Veterinary Market Size & Share Trends, 2033

Veterinary Market Overview

Global Veterinary Market size is projected at USD 65.47 million in 2024 and is expected to hit USD 103.85 million by 2033 with a CAGR of 5.26%.

The veterinary market market is experiencing notable expansion driven by increasing pet ownership and enhanced livestock care. Premium treatments, such as advanced diagnostics and preventive plans, are becoming common—over 31% of veterinary service revenue is attributed to wellness and preventative care. Tele-health platforms account for a rising share, with usage approaching one‑quarter of all veterinary interactions. Additionally, technology adoption is strong: AI-powered diagnostics now comprise approximately 0.7% of veterinary clinic throughput enhancements. This market’s deepening sophistication reflects shifting consumer priorities toward continuous care and data-driven interventions.

Key Findings

Top Driver reason: Rising humanization of pets and increased preventative spending

Top Country/Region: North America leads with over 38% of global share

Top Segment: Companion animal services dominate, accounting for around 63% of market activity

Veterinary Market Trends

The veterinary market market is undergoing a significant transformation driven by evolving consumer behavior, technological innovation, and shifting demographics in pet and livestock ownership. Companion animal services now account for approximately 63% of the total market, with pet owners prioritizing regular health checks, diagnostics, and wellness plans. Preventive care makes up around 31% of veterinary service demand, showing a marked shift from reactive to proactive care.

Tele-health services have seen rapid uptake, with virtual consultations now representing close to 25% of all veterinary interactions. This growth is driven by demand for convenience, increased digital literacy among pet owners, and rural area accessibility improvements. AI-powered diagnostic solutions are gaining ground, contributing to a 0.7% boost in clinic operational throughput, particularly in urban clinics.

Corporate and private equity investment in veterinary practices has risen dramatically, with around 41% of veterinary clinics now under corporate or investment group ownership. This consolidation trend has led to broader service offerings, standardized pricing models, and greater capital for equipment and staff development. However, independent clinics continue to play a critical role, particularly in underserved and rural markets.

Mobile veterinary services are expanding, with approximately 7% of care delivery now conducted through home visits and mobile units. These services are particularly popular among elderly pet owners, those in remote locations, and high-income urban dwellers seeking personalized attention. Meanwhile, diagnostic and imaging services are growing quickly, with a 12% increase in usage, underscoring the market’s shift toward early detection and data-driven care plans.

There is also an emerging focus on exotic and non-traditional pets, such as reptiles and birds, whose treatment needs have driven the development of niche veterinary specialties. This sub-segment has grown by over 6% year-over-year, driven by rising exotic pet ownership and greater awareness of species-specific care.

In livestock veterinary care, demand continues to be shaped by biosecurity protocols and disease surveillance. With zoonotic disease threats like avian influenza and swine fever, farm-level veterinary engagement is up approximately 8%, especially in Asia-Pacific and Latin America. Remote monitoring technologies for livestock are also being adopted at a growing pace, with 5–6% of large farms now using IoT-based animal health tracking systems.

These veterinary market market trends highlight a dynamic sector increasingly defined by digital transformation, personalized animal care, and strategic investment. As innovation continues, the market is poised for continued diversification across both product and service dimensions.

The veterinary market market is shaped by several quantitative trends. Wellness and preventive care now capture roughly 31% of overall service uptake. Companion animal care holds a substantial lead, representing 63% of service-based consumption, with tele-health interactions making up nearly 25% of consultations. Across diagnostics, imaging and lab services have increased by 12%, reflecting pet owners’ preference for early detection.

The influence of private equity is widespread—corporate or PE‑owned clinics now own around 41% of brick‑and‑mortar establishments. In North America, veterinary service prices have increased by about 60% over the last decade, while patient visit volumes have dropped 1.9% in recent quarters. Additionally, mobile and house-call services are trending—making up roughly 7% of delivery mode share and growing steadily. These figures underline an evolution toward higher‑value, tech-enabled, and diversified veterinary models.

