London, UK -- (SBWIRE) -- 01/23/2020 -- The veterinary services market consists of sales of veterinary services by entities (organizations, sole traders and partnerships) that provide veterinary services. Veterinary services provide healthcare for animals - especially pets, farm animals, and animals kept in zoos and wildlife parks.

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Major trends influencing the veterinary services market include:
Electronic Health Records - Electronic health records offer an efficient way to collect and store electronic health information about a client's pets or livestock. Electronic health records accurately represent vital data while ensuring pet history and relevant information which is always accessible and easy to use, in order to increase efficiencies as a result of allowing veterinarians to examine possible trends and long-term changes in the pet's record.

Insurance Services Aiding Pet Owners - In developed markets the pet insurance industry is offering new product lines for veterinary services. The insurance cover helps pet owners to explore a range of treatment options, ensuring better healthcare of animals. For example, Healthy Paws pet insurance offers insurance for pet illness, accidents, hereditary and congenital conditions, chronic conditions and alternative care.

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The Veterinary Services market is segmented by service type and by geography.
By Service Type - The veterinary services market is further segmented by service type into
a) Animal Hospitals & Veterinary Clinics
b) Pet Food & Product Sales
c) Laboratory Services
Laboratory Services had the highest growth rate of nearly 8.7% during the historic period. The fastest growth in the historic period can be attributed to the high expenditure for pet care, rising preferences of pet owners to spend for the diagnostic services, technology advancements in animal diagnostics and high costs associated with these services led to the high market growth for this segment.

Sub-Segmentation:
By Service Type - The animal hospitals & veterinary clinics market can be further segmented by service type into
a) Routine Examinations
b) Non-surgical Procedures
c) Surgical Procedures

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North America is the largest market for veterinary services, accounting for almost 45% of the global market. It was followed by Western Europe, Asia-Pacific and then the other regions. Going forward, Asia-Pacific and Eastern Europe will be the fastest growing regions in this market.

Major Competitors of global veterinary services market are Mars, Inc., VCA Inc., Banfield Pet Hospital, Idexx Laboratories, Greencross Limited

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