Singapore Veterinary Services Market Insights Forecasts to 2033

• The Market is growing at a CAGR of 6.3% from 2023 to 2033
• The Singapore Veterinary Services Market Size is expected to hold a significant share by 2033

The Singapore Veterinary Services Market is anticipated to hold a significant share by 2033, growing at a CAGR of 6.3% from 2023 to 2033. The increasing awareness about animal health, and implementation of digital solutions, and rising pet adoption are driving the growth of the veterinary services market in the Singapore.     

Market Overview

Veterinary services refers to the provision of treatment, care, advice or guidance, or other services, or supplies, related to the health or death of the animals. This service is provided to pets, farm animals, and animals that are kept in zoos and wildlife parks in order to improve their health and life cycles. There is an increasing use of digital technology among pet owners for convenient and reasonably priced pet health services. With a ‘virtual vet’, owners can use their smartphone to video chat or instant message a veterinarian about non-emergency issues. The widespread availability of minimally invasive treatments, enhanced cancer treatments like immunotherapy, better diagnostic tools, growing acceptance of alternative therapies, increased focus on preventive programs like genetic testing and screening, remote sensing for animal monitoring, increased use of stem cells in regenerative medicine, and more behavioral wellness strategies for pets are some of the advancements that have been offered. Favourable initiatives by the government and market players for providing veterinary services are anticipated to drive market growth opportunities for veterinary services. Further, the increasing use of telemedicine in veterinary care such as Televet, Fuzzy Pet Health, and Healthpet owing to the busy lifestyles and inclination towards personalized services are promoting the market growth.

Report Coverage

This research report categorizes the market for the Singapore veterinary services market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Singapore veterinary services market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the Singapore veterinary services market.

Driving Factors

The increasing initiatives for strengthening animal health and welfare are contributing to driving the market. For instance, the Animal & Veterinary Service (AVS) is reviewing the Animal and Birds Act and also Code of Animal Welfare. The integration of digital technologies in the animal health sector is significantly propelling the market growth for veterinary services. Further, the increasing pet adoption along with surging awareness about animal health is driving the veterinary services market.

Restraining Factors

The increasing cost of veterinary services owing to rising medical supplies and manpower costs in the country is challenging the Singapore veterinary services market. Further, the issues regarding lack of awareness about veterinary services may hamper the market growth.  

Market Segmentation

The Singapore Veterinary Services Market share is classified into animal type and service type.

• The companion animals segment is expected to grow at the fastest CAGR during the forecast period.

The Singapore veterinary services market is segmented by animal type into companion animals and production animal. Among these, the companion animals segment is expected to grow at the fastest CAGR during the forecast period. The rise of pet insurance has reduced the cost of veterinarian treatment, allowing pet owners to access additional services. The increasing pet ownership of animals including dogs, cats, birds, horses, and small mammals is significantly driving the market demand in the companion animals segment.

• The non-medical services segment is anticipated to grow at a rapid pace through the forecast period.

The Singapore veterinary services market is segmented by service type into medical services and non-medical services. Among these, the non-medical services segment is anticipated to grow at a rapid pace through the forecast period. Non-medical services segment includes transport, grooming, sitting, boarding, and funeral services. The increasing initiatives for animal care and welfare are driving the market in the non-medical services segment.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Singapore veterinary services market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Mars, Inc.
• Greencross Ltd.
• National Veterinary Care Ltd.
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In October 2023, Singapore to set up veterinary council to raise sector standards, support for over 1,000 professionals.
• In March 2023, ZumVet scored $4.8 million in funding for their tele-vet business. Zumvet provides pet tele-consultation services, offering convenience and cost savings.

Market Segment

This study forecasts revenue at Singapore, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Singapore veterinary services Market based on the below-mentioned segments:

Singapore Veterinary Services Market, By Animal Type

• Companion Animals
• Production Animal

Singapore Veterinary Services Market, By Service Type

• Medical Services
• Non-medical Services