The global veterinary services market is highly fragmented – the top six competitors in the market made up only 4.81% of the total in 2017

New York, Oct. 08, 2019 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Veterinary Services Global Market Report 2018" - https://www.reportlinker.com/p05309005/?utm_source=GNW

The subsegments in the animal hospitals and clinics segment include routine examinations, surgical procedures and non-surgical procedures.Major trends shaping the animal hospitals and clinics segment include big data analytics, wearables to monitor pet health, electronic health records, technology implementation, specialty service offerings, premium veterinary services, new vaccines against livestock diseases and stem cells therapy to treat animals.

Trends in the laboratory services include molecular biology advances aiding new diagnostic tool offerings, polymerase chain reaction (PCR) for early disease detection, and handheld technology use for medical examinations. Customers for veterinary services include livestock farmers, individual pet owners and other smaller groups such as owners of working animals, zoos and rescue centers and government and non-government organizations that implement animal health and
welfare measures.

The global veterinary services market grew from $73.9 billion in 2013 to $97.8 billion in 2017 at a compound annual growth rate (CAGR) of 7.24% and is expected to grow to $124.4 billion by 2021 at a CAGR of 6.20%..

Major drivers of the veterinary services industry in the historic period included emerging markets growth, increased pet spending, increased pet ownership by gen x and gen y adults, and increased requirements for certification to export meat products; major restraints on the market included shortage of trained veterinarians, high costs and limited government support.

Major drivers of the veterinary services industry in the forecast period include economic growth, technology advances, rising livestock population and more stringent government regulations and major restraints on the market include interest rate increases and global warming.

North America was the largest region in the veterinary services market followed by Western Europe, Asia Pacific, Eastern Europe, Africa, South America and the Middle East.The USA was the largest country in this market followed by China and the UK.

China was the fastest growing market in the historic period and will grow at a CAGR of 13.50% in during 2017-2021.

China had the highest animal population followed by the USA and Brazil, whereas the UK had the highest average revenue per animal followed by Germany and the USA. Global per capita veterinary services expenditure on animal healthcare grew from $10.49 in 2013 to $13.2 in 2017 and is expected to grow to $16.1 in 2021. Per capita veterinary services expenditure was highest in the USA followed by Australia and the UK. The veterinary services market shares in global GDP grew from 0.10% to 0.12% in the same period and will grow to 0.13% in the forecast period and its share in the GDP was the highest in UK accounting for 0.22% in 2017.

The global veterinary services market is highly fragmented – the top six competitors in the market made up only 4.81% of the total in 2017. The biggest three players, VCA Inc., Banfield Pet Hospitals and Greencross Limited had about 4.2% of worldwide revenue from veterinary services. The veterinary services market has experienced rapid consolidation during the historic period, and this will continue going forward. In 2016, 15-20% of the US veterinary services market was owned by larger corporations. Merger and acquisition activity in the medical and diagnostic laboratory services market in the last three years has been at a medium level. Leading deals have included those completed by Mars Inc, VCA, CVS and Novozymes.

Veterinary Services Market Global Report 2018 from The Business Research Company provides the strategists, marketers and senior management with the critical information they need to assess the global veterinary services market.

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Description:
Where is the largest and fastest growing market for the veterinary services? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The veterinary services market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market.It traces the market’s historic and forecast market growth by geography.

It places the market within the context of the wider Healthcare market, and compares it with other markets.
• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market and forecasting the future. Drivers and restraints looks at the external factors supporting and controlling the growth of the market.
• Market segmentations break down market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers all the regions, key developed countries and major emerging markets. It draws comparisons with country populations and economies to understand the importance of the market by country and how this is changing.
• Competitive landscape gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section highlights the likely future developments in the market and suggests approaches companies can take to exploit this.
• The veterinary services market section of the report gives context. It compares the veterinary services market with other segments of the Healthcare market by size and growth, historic and forecast. It analyses Expenditure Per Capita, The Veterinary Services Indicators Comparison.

Scope
Markets Covered: Animal Hospitals and Veterinary Clinics; Veterinary Laboratory Testing Services
Companies Mentioned: VCA,Medical Management International,Greencross Limited,CVS Group (UK),The Bergh Memorial Animal Hospital
Countries: Brazil, China, France, Germany, India, Italy, Japan, Spain, Russia, UK, USA and Australia.
Regions: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East And Africa
Time series: Five years historic and forecast.
Data: Ratios of market size and growth to related markets, GDP, Expenditure Per Capita, The Veterinary Services Indicators Comparison.
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
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