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Artificial Intelligence Software Is Fastest Segment Fueling The Growth Of Veterinary Services Market

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Pooja salve
Artificial Intelligence Software Is Fastest Segment Fueling The Growth Of Veterinary Services Market

The global Veterinary Services Market is estimated to be valued at US$ 112626.87 Mn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Veterinary services include treatment/checkups, vaccinations, surgeries, and diagnostics for pets or farm animals. With growing awareness about animal health and welfare, the demand for quality veterinary services is increasing. Advanced technologies like AI-enabled diagnosis are also becoming popular and helping veterinarians perform their jobs more efficiently.

Market Overview:

Veterinary services include various medical services provided by veterinarians. These services include preventive care like vaccination, treatment for illnesses and injuries, surgeries and complex procedures. Growing bonded with pets and awareness about animal welfare is driving the demand for veterinary services globally.

Market key trends:

One of the key trends boosting the veterinary services market is growing adoption of AI-enabled technologies by veterinarians. AI is helping to improve the diagnostic accuracy and allowing remote/online consultations. For example, AI image recognition algorithms can analyze pet scans and X-rays to detect abnormalities much faster than humans. This is resulting in quicker diagnosis and better treatment outcomes. AI is also assisting vets in monitoring patient health, managing records and maintaining inventory. This is improving practice efficiency while offering personalized care to pets. Overall, technological advancements centered around AI are poised to disrupt and significantly grow the veterinary services industry in coming years.

Segment Analysis

The global veterinary services market is segmented by service type into surveillance and control, vaccination, veterinary drugs, veterinary diagnostic testing, and others. The veterinary diagnostic testing segment dominated the market in 2022, accounting for around 28% share. This is because diagnostic testing helps in early disease detection and accurate treatment, which improves animal health outcomes. Diagnostic testing includes pathology, clinical pathology, diagnostic imaging, and others. Among these, clinical pathology segment holds the largest share as it helps in evaluation of various health conditions in pets.

Key Takeaways

Global Veterinary Services Market Demand is expected to reach US$ 112626.87 Mn by 2030 from US$ 79211.32 Mn in 2023, registering a CAGR of 6.9% during the forecast period. Increasing pet ownership and growing awareness about animal health are expected to boost the market growth.

Regional analysis: North America dominated the market with around 35% share in 2022 owing to high pet healthcare expenditure and availability of advanced veterinary facilities in the region. Asia Pacific is expected to witness fastest growth during the forecast period. Rising pet adoption in countries like India and China is anticipated to drive the regional market.

Key players: Key players operating in the veterinary services market are Mars Inc., CVS Group PLC, Greencross Vets, Ethos Veterinary Health, Idexx Laboratories Inc., Pets at Home Group PLC, CityVet Inc., FirstVet, Kremer Veterinary Services, and Armor Animal Health, among others. Key players are focusing on geographic expansion and adoption of advanced technologies to gain competitive edge in the market.


Get More Insights on this topic- https://www.dailyprbulletin.com/veterinary-services-market-demand-and-share-analysis/

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