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
New York, Sept. 06, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Veterinary Services Market Size, Share & Trends Analysis Report By Animal Type, By Region And Segment Forecasts, 2021 - 2028" - https://www.reportlinker.com/p06134846/?utm_source=GNW
Veterinary Services Market Growth & Trends
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. 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.
Veterinary Services Market Report Highlights
• The production animal segment accounted for the largest revenue share in 2020 due to the high adoption of facilities for livestock to maintain biosecurity
• Cattle held the largest share of the production animals segment in 2020 owing to increased penetration of services, such as hoof care and artificial insemination
• The companion animal type segment is projected to grow at the fastest CAGR from 2021 to 2028 owing to an unprecedented increase in pet adoption due to associated health benefits for humans, such as greater psychological stability, lower blood pressure and reduced anxiety attacks
• Dogs accounted for the largest share amongst companion animals in 2020 owing to growing awareness amongst pet owners about pet hygiene, thus resulting in increased demand for grooming facilities
• North America dominated the global market in 2020 due to the presence of private veterinarians that directly supply these services to consumers
• Asia Pacific is anticipated to register a significant CAGR from 2021 to 2028 as a result of high clinical urgency to curb zoonotic diseases and for the management of sudden disease outbreaks, such as Ebola and swine influenza
• The market is highly fragmented and the key participants deploy strategies, such as regional expansion, to gain a competitive advantage
• For instance, in June 2018, Mars Pet care entered the Europe regional market through the acquisition of AniCura and Linnaeus. This move has expanded the company’s geographical presence and strengthened its service offerings
Read the full report: https://www.reportlinker.com/p06134846/?utm_source=GNW
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