Market Research Report
Veterinary Services Market Size, Share & Trends Analysis Report By Animal Type (Production, Companion), By Region (North America, Latin America, APAC), And Segment Forecasts, 2021 - 2028
|Veterinary Services Market Size, Share & Trends Analysis Report By Animal Type (Production, Companion), By Region (North America, Latin America, APAC), And Segment Forecasts, 2021 - 2028|
Published: August 17, 2021
Grand View Research, Inc.
Content info: 125 Pages
Delivery time: 2-10 business days
The global veterinary services market size is expected to reach USD 159.5 billion by 2028, registering a CAGR of 5.7% over the forecast years, according to a new report by Grand View Research, Inc. The market is predominantly driven by rising concerns regarding food security and safety thus encouraging the adoption of veterinary services to yield high-quality animal source foods. In addition, increasing pet adoption is a key contributing factor for the overall market growth.
The pet adoption rate spiked during the coronavirus pandemic as many individuals have been working from home. Many consider their pet as a family fellow. Thus, veterinary companies announced some new products, services, diagnostic tools, to cater to the demand. For example, in September 2020, Zoetis launched VetscanImagyst, a new diagnostic platform to detect intestinal parasites in pets.
In addition, the advent of risk-based management systems, designed to analyze real-time fluctuations in food-borne and zoonotic disease prevalence, encourage sanitary and phytosanitary services, thus widening the scope for growth of the market. The veterinary facilities play a critical role in risk aversion and facilitate the implementation of various guidelines issued by regulatory authorities to maintain overall food safety. It also facilitates the investigation of animal disease outbreaks and the implementation of remedial measures after an outbreak has been identified. The aforementioned factors are predicted to broaden the growth potential of the market.