Veterinary Market Dynamics

DRIVER

Rising demand for premium pet care

The growing human-animal bond has significantly influenced consumer behavior in the veterinary market market. Companion animal services represent 63% of the market, and wellness and preventive care account for approximately 31% of total veterinary services. Around 25% of pet owners now opt for tele-health consultations, reflecting the demand for convenience and accessibility. Additionally, corporate consolidation has led to nearly 41% of veterinary clinics being owned by private equity or chains, enabling better service infrastructure and quality. These figures highlight a strong and growing demand for higher-value, personalized pet care solutions. Pet humanization fuels high‑value service uptake. Preventive and wellness packages account for approximately 31% of overall activity. Tele-health services constitute about 25% of interactions, reflecting owner preference for convenience. Corporate and PE clinic expansion—now around 41% market share—highlights strong investor confidence.

OPPORTUNITY

Growth in telemedicine and diagnostic innovation

Telemedicine is reshaping how veterinary care is delivered, with virtual consultations representing nearly 25% of total vet interactions. AI-enabled diagnostic tools are being adopted more widely, leading to a 0.7% increase in operational efficiency within clinics. Diagnostic and imaging services have also grown by approximately 12%, signaling a rising preference for early disease detection and digital health monitoring. Additionally, emerging market regions are investing heavily in modern diagnostic infrastructure, with year-over-year growth in digital tools usage exceeding 6% in Asia-Pacific clinics. These innovations open significant investment and expansion opportunities in digital veterinary care.

Usage of tele-health is nearing 25% of all veterinary consults. AI-driven diagnostics improve clinic throughput by about 0.7%, enhancing efficiency. Digital imaging and laboratory service revenues have climbed by roughly 12%, mirroring owner demand for early detection. H5N1 surveillance and chronic disease monitoring investments also stepped up by ~1.2% globally.

RESTRAINTS

Price sensitivity amid growing treatment costs

The rising cost of veterinary services poses a significant restraint to market growth. Over the past decade, service prices have surged by approximately 60%. As a result, some clinics have experienced a 1.9% drop in patient volume and a 0.5% revenue decline. Around 75% of veterinary practices report clients are becoming more price-sensitive, with 20% of clinics implementing price increases of over 9% to manage inflation and operational costs. This price escalation risks reducing service accessibility, especially among lower-income pet owners, and limits the reach of advanced care offerings. Prices for veterinary services have risen roughly 60% over ten years. A survey indicated a 1.9% drop in U.S. patient volumes and a 0.5% decline in revenue across clinics. Over 75% of practices report client pushback on pricing, with nearly 20% raising fees by 9% or more recently. Pet ownership shows early signs of narrowing in certain markets.

CHALLENGE

Veterinarian shortages and rising operational costs

The veterinary market market faces a growing workforce crisis. In the U.S. alone, a shortfall of 15,000 to 24,000 veterinarians is projected by 2030. Currently, about 39% of practicing veterinarians are over the age of 55, suggesting a potential wave of retirements. Meanwhile, pet ownership has surged from 56 million to 94 million households, exacerbating the strain on veterinary resources. Operational costs, including wages, equipment, and rent, are climbing, impacting small and independent clinics the most. This imbalance between supply and demand challenges the market’s ability to maintain service quality and availability. In the U.S., projected shortfalls of 15k–24k companion‑animal vets are expected by 2030. Veterinarians over 55 make up nearly 39%, accelerating retirements. The number of households owning pets rose from 56 m to 94 m, yet vet numbers haven’t kept pace. Supply-demand imbalance, combined with staff cost pressures and inflation, increases workload and burnout rates.

Veterinary Market Segmentation

By Type

Companion Animal Care: This segment dominates the veterinary market market, accounting for approximately 63% of the overall market share. The rise in pet ownership, particularly of dogs and cats, is fueling consistent demand for services like vaccinations, diagnostics, grooming, and wellness plans. Around 31% of veterinary services under this type are focused on preventive care, making it a key revenue driver in developed markets.
Livestock Health: Livestock veterinary services contribute around 40% to the total animal healthcare activity. These services are essential for food safety, disease prevention, and productivity. Demand is especially high in regions like Asia-Pacific and Latin America, where livestock farming is central to the economy. Government support and stricter health regulations are also promoting service uptake in this category.
Veterinary Diagnostics: Veterinary diagnostic services have experienced a 12% increase in usage. This growth is driven by technological innovations like AI-powered diagnostic imaging and portable lab testing kits. Clinics are increasingly offering early disease screening, contributing to improved treatment outcomes and client satisfaction.
Surgical Equipment: Surgical equipment accounts for nearly 20% of the veterinary services infrastructure. The demand for orthopedic, soft-tissue, and emergency surgical procedures is growing, particularly in companion animal clinics. The availability of minimally invasive tools and laser surgery options has made procedures safer and more accessible, encouraging wider adoption.

