The global veterinary services market reached a value of nearly $98 billion in 2017, having grown at a compound annual growth rate (CAGR) of more than 7% since 2013. View complete report @ https://www.thebusinessresearchcompany.com/report/veterinary-services-market
Major drivers of the veterinary services industry in the historic period included emerging markets growth, increased pet spending, increased pet ownership by gen x and gen y adults, and increased requirements for certification to export meat products; major restraints on the market included shortage of trained veterinarians, high costs and limited government support.
Major drivers of the veterinary services industry in the forecast period include economic growth, technology advances, rising livestock population and more stringent government regulations and major restraints on the market include interest rate increases and global warming.
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Veterinary Services Market Trends
Electronic Health Records – Electronic health records offer an efficient way to collect and store electronic health information about a client’s pets or livestock. Electronic health records accurately represent vital data while ensuring pet history and relevant information which is always accessible and easy to use, in order to increase efficiencies as a result of allowing veterinarians to examine possible trends and long-term changes in the pet’s record.
Insurance Services Aiding Pet Owners – In developed markets the pet insurance industry is offering new product lines for veterinary services. The insurance cover helps pet owners to explore a range of treatment options, ensuring better healthcare of animals. For example, Healthy Paws pet insurance offers insurance for pet illness, accidents, hereditary and congenital conditions, chronic conditions and alternative care.
By Service Type – The animal hospitals & veterinary clinics market can be further segmented by service type intoa) Routine Examinations
b) Non-surgical Procedures
c) Surgical Procedures
By Geography – The veterinary services market is segmented intoo North AmericaUSA
o Western EuropeUK
o Asia PacificChina
o Eastern EuropeRussia
o South AmericaBrazil
o Middle East
North America is the largest market for veterinary services, accounting for almost 45% of the global market. It was followed by Western Europe, Asia-Pacific and then the other regions. Going forward, Asia-Pacific and Eastern Europe will be the fastest growing regions in this market.
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