The global Veterinary Services Market size is expected to reach USD 142.04 billion by 2025, according to a new report by Grand View Research, Inc., experiencing a CAGR of 5.6% during the forecast period. Rising concerns regarding food security and safety are encouraging the adoption of veterinary services worldwide. In addition, increasing pet adoption is one of the primary growth stimulants for the market.
In addition, the advent of risk-based
management systems, designed to analyze real-time fluctuations in food-borne
and zoonotic disease prevalence, is widening the scope for growth of the
veterinary services market. Veterinary services 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
investigation of animal disease outbreaks and the implementation of remedial
measures after the identification of an outbreak. The aforementioned factors
are expected to help the market gain tremendous momentum over the coming years.
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below:
https://www.grandviewresearch.com/industry-analysis/veterinary-services-market
Further key findings from the report suggest:
- Production animal accounted for the largest share in the market in
2017 owing to high adoption of facilities for livestock to maintain
biosecurity
- Cattle was the leading revenue contributor among production animals
in 2017 owing to increasing penetration of services such as hoof care and
artificial insemination
- The companion animals segment is projected to expand at a lucrative
rate during the forecast period owing to an unprecedented increase in
their adoption for associated health benefits for humans such as greater
psychological stability, lower blood pressure, and reduced anxiety attacks
- North America dominated the global veterinary services market in
2017 as a result of the local presence of private veterinarians that
directly supply these services to consumers
- Asia Pacific is anticipated to register an exponential CAGR during
the same period owing to strong clinical urgency to curb the high
incidence of zoonotic diseases and management of sudden disease outbreaks
such as Ebola and swine influenza
- The market is highly fragmented in nature and the key participants
adopt strategies such as regional expansion to gain competitive advantage.
For instance, in June 2018, Mars Petcare acquired AniCura and Linnaeus to
broaden its geographical presence in the U.K. and Sweden respectively.
About Grand View
Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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