The veterinary services market size is expected to grow around $125 billion by 2022 growing at compound annual growth rate (CAGR) of around 5%. The growth in the veterinary services market is mainly due to increasing penetration of pet insurance, rising pet spending, wildlife conservation and digital media marketing.
Several trends witnessed in the global pet vet market include the use of portable technology, electronic health records, insurance services aiding pet owners and specialty services.
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Merger and acquisition activity in the veterinary services market in the last three years has been at a medium level. Leading deals have included those completed by Mars Inc, VCA, CVS and Novozymes.
In January 2017, Mars Inc. acquired VCA Animal Hospitals for $7.7 billion. VCA was a chain of almost 800 animal hospitals, laboratories, and dog day care franchises, post-acquisition, the company will be integrated under Mars Petcare segment, but will operate as a separate business unit
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