veterinario Ltd, Brazil Animal Clinic, Clinica Veterinaria Prontovet and Clear Lake Veterinary Hospital, The British Veterinary Center (Abu Dhabi), Dubai Equine Hospital, American Veterinary Clinic (UAE) and the Veterinary Hospital (Dubai), Drakenstein Veterinary Clinic, South African Veterinary Association, Onderstepoort Veterinary Academic Hospital and several others. Whereas, the major three players, VCA Inc., Banfield Pet Hospitals and Greencross Limited had about 4.2% of universal revenue from veterinary services. Moreover, the key players in the medical and diagnostic laboratory services are benefitted with the mergers and acquisition activities in the last three years which has been done at a medium level whereas, the leading deals have involved those completed by VCA, CVS, Novozymes and Mars Inc.
The market of veterinary has observed rapid consolidation in the historic period and this will pursue in future as well. Moreover, on the basis of geography the market of veterinary is spread across the globe which includes some apparent regions which includes Asia Pacific region, Western Europe, North America, South America, Middle East, Africa and rest of the world. Whereas, the veterinary services market across the globe grew from USD 73.9 billion in 2013 to USD 97.8 billion in 2017 at a CAGR of 7.2% and is anticipated to reach to USD 124.4 billion by 2021 at a CAGR of 6.2%. The North America region was the highest region in the global market of veterinary services tailed by Western Europe, Asia Pacific region, Eastern Europe, Africa, South America and the Middle East.
The global market of veterinary services will grow more significantly in the coming years over the decades with major trends such as wearables to monitor pet health, technological implementation and several others.
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Ankur Gupta, Head Marketing & Communications