Size of the veterinary care market worth $ 114.4 billion by 2028
SAN FRANCISCO, September 15, 2021 / PRNewswire / – The Global Veterinary Care Market Size Is Expected to reach $ 114.4 billion by 2028, registering a CAGR of 5.4% over the forecast period, according to a new report from Grand View Research, Inc. The growing number of government initiatives aimed at preserving food security is likely to spur the adoption of better veterinary care around the world. A significant increase in the adoption and humanization of pets around the world is primarily responsible for the high need for veterinary care, which is driving the growth of the market.
Main lessons and findings:
Companion animals held the dominant share in the animal types segment due to increased pet health spending and increased pet adoption
The production animal segment is expected to register the fastest CAGR during the forecast period due to increased government initiatives to improve livestock health.
In addition, the increase in domestic production, consumption and exports of beef is driving the growth of the segment.
The type of primary care for both production and companion animals dominated the global market in 2020 due to the increase in the number of pet owners, government initiatives to prevent various diseases. animals and the high number of hospitals and veterinary clinics.
Read the 150-page market research report, “Veterinary Care Market Size, Share and Trend Analysis Report by Type of Care (Primary, Critical), by Animal Type (Companion, Production), by Region (North America, APAC), and segment forecast, 2021 – 2028“, by Grand View Research
What’s more, the COVID-19 pandemic has led to an increase in the adoption of pets. In june 2020, at the Society for the Prevention of Cruelty to Animals Los Angeles, pet adoptions were double their normal rate, with almost 10 or 13 adoptions per day. In addition, a waiting list had formed for certain types of canines and puppies, so few were left. The growing awareness of pet owners for primary examinations of their animals is further driving the market.
The demand for animal protein is increasing worldwide due to higher per capita income. According to the OECD-FAO Agricultural Outlook 2020-2029 article, growth in meat consumption over the next decade is expected to increase by 12% by 2029. As demand for meat continues to increase increase, the demand for veterinary care is expected to increase. quickly. Key companies in the market are collaborating with animal welfare organizations to encourage awareness and advance veterinary care, further boosting the market growth.
Grand View Research has segmented the global veterinary care market on the basis of animal type, type of care, and region:
Veterinary Care Animal Type Outlook (Revenue, USD Billion, 2016 – 2028)
Veterinary Care Type Outlook (Revenue, USD Billion, 2016 – 2028)
Regional Veterinary Care Outlook (Revenue, USD Billion, 2016 – 2028)
List of key players in the veterinary care market
Check out other studies related to animal health and related services, conducted by Grand View Research:
Veterinary Services Market – The size of the global veterinary services market has been estimated to be $ 97.34 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 5.7% from 2021 to 2028.
Animal health market – The size of the global animal health market has been estimated to be $ 45.4 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 9.0% from 2021 to 2028.
Pet Health Market – The global pet health market size has been estimated to be $ 18.67 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 9.2% from 2021 to 2028.
Browse Grand View Research’s coverage on Global Animal Health Industry.
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About Grand View Search
Grand View Research, a United States-based market research and consulting company, provides syndicated and personalized research reports and consulting services. Checked in California and headquartered at San Francisco, the company has more than 425 analysts and consultants, adding more than 1,200 market research reports to its extensive database each year. These reports provide in-depth analysis of 46 industries in 25 major countries around the world. Using an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and assess upcoming opportunities.
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SOURCE Grand View Research, Inc.