Veterinary Services Market

The Untapped Pet Insurance Will Drive Global Market at 6.2% to 2021 by The Business Research Company

LONDON, July 22, 2019 /PRNewswire/ -- The global veterinary services market will grow at 6.2% a year to 2021, slightly slower than the overall healthcare market, which at a global level is growing at 7.1% a year. An important driver of the veterinary services market is the increasing penetration of pet insurance. Globally, the pet insurance market is largely untapped with extremely low penetration rates, hence it provides a large market opportunity. Even in developed economies such as the US, the pet insurance penetration rate is only around 1%, although in Western European countries such as the UK, the penetration is around 20%. In both developed and developing nations, there are large potential markets for pet insurance products and the market will likely grow along with the growing number of companion animals and increased awareness of insurance products.

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Growth in the pet population, pet humanization within the growing global urban populations, and increased awareness of animal welfare needs due to social media are also helping drive the veterinary services market growth. The global livestock and poultry population is also expected to rise in the forecast period. According to the USDA, in 2016, the USA's commercial production of beef is expected to increase by almost 4% while beef and boiler meat exports are forecast to grow by 9% and 7%, respectively.  This trend is especially prominent in developing countries such as China, India and Brazil. China is a world leader in pork production and its meat production increased from less than 70 million tons in 2010 to more than 76 million tons in 2016.  Increasing population and rising income levels are stimulating the demand for livestock products in emerging markets.

North America- The Largest Market For Vet Services

North America is by far the largest region for the veterinary services market, valued at around $46 billion in 2018. The market in this region is primarily driven by high pet ownership, high expenditure on pet care and government support for veterinary services for livestock.

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