New York, Dec. 23, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Veterinary Services Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06192776/?utm_source=GNW
However, amid the COVID-19 pandemic, as there are stringent restrictions on traveling and strict lockdown policies globally, there is an increasing focus on veterinary telehealth services and initiatives undertaken by the government and non-government organizations for animals, which may help in driving the market growth during the pandemic. For instance, in March 2020, Wiggles, an Indian Pet care start-up, launched online veterinary consultation for pets across India.
In May 2020, Humane Society International/Canada and Friends of HSI launched the COVID-19 Animal Response Program in Quebec in collaboration with the City of Montreal, with the generous support of PetSmart Charities of Canada. The program will provide critical assistance to families and individuals in urgent need of help in caring for their companion animals during this crisis.
Generally, the veterinary services market is expected to grow significantly due to the increase in animal adoption, rise in prevalence of animal diseases, better animal health awareness, and increase in R&D and government initiatives globally.
A significant rise in the adoption of pet animals, including dogs, cats, and even horses, as companion of human beings, has been observed over the recent years. Moreover, farm animals, including cattle and swine, are also being taken in for various commercial purposes. The developed economies represent a substantial large share in companion animal-ownership, owing to the promising economic condition. For example, according to the National Pet Owners Survey by the American Pet Products Association (APPA), in 2017-2018, in the United States, 68% of the households or about 85 million families own a pet.
Pet owners have been investing on their pets significantly to, treating the pet as a family member. This has resulted in rising expenditure on their health, which is thus, acting as a key driver for market growth. As per the report, titled, ‘’Pets in Australia: A national survey of pets and people’’ in 2019, expenditure on pets has increased tremendously owing to increasing pet adoption. The report estimated that people spend over AUD 13 billion per year to keep their pets fed, healthy, and well-accessorized, with food and veterinary services continuing to account for approximately half of all ongoing expenditure.
However, the high cost of several diagnostic imaging equipment and veterinary medicines, as well as the high cost of veterinary services, is anticipated to restrain the growth of the market studied over the forecast period.
Key Market Trends
The Companion Animal Segment is Expected to Hold the Largest Share in the Market
The companion animal segment in the veterinary services market is expected to hold major market size, during the forecast period. Currently, companion animal surgery is moving onward, adopting advancements and developments in human surgical procedures. Cardiovascular surgeries, urethral stenting, cancer surgeries, total hip replacement, neurosurgery, and kidney transplantation procedures are some of the new modalities performed on companion animals.
Additionally, there has been a significant increase in the incidence of various diseases among the pet animals. According to data published in the Nature Journal, in April 2018, the annual period prevalence of osteoarthritis in dogs, under primary veterinary care in the United Kingdom, was estimated to be 2.5%. Furthermore, as per the results of the 2017-2018 APPA (American Pet Products Association) National Pet Owners Survey, 10% of dogs and 8% of cats and birds underwent surgical procedures.
There have been numerous initiatives introduced globally for the proper management and accessibility of veterinary services and veterinary medicine to companion animals, which is likely to drive the market growth. For instance, in March 2020, the World Small Animal Veterinary Association (WSAVA) launched a list of essential medicines for dogs and cats, which was created with the partnership of Therapeutics Guidelines Group (TGG), in order to tackle the difficulties associated with companion animal veterinarians in accessing essential veterinary medicines by supporting the availability of the drugs required for minimum standards of clinical practice.
Thus, increased adoption of companion animals as pets in developed regions and increasing awareness regarding pet health are expected to drive the veterinary services market during the forecast period.
North America is Expected to Dominate the Market Over the Forecast Period
North America currently dominates the veterinary services market, and it is expected to continue its stronghold for a few more years. The United States is expected to retain its significant market share, owing to factors, such as rising animal adoption and increasing per capita animal healthcare expenditure. There were about 7.9 million cows and calves in 2019, which was more than 7.7 million in 2018, in Mexico, as per a report by the United States Department of Agriculture Global Agricultural Information 2019.
In addition, the data published by the American Pet Products Association (APPA) in 2019 stated that the total pet healthcare expenditure was estimated at USD 75.38 billion by the end of 2019, while the expenditure in 2018 was USD 72.56 billion. In 2017, the US CDC, Department of Agriculture (USDA), and the Department of the Interior (DOI) organized a One Health Zoonotic Disease Prioritization (OHZDP) workshop to address zoonotic disease challenges in the country. Such efforts are expected to increase market growth in the future.
Unfortunately, in 2020, the utilization of veterinary services went down because of the drastic hit by the COVID-19 pandemic, but it is evident that it will pull back to normal once the situation is under control. However, there is an increasing adoption of veterinary teleconsultation services due to the emergence of COVID-19. For instance, in October 2020, Chewy Inc., an American online retailer, launched a telehealth service that connects pet owners to a licensed veterinarian.
Competitive Landscape
The veterinary services market is highly competitive and consists of several major players. There is a sustainable competitive advantage, through innovations, between companies. The major market share is distributed among the few top players, and these players are focusing on technological advancements, in order to gain the maximum market share. In terms of market share, a few of the major players currently dominate the market. Companies, like CVS Group PLC, Ethos Veterinary Health, Idexx laboratories, National Veterinary Care Ltd, and Mars Inc., hold substantial shares in the market. Additionally, market players are focusing on launching new services and expanding their services globally.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06192776/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