By Application

Veterinary Clinics: Veterinary clinics are the primary delivery channel, accounting for approximately 74% of service interactions. These clinics handle general checkups, diagnostics, surgeries, and wellness programs. The increase in pet ownership and frequent vet visits has strengthened this segment across all regions, especially in urban centers.
Farms: Farms represent about 40% of the veterinary services demand in livestock-centric regions. Services include vaccination, disease monitoring, artificial insemination, and productivity management. Technological integration, such as IoT-based livestock monitoring, is rising among large-scale farms.
Research Institutes: Although niche, research institutes make up roughly 5% of the market. They play a critical role in developing vaccines, studying zoonotic diseases, and trialing new treatments. The global emphasis on biosecurity and pandemic preparedness is increasing demand in this segment.
Pet Retailers: Veterinary services provided in retail settings—such as grooming stores or pet supermarkets—are gaining traction, contributing to a 13% increase in patient visits. These in-store clinics offer vaccinations, checkups, and wellness products, bridging access gaps and appealing to convenience-focused consumers.

Veterinary Market Regional Outlook

North America

North America holds approximately 38–42% of the global veterinary market. Companion animal care dominates; dogs and cats represent nearly 60% of animal treatment volume. Brick‑and‑mortar clinics account for around 74% of service delivery, with corporate-backed chains now controlling 41%. However, rising prices—up ~60% across ten years—and a 1.9% decline in visit volumes highlight tensions.

Europe

Europe comprises about 35% of vet‑service consumption. Companion-animal clinics constitute roughly 67% of all vet professionals. Non-medical services like grooming and boarding grew over 7% in recent years. Private-equity consolidation is also concentrated here; UK clinics saw a 13% jump in vet visits at retailer‑owned outlets.

Asia-Pacific

Asia‑Pacific is the fastest-expanding region—estimated share approaching 5.65% annual growth in recent reports. Livestock and production care comprise roughly 40% of veterinary activity. AI and tele-health are emerging, with adoption up ~6% year-over-year. The aging of pet clinics and increased preventative measures contribute to this uplift.

Middle East & Africa

This region represents roughly 5–10% of global veterinary revenues. Companion animal care is growing—estimated at +4% annually—alongside biosecurity and livestock health measures. Growth is fueled by rising disposable incomes and awareness; however, infrastructure and shortage of trained vets remain constraints.

List of Key Veterinary Market Companies

Zoetis (USA)
Merck Animal Health (USA)
Elanco Animal Health (USA)
Bayer Animal Health (Germany)
Boehringer Ingelheim (Germany)
Vetoquinol (France)
Ceva Santé Animale (France)
Virbac (France)
IDEXX Laboratories (USA)
Hills Pet Nutrition (USA)

Investment Analysis and Opportunities

The veterinary market market offers multiple avenues for investment. Preventive care currently represents about 31% of service uptake, indicating robust recurring revenue potential. Tele-health services represent nearly a quarter of consultations—investment in these platforms could capture growing consumer demand. AI‑driven solutions are enhancing diagnostics by ~0.7%, pointing to tech‑integration opportunities. Regional investment in Asia-Pacific livestock clinics is outpacing other areas by over 5% annually. Additionally, mobile and house-call care—about 7% share—is attractive for niche investment models. However, pricing pressure (1.9% volume drop, 0.5% revenue decline) indicates risk. Veterinarian shortages—shortfall nearing 16% in the U.S. by 2030—underscore potential for clinics, training schools, or support services. Overall, investing across preventive care, telemedicine, diagnostics, mobile services, and workforce support aligns with market trajectories and owner preferences.

Preventive care product development is also gaining attention. Annual wellness packages, offered by around 31% of veterinary clinics, include bundled services like vaccinations, dental cleanings, parasite treatments, and routine screenings. Subscription-based models have increased client retention by approximately 12%, allowing clinics to predict revenue and improve inventory planning.

Wearable technology for pets is another fast-emerging category. About 8% of pet owners in developed markets now use smart collars or tracking devices that monitor heart rate, activity levels, and sleep patterns. These wearables integrate with mobile apps and alert owners and veterinarians about potential health issues, prompting earlier diagnosis and treatment.

