The size of the veterinary services market in Europe is predicted to grow from USD 33.18 billion by 2023 to USD 56.86 billion by 2028, growing at a CAGR of 11.38% from 2023 to 2028.
The growing pet ownership and increasing livestock production are majorly propelling the veterinary services market growth in Europe. As per the report given by the European Pet Food Federation, the pet population has increased in recent years in Europe. In addition, nearly 88 million households are adopted pets from their companies in the European region. As a result, most pet owners are taking their pets to veterinary care regularly to avoid complications in pets' healthcare in the coming years. All these factors help the demand for veterinary services.
The increasing prevalence of various chronic and infectious diseases among animals, such as zoonotic infections is further fuelling the growth rate of the European veterinary services market. These infectious diseases may spread from one animal to another, resulting in a difficult situation. To avoid this critical situation, animal owners are taking more care of their animals by providing better treatment to the pets and animals. The government has taken several measures for the health of animal welfare by providing vaccination to pets and animals to prevent various diseases in their lifetime. Increasing pet insurance adoption by the pet owner boosts the growth rate of the European veterinary services market.
The growing number of advancements in the manufacturing of veterinary devices for various animal surgeries is contributing to the European veterinary services market growth. The growing R&D around veterinary software and application for veterinary health is favoring the regional market growth. The key market participants have also increased their investments to produce veterinary drugs and devices owing to the growing demand and increasing pet ownership. The rising support from governmental and non-governmental organizations and favorable reimbursement policies are supporting the growth rate of the European market.
The European Commission organized an event called “Animal Disease Eradication” that has favored and strengthen veterinary services in the Europe region. Major key players in the region are investing in making veterinary care digital for new pet owners to avail of pet services efficiently. Increasing digitalization helps in prevention, diagnosis, and treatment to provide a healthy life for pet animals. In addition, digitization helps provide treatment for pets living in remote locations. Increasing awareness programs regarding different types of veterinary services in the region and increasing government support also demand the market.
High costs associated with veterinary devices and treatment is majorly hampering the growth of the veterinary services market in Europe. In addition, the lack of required infrastructure facilities in veterinary hospitals and clinics in the European region is another factor hindering market growth in Europe. Owing to less investment by veterinary clinics, they cannot provide advanced services for animal welfare. Furthermore, the lack of skilled professionals, poor reimbursement policies in some European countries, and less availability of veterinary services in some European countries are impeding the veterinary services market in Europe.
This research report on the European veterinary services market has been segmented and sub-segmented into the following categories:
By Service Type:
The diagnostic tests and imaging segment is predicted to occupy a major share of the European veterinary services market during the forecast period.
By Animal Type:
The companion animals segment accounted for the largest share of the European veterinary services market in 2021.
By Country:
Geographically, the European region held a substantial share of the worldwide veterinary services market in 2022 and is predicted to witness a notable CAGR during the forecast period owing to growing animal health awareness. The German veterinary services market is anticipated to account for the major share of the European market during the forecast period owing to the growing number of veterinary clinics and hospitals. Most veterinary services are available at the veterinary hospital, including diagnostic, treatment, and medicine. Increasing veterinary medicine programs in Germany also helps the development of the market during the forecast period. These programs help in awareness about the different types of medication respective to the treatment for the pet owner and the livestock owners. Additionally, increasing veterinary jobs in Germany also helps the development of the German market growth.
KEY MARKET PLAYERS:
Companies playing a major role in the European veterinary services market are CVS Group plc, VCA Inc., Zoetis Inc., IVC Evidensia, and AniCura.
Frequently Asked Questions
The Europe veterinary services market is estimated to grow at a CAGR of 11.38% from 2023 to 2028.
The growing pet ownership, rising pet healthcare expenditure, advances in veterinary medicine, growing awareness of zoonotic diseases, increasing regulation of animal welfare, and growth in livestock production are majorly driving the Europe veterinary services market.
Some of the major companies operating in the Europe veterinary services market include CVS Group plc, VCA Inc., Zoetis Inc., IVC Evidensia, and AniCura.
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