The global veterinary services market is on a rapid growth trajectory, projected to nearly double from USD 139.9 billion in 2025 to USD 313.3 billion by 2035, at a compound annual growth rate (CAGR) of 8.4%, according to new market research. Rising demand for animal health solutions, food safety initiatives, and an expanding pet population are central to this growth.
Market Momentum: From Livestock to Companion Care
The veterinary services sector is undergoing a structural transformation as animal health becomes integral to public health, trade, and food security. In 2025, the production animal segment will account for 58.0% of global revenues, reflecting the critical role of livestock in sustaining protein supply chains worldwide.
Governments and agribusinesses are increasingly investing in disease prevention, vaccination programs, and precision livestock farming. This emphasis on preventive healthcare and biosecurity positions veterinary services as an indispensable part of the global agricultural ecosystem.
On the other hand, companion animals are expected to register the fastest growth at 8.6% CAGR, fueled by pet humanization, rising adoption rates, and the expansion of specialized pet healthcare services. Innovations such as telemedicine, diagnostics, and digital veterinary platforms are reshaping how pet owners access care.
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Regional Outlook: Asia-Pacific Emerges as Growth Leader
While North America continues to hold a dominant market share with more than 42% of global revenues in 2024, the Asia-Pacific region is expected to post the highest CAGR exceeding 9% through 2035.
Key drivers include:
- Rising disposable incomes in countries such as India and China, supporting higher rates of pet ownership.
- Modernization of veterinary infrastructure, creating access to advanced diagnostics and treatment facilities.
- Expanding livestock production to meet rising demand for meat and dairy, boosting veterinary oversight.
Japan’s aging pet population is further fueling demand for orthopedic and geriatric veterinary services, while India’s increasing demand for meat and milk is driving structured veterinary care in livestock.
Industry Trends Driving Growth
Several macro-trends are shaping the future of veterinary services:
- Zoonotic Disease Prevention – With zoonotic and food-borne illnesses on the rise, veterinary services play a frontline role in safeguarding public health.
- Digital Transformation – The COVID-19 pandemic accelerated the adoption of veterinary telemedicine, with companies such as Chewy Inc. launching digital health platforms for pets.
- Regulatory and Trade Standards – Compliance with international trade and food safety protocols is amplifying the need for veterinary monitoring across supply chains.
- Pet Humanization – Growing consumer spending on pets is driving demand for diagnostics, specialty care, and personalized pet nutrition.
Competitive Landscape: Consolidation and Expansion
The veterinary services industry is characterized by strategic mergers and acquisitions, as leading players scale their footprint and service offerings. Notable moves include:
- VetPartners’ acquisition of National Veterinary Care Ltd. in April 2024 for USD 251.5 million.
- Mars’ Linnaeus division purchase of five specialty referral centers from Pets at Home in the UK for USD 132.2 million in December 2024.
- Expansion of emergency care capacity by Seven Hills Veterinary Hospital in mid-2024 to meet surging urgent care demands.
Key players shaping the market include Mars Inc., Greencross Ltd., National Veterinary Care Ltd., Pets at Home Group PLC, CVS Group PLC, Ethos Veterinary Health, Addison Biological Laboratory, Armor Animal Health, and PetIQ, LLC.
This wave of consolidation reflects an industry trend toward integrated veterinary care networks, improved clinical capabilities, and expanded geographic reach.
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Historical Growth and Future Outlook
Between 2020 and 2024, the market recorded a 6.7% CAGR, rising to a valuation of USD 129 billion in 2024. Looking ahead, industry analysts project the market will grow 2.4X between 2025 and 2035, underscoring its strong growth momentum.
The Food and Agriculture Organization (FAO) estimates that global demand for meat will reach 445 million tonnes by 2050, highlighting the critical role of veterinary services in ensuring food security. Meanwhile, increasing pet adoption, especially during the COVID-19 pandemic, has elevated demand for companion animal healthcare.
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