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Veterinary Services in Europe - Market Size, Industry Analysis, Trends and Forecasts (2024-2029)

ISIC 75 March 2024 Spotlight Report

Revenue

€32.9bn

2019-2024 0.2 %
2024-2029 X.X %

Employees

440k

2019-2024 6.4 %
2024-2029 X.X %

Businesses

111k

2019-2024 2.6 %
2024-2029 X.X %

Profit

€XX.Xbn

2019-2024 X.X %

Profit Margin

XX.X%

2019-2024 X.X pp

Wages

€X.Xbn

2019-2024 X.X %
2024-2029 X.X %

Veterinary Services in Europe industry analysis

The Veterinary Services industry’s revenue is anticipated to expand at a compound annual rate of 0.2% to €32.9 billion over the five years through 2024. Revenue expansion has been driven by a surge in pet ownership in response to the COVID-19 outbreak, growing awareness for animal health and the growing availability of advanced surgical and diagnostic procedures for animals. Individuals spent prolonged periods at home during lockdowns, driving many to buy pets. In turn, demand for veterinary services for insurance and health checks climbed.

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Industry Statistics and Trends

Veterinary Services in Europe key trends

Climbing pet ownership drives growth.

 

Increasing levels of pet ownership have bolstered demand for veterinary services. The ageing and expanding UK population will likely contribute significantly to the rise in pet ownership.

Consolidation in the industry intensifies.

 

Large groups like Independent Vetcare and Pets at Home Group have seen their revenue swell significantly through acquisitions of small independent vets. For Example, Medivet Group acquired 22 vet practices in 2022.

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Veterinary Services in Europe

Industry Revenue

Total value and annual change from 2011-2029. Includes 5-year outlook.

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Veterinary Services in Europe market size (2019-2024)

Industry revenue has grown at a CAGR of 0.2 % over the past five years, to reach an estimated €32.9bn in 2024.

Trends and Insights

Pet ownership balloons in the UK and France, bolstering income for vets

  • Pet ownership in Europe has surged, driven partly by the pandemic and people seeking companionship during the lockdowns. According to GlobalPETS, Europe’s pet population climbed by 11% in 2022, so nearly half of all European households had at least one pet.

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Veterinary Services in Europe outlook (2024-2029)

Market size is projected to grow over the next five years.

Pet ownership rates will prove resilient in France Italy and Spain

  • Pet-ownership rates throughout Europe will remain high as more people continue to work from home, elevating the need for vet services.

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Revenue

€32.9bn

2019-2024 0.2 %
2024-2029 X.X %

Employees

440k

2019-2024 6.4 %
2024-2029 X.X %

Wages

€X.Xbn

2019-2024 X.X %
2024-2029 X.X %

European Leaders & Laggards

Europe Job Growth CAGR: 6.4 % *
  • Job Growth

Top 5 Countries

  1. Malta +15.1%
  2. Russia +11.6%
  3. Serbia +11.0%
  4. Poland +9.9%
  5. Luxembourg +9.9%

Bottom 5 Countries

  1. Portugal -6.4%
  2. Belgium -1.4%
  3. Cyprus -0.3%
  4. Turkey 0.0%
  5. Bulgaria +1.3%

* CAGR values are for the years 2019-2024.

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Biggest companies in the Veterinary Services in Europe

Company
Market Share (%)
2024
Revenue (€m)
2024
Profit (€m)
2024
Profit Margin (%)
2024
Independent Vetcare Ltd
3,047.0
1,175.0
38.6
Pets at Home Group plc
1,539.4
155.7
10.1
VetPartners Group Ltd
798.4
57.0
7.1

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Veterinary Services in Europe

Products & Services Segmentation

Industry revenue broken down by key product and services lines.

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Top Questions Answered in this Report

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What is the market size of the Veterinary Services industry in Europe in 2024?

The market size of the Veterinary Services industry in Europe is €32.9bn in 2024. 

How many businesses are there in the Veterinary Services in Europe industry in 2024?

There are 111k businesses in the Veterinary Services industry in Europe, which has grown at a CAGR of 2.6 % between 2019 and 2024.

Has the Veterinary Services industry in Europe grown or declined over the past 5 years?

