18 February 2021
Visiongain has published a new report on Veterinary Services Market Report 2021-2031: Forecasts by Animal Type (Production (Poultry, Cattle, Swine), Companion (Cats, Dogs, Equine)). PLUS Profiles of Leading Pharma Contract Manufacturing Companies and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.
Global Veterinary Services market was valued at US$ xx billion in 2020 and is projected to reach at a market value of US$ xx billion by 2031.
Increasing occurrence of zoonotic and food-borne diseases is one of the key trends boosting market growth. Veterinary services play avital role in protecting animal health and welfare and ensuring the safety of animals during transportation.
In addition, it also aids safeguarding public health and ensuring food safety across the globe. According to a report released by the Organization for Animal Health (OIE), requirement for animal source foods is growing worldwide. This includes the requirement for meat, which is expected to reach 445 million tonnes by 2050.
COVID-19 Impact on Veterinary Services Market
Due to pandemic Covid19 the hospitals clinics are engaged in curing COVID 19 patient. Many hospitals and clinics are converted to quarantine centres. But on other hand veterinary care is not neglected. In short, this market will moderately grow in future.
A preventive approach to counter zoonotic diseases within the livestock population, is likely to fuel growth prospects. Increasing number of government inventiveness to ensure food security and biosecurity is projected to speed up the adoption of veterinary services in livestock globally. To put this in perspective, OIE is focused on conserving food safety and have been consistently issuing guidelines to eliminate potential biological hazards and risks associated with checks on-farm, pre-slaughter, pre-processing, and processing stages.
Moreover, a severe rise in the pet population globally in currently has also directed to a greater need for veterinary services. Veterinarians and veterinary service providers are carrying out constant efforts to ensure animal welfare, thus encouraging pet owners to attract towards these services.
Spreading base of both pet and livestock population is leading to an increased demand for elderly pet care. Moreover, a rising number of pet owners are perceiving pets as an important part of the family. This is resulting in an upsurge in spending on pet care. These aspects along with the rising disposable income of people globally are providing a boost to the market.
Policies are focused on long-term sustainability that can be achieved through anamalgamation of improving productivity and greater attention to livestock veterinary healthcare. According to the Food and Agriculture Organization, in developing nations, animal-based food products account for one-third of human protein consumption. This is leading to an increase in livestock productivity, which is critical to meet the dietary needs of the growing human population. These factors together are responsible for sufficient share represented by production animals in the veterinary services market during forecast period.
The veterinary services market is highly fragmented in nature. Widespread animal welfare initiatives, mergers & acquisitions, and regional expansion strategies implemented by major players have reinforced the growth of the market. For instance, in May 2018, CVS Group Plc acquired Western Counties Equine Hospital. This acquisition strengthened the company’s position in the horses segment.
Moreover, in September 2017, Mars Inc. acquired VCA Inc. for approximately USD 9.1 billion. The acquisition has strengthened the company’s position in the global market. Furthermore, in January 2018, National Veterinary Care Ltd. entered into a contract to buy four clinics located in Queensland and Victoria.
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