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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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.

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