The market size of the Veterinary Services industry in Europe has been growing at a CAGR of 2.6 % between 2019 and 2024. 

What is the forecast growth of the Veterinary Services industry in Europe over the next 5 years?

Over the next five years, the Veterinary Services industry in Europe is expected to grow.

What are the biggest companies in the Veterinary Services market in Europe?

The biggest companies operating in the Veterinary Services market in Europe are Independent Vetcare Ltd, Pets at Home Group plc and VetPartners Group Ltd

What does the Veterinary Services in Europe include?

Veterinary care for farm animals and Veterinary care for pets are part of the Veterinary Services industry.

Which companies have the highest market share in the Veterinary Services in Europe?

The company holding the most market share in Europe is Independent Vetcare Ltd.

Which countries have the most businesses in the Veterinary Services industry in Europe?

The European country with the most businesses in the Veterinary Services industry is Italy.

How competitive is the Veterinary Services industry in Europe?

The level of competition is low and steady in the Veterinary Services industry in Europe.

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Table of Contents

About this industry

Industry definition

This industry provides healthcare and control activities for animals and pets. Activities are carried out by qualified veterinary surgeons in veterinary hospitals, on farms or in surgeries. The industry also includes animal ambulance activities.

Related Terms

Avian InfluenzaEndoscopyCompanion Antimals

What's included in this industry?

Veterinary care for farm animals Veterinary care for pets Veterinary care for zoo animals

Companies

Independent Vetcare LtdPets at Home Group plcVetPartners Group Ltd

Industry Code

ISIC 2006

75 - Veterinary activities in Europe

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Performance

Key Takeaways

Pet ownership balloons in the UK and France, bolstering income for vets

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Revenue Highlights

Trends
  • Revenue
  • 2024 Revenue CAGR
  • Revenue Volatility

Employment Highlights

Trends
  • Employees
  • Employees per Business
  • Revenue per Employee

Business Highlights

Trends
  • Businesses
  • Employees per Business
  • Revenue per Business

Profit Highlights

Trends
  • Total Profit
  • Profit Margin
  • Profit per Business

Current Performance

Charts
  • Revenue in the Veterinary Services in Europe industry (2011 -2029)
  • Employees in the Veterinary Services in Europe industry (2011 -2029)
  • Business in the Veterinary Services in Europe industry (2011 -2029)
  • Profit in the Veterinary Services in Europe industry (2011 -2029)
Analysis

What's driving current industry performance in the Veterinary Services in Europe industry?


Outlook

Analysis

What's driving the Veterinary Services in Europe industry outlook?


Volatility

Analysis

What influences volatility in the Veterinary Services in Europe industry?

Charts
  • Industry Volatility vs. Revenue Growth Matrix

Life Cycle

Analysis

What determines the industry life cycle stage in the Veterinary Services in Europe industry?

Charts
  • Industry Life Cycle Matrix

Products and Markets

Highlights

Trends
  • Largest Market
  • Product Innovation

Key Takeaways

COVID-19 disruptions lead to unprecedented growth in pet ownership. The surge in dog and cat ownership rates during the COVID-19 outbreak led to a higher demand for planned and routine veterinary services, significantly enhancing revenue.

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Products and Services

Charts
  • Products and Services Segmentation
Analysis

How are the Veterinary Services in Europe industry's products and services performing?

Analysis

What are innovations in the Veterinary Services in Europe industry's products and services?


Major Markets

Charts
  • Major Market Segmentation
Analysis

What influences demand in the Veterinary Services in Europe industry?


International Trade

Highlights

  • Largest Importer
  • Smallest Importer
  • Total Imports into Europe
  • Largest Exporter
  • Smallest Exporter
  • Total Exports into Europe
Heat maps
  • Industry Concentration of Imports by Country
  • Industry Concentration of Exports by Country
Data Tables

Value and annual change (%) included

  • Number of Imports and Exports by European Country (2024)

Geographic Breakdown

Business Locations

Heat maps
  • Share of Total Industry Revenue by Region (2024)
  • Share of Total Industry Enterprises by Region (2024)
  • Share of Total Industry Employment by Region (2024)
  • Share of Total Industry Wages by Region (2024)

Industry Geographic Breakdown

Data Tables

Values and annual change provided for 37 European countries:

  • Revenue (2024)
  • IVA (2024)
  • Enterprises (2024)
  • Employment (2024)
  • Exports (2024)
  • Imports (2024)

Competitive Forces

Highlights

Trends
  • Concentration
  • Competition
  • Barriers to Entry
  • Substitutes
  • Buyer Power
  • Supplier Power

Key Takeaways

The industry’s regional focus limits concentration. Veterinary services are very much dependent on geographic proximity to the customer or patient.

