Australia Veterinary Market Projected to Reach USD 4.9 Billion by 2034

Market Overview

The Australia Veterinary Market reached a size of USD 2.1 Billion in 2025, with expectations to grow to USD 4.9 Billion by 2034. The market is set to grow at a CAGR of 9.60% during the forecast period of 2026 to 2034. This growth is driven by rising pet ownership, technological advancements in veterinary medicine, increased awareness of animal health and welfare, and regulatory support enhancing the sector.

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How AI is Reshaping the Future of Australia Veterinary Market

AI-powered diagnostic technologies such as AI-assisted imaging and blood analyzers are improving early disease detection and treatment accuracy, enhancing clinical outcomes.
The emergence of tele-vet platforms uses AI to facilitate virtual consultations, significantly improving veterinary care access in remote and underserved Australian regions.
AI-driven wearable pet monitors enable continuous health monitoring, providing real-time insights and personalized wellness plans for pets.
Government-backed campaigns and regulatory frameworks supporting animal health encourage the integration of AI for disease surveillance and biosecurity, strengthening overall veterinary services.
Companies like Medigrowth Australia are innovating with AI to support new therapeutic approaches, including medicinal cannabis, targeting advanced veterinary care.
The rise of digital claims processing and AI in pet insurance is making veterinary care more financially accessible, amplifying mainstream adoption of advanced technologies.

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Market Growth Factors

The growth of the veterinary services market in Australia is mainly a result of the increasing pet population and the shifting perception of pets as part of the family․ There are currently 28․7 million pets in Australia with pet ownership levels at 69%․ Growing trends of smaller households, aging population, and pet as family member (humanization of the pet) have led to increased demand for routine, diagnostic, and therapeutic veterinary procedures, such as dental and orthopedic surgery․ These trends have also led to demand for preventive and holistic pet healthcare products and services such as wellness programs and food supplements․

The growing awareness about animal healthcare and welfare is encouraging veterinary care․ Growing consumer awareness regarding animal treatment, stringent government regulation against animal cruelty and animal breeding welfare standards are supporting the market growth․ Better education of potential customers and greater media attention has increased the incidence of pets in the home, where it is common for dogs and cats to share the same space․ This has led to an increase in the need for veterinary services, from simple vaccinations to major surgery․

Veterinary care is improving with improved technology and the dissemination of pet insurance․ Digital imaging, artificial intelligence-enabled diagnostics, and surgery with lasers improve care and client's experience while also making services more widely available․ Tele-veterinary and telehealth services have further decreased the geographic barriers to veterinary care, particularly in remote areas․ More accessible pet insurance has