Veterinary Services Market

The Untapped Pet Insurance Will Drive Global Market at 6.2% to 2021 by The Business Research Company - Seite 2

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Government Regulations Affect The Veterinary Services Market By Region

Factors influencing the size and growth of the veterinary services market by region and country include the animal disease burden, GDP and its distribution, consumption patterns (which influence the extent of livestock farming - thus China's animal population vastly outstrips India's), government regulations relating to animal health safeguarding and meat and dairy production and, on the supply-side, the size of the veterinary workforce, government support for animal welfare practices and investment by the industry. Levels of pet ownership, 'humanization' of pets, as in Japan, preventive measures against outbreaks of disease that can be transferred from animals to humans, are other factors that influence the size of particular markets. For example, China has seen a significant increase in pet ownership among its urban population and with it an increase in demand for veterinary services for companion animals. According to research conducted by Daxue Consulting, 8% of families in China's tier-1 and tier-2 cities now own pets. Pet owners in China spend $50 a year on average on medical treatments for their pets. China's population is urbanizing at the rate of over 30 million a year, according to the CIA World Factbook; many of the newly urbanized population in China miss the presence of animals that they knew in their former rural homes and acquire companion animals instead.

A further factor is government livestock regulations. Regulations surrounding the maintenance of cattle and livestock are increasing the demand for veterinary services. For instance, in March 2016 the United States Food and Drug Administration (FDA) announced an amendment in its humanly medically important antibiotics regulations. With effect from 2017, cattle owners need to administer the Veterinary Feed Directive (VFD) drugs under the supervision of licensed veterinarians. Thus, increasingly stringent rules and regulations surrounding the production and export of cattle and meat products are expected to drive the veterinary services market up to 2021.