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Supply Chain

Charts

Buyer and supply industries

Companies

Market Share

Charts
  • Industry Market Share by Company (2019-2024)

Companies

Data Tables

Top 8 companies by market share:

  • Market share (2024)
  • Revenue (2024)
  • Profit (2024)
  • Profit Margin (2024)

Data Tables
  • Countries of operation for Independent Vetcare Ltd
  • Countries of operation for Pets at Home Group plc
  • Countries of operation for VetPartners Group Ltd
  • Countries of operation for CVS Group plc
  • Countries of operation for Medivet Group Ltd
  • Countries of operation for AniCura AB
  • Countries of operation for Sevetys
  • Countries of operation for Unavets Group SL

External Environment

Highlights

Trends
  • Regulation & Policy
  • Assistance

Key Takeaways

Veterinary surgeons must register before setting up shop. Veterinary surgeons must ensure they have licences and accreditations before performing surgery on animals.

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External Drivers

Analysis

What demographic and macroeconomic factors impact the Veterinary Services in Europe industry?

Financial Benchmarks

Highlights

Trends
  • Profit Margin
  • Average Wage
  • Largest Cost

Key Takeaways

Rising pet ownership benefits profitability. An increase in dog and cat ownership and elevated pet-related spending has meant profit has remained healthy.

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Cost Structure

Charts
  • Share of Economy vs. Investment Matrix
  • Industry Cost Structure Benchmarks:
    • Marketing
    • Depreciation
    • Profit
    • Purchases
    • Wages
    • Rent
    • Utilities
    • Other
Analysis

What trends impact cost in the Veterinary Services in Europe industry?


Key Ratios

Data tables
  • IVA/Revenue (2014-2029)
  • Imports/Demand (2014-2029)
  • Exports/Revenue (2014-2029)
  • Revenue per Employee (2014-2029)
  • Wages/Revenue (2014-2029)
  • Employees per Establishment (2014-2029)
  • Average Wage (2014-2029)

Country Benchmarks

European Leaders & Laggards

Data Tables

Top and boottom five countries listed for each:

  • Revenue Growth (2024)
  • Business Growth (2024)
  • Job Growth (2024)

European Country Performance

Data Tables

Rankings available for 37 countries. Statistics ranked include:

  • IVA/Revenue (2024)
  • Imports/Demand (2024)
  • Exports/Revenue (2024)
  • Revenue per Employee (2024)
  • Wages/Revenue (2024)
  • Employees per Establishment (2024)
  • Average Wage (2024)

Structural Comparison

Data Tables

Trends in 37 countries benchmarked against trends in Europe

  • Concentration
  • Competition
  • Barriers to Entry
  • Buyer Power
  • Supplier Power
  • Volatility
  • Capital Intensity
  • Innovation
  • Life Cycle

Key Statistics

Industry Data

Data Tables

Including values and annual change:

  • Revenue (2014-2029)
  • IVA (2014-2029)
  • Establishments (2014-2029)
  • Enterprises (2014-2029)
  • Employment (2014-2029)
  • Exports (2014-2029)
  • Imports (2014-2029)
  • Wages (2014-2029)

Methodology

Where does IBISWorld source its data?

IBISWorld is a world-leading provider of business information, with reports on 5,000+ industries in Australia, New Zealand, North America, Europe and China. Our expert industry analysts start with official, verified and publicly available sources of data to build an accurate picture of each industry.

Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and IBISWorld's proprietary database of statistics and analysis to provide balanced, independent and accurate insights. 

IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools.

To learn more about specific data sources used by IBISWorld's analysts globally, including how industry data forecasts are produced, visit our Help Center.