Market Trends of Veterinary Services Industry
This section covers the major market trends shaping the Veterinary Services Market according to our research experts:
The Companion Animal Segment is Expected to Dominate the Market
The companion animal segment in the Veterinary Services Market is expected to hold a major market share. Factors such as advancements and developments in Veterinary Services coupled with the increasing adoption of companion or pet animals globally are predicted to drive the segment's growth over the forecast period.
Additionally, there has been a significant increase in the incidence of various diseases among pet animals. According to the PubMed data published in August 2021, one of the most frequent illnesses in dogs is osteoarthritis (OA), which affects up to 75% of mature medium and large canines. The prevalence of osteoarthritis in primary care settings was just 2.5%, with a median age of 10.5 years at the time of diagnosis. This shows that canine patients are not being tested at an early age, owners are failing to recognize clinical indications, and veterinarians should be examining dogs for OA and initiating therapy at an earlier age. This burden of such diseases among companion animals is creating opportunities for several services in the Companion Animal Healthcare Market, which are expected to contribute to segment growth.
Furthermore, there have been numerous developments globally for the proper management and accessibility of Veterinary Services and veterinary medicine to companion animals, which is likely to drive market growth. For instance, in November 2021, award-winning animal hospital Paragon Veterinary Referrals became the first veterinary center in the United Kingdom to launch a pioneering superficial radiation therapy (SRT) service for pets, contributing to the growth of the Veterinary Imaging Market. Paragon invested EUR 150,000 (USD 158,918) to install the country's first Xstrahl 100 superficial radiotherapy system after the successful use of the therapy by Rodney in the United States, adapting its use from humans to animals. Such developments are anticipated to boost segment growth over the forecast period.
Thus, increased adoption of companion animals as pets in developed regions and increasing awareness regarding pet health are expected to drive the segment's growth in the Veterinary Services Industry 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. Among the other countries, 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.
The increasing trend for pet adoption in the United States is also predicted to propel market growth. For instance, according to the National Pet Owners Survey 2021-2022, conducted by the American Pet Products Association (APPA), around 70% of United States households own a pet, which equates to 90.5 million homes, including 45.3 million cats and 69 million dogs. The rising adoption of pets contributes to the growth of the Pet Vet Industry and may drive the growth of the Veterinary Services Market in the longer term.
Furthermore, the Gallup survey conducted in March 2022, as per the survey data, the estimated prevalence of dogs with cancer in 2021 was 3.4% in the United States. The survey also found that the incidence of dogs newly diagnosed with cancer in 2021 was approximately 2.8%, which is approximately 5 times the 0.57% incidence of newly diagnosed cancer in humans that year. Thus, the burden of such diseases among dogs in the country is rising, driving demand for advanced cancer therapeutics for dogs in the Veterinary Services Industry. This is further expected to create opportunities for the development of various services for dog healthcare and contribute to the overall market growth over the forecast period.
Moreover, companion animal or pet ownership is increasing recently in other countries in the region, such as Canada and Mexico. The data published by "Pet Keen" in May 2022 shows that an estimated 38% of Canadian households own a cat, while 35% own a dog. Also, the source mentioned above estimated that pet owners in Canada are spending more money on their pets than before, and 17% of owners are willing to spend more than USD 500 every year for their pets' healthcare. Several studies show that cancer is more prevalent among pet dogs and cats, and hence, awareness about the disease is increasing among pet owners. This increasing awareness among pet parents is expected to create demand for advanced Veterinary Services in the country, driving the studied market's growth.
As a result, the aforementioned factors are attributed to the growth of the Veterinary Services Market in North America, and the region is expected to grow during the forecast period.