Furthermore, the market is seeing innovation in nutraceuticals and dietary supplements tailored to specific conditions like joint health, coat quality, and digestive balance. These supplements are being used regularly in nearly 22% of pet households, and growing awareness is expected to further drive demand.

New Products Development

Innovation in the veterinary market market is accelerating, with a strong focus on digital diagnostics, telehealth platforms, preventive care products, and advanced surgical tools. One of the most notable developments is the widespread integration of telehealth solutions. Approximately 25% of veterinary consultations are now conducted virtually, making remote access to animal healthcare more mainstream. Veterinary tele-triage tools and mobile health apps are increasingly being used to improve decision-making and reduce in-clinic congestion.

Diagnostic product development is another high-growth area. AI-powered diagnostic tools have shown a 0.7% improvement in clinic efficiency, particularly in busy urban veterinary hospitals. Portable diagnostic kits for in-field and home use are expanding in popularity, especially in rural or remote locations. Additionally, diagnostic imaging systems using cloud-based storage and real-time analysis are being deployed in about 13% of advanced veterinary practices globally, allowing for more accurate and faster diagnostics.

In the surgical segment, minimally invasive tools are being adopted in nearly 20% of clinics. Laser scalpels, electrosurgical devices, and endoscopic technologies are making surgeries safer and reducing animal recovery time. This category is experiencing growth driven by rising demand for orthopedic procedures and spay-neuter programs supported by municipal pet population control policies.

Finally, in livestock health, injectable long-acting antibiotics and vaccines with improved thermostability are being developed to serve remote areas with limited cold-chain logistics. These products have increased livestock immunity compliance rates by up to 15% in key agricultural regions. Overall, new product development is addressing efficiency, accessibility, and preventive care—aligning with both pet owner and farm operator expectations.

Suppliers and clinics are rolling out advanced solutions. Telehealth platforms now represent ~25% of consult interactions. Diagnostic tools integrating AI have improved throughput by 0.7%. Companion-animal diagnostics now uses subscription microscopy and imaging plans in ~13% of clinics. Mobile diagnostic kits for farms—a 7% developing share—are being offered in APAC. New surgical devices are in use across 20% of mid-sized clinics, reducing procedure times by 10%. Non-invasive imaging and wearable tech for pets have gained ~8% adoption among premium pet owners. Preventive packaging now includes annual wellness subscriptions in 31% of vet practices. Investment in zoonotic‑disease surveillance products has increased by ~1.2% globally. These developments indicate strong innovation potential aligned with evolving pet owner and farmer needs.

Five Recent Developments

Chewy’s veterinary expansion: Chewy operates 11 clinics and opened ~10 new locations, with pharmacy usage at ~25%, targeting 40% usage.
Pets at Home growth: UK veterinary division saw 13% rise in visits and spend, offsetting retail slowdown.
Private equity impact: U.S./UK vet costs rose ~60% over a decade; survey found 92% of clinics raised prices recently—~20% hikes of 9%+.
Vetnique exit: Vetnique’s founder sold his pet‑supplement brand to private equity; brand now serves over 5 million pets annually.
CMA investigation in UK: Competition authority launched probe into veterinary pricing and competition amid consolidation.

Report Coverage of Veterinary Market

This report covers the full spectrum of veterinary market activities, including service types (diagnostics, surgery, wellness and tele-health, which collectively form more than half of all interactions), delivery modes (in-clinic, mobile, telemedicine), and animal categories (companion animals, livestock, equine, exotic), each with distinct growth profiles. It examines regional dynamics: North America (38–42% share), Europe (~35%), Asia‑Pacific (fastest growth), and MEA (niche expansion). Workforce supply challenges are addressed, with U.S. shortfalls projected at 16%. Price inflation (~60%) and volume contraction (~1.9%) are analysed. Innovations in AI, telemedicine, and mobile diagnostics reflect service model evolution. Private-equity consolidation (41% clinic share) and pricing trends underscore commercial shifts. Company profiles include top players—Zoetis, Merck, Elanco, Bayer, Boehringer Ingelheim— with market shares ranging from 12% to 18% in key segments. Investment themes span preventive service subscriptions, diagnostic platforms, tele-health scaling, vet staffing solutions, and regional infrastructure build-out. Recent developments highlight corporate expansion, regulatory scrutiny, and product launches. Overall, the report offers a comprehensive view of market size, segmentation, dynamics, competitive landscape, and investment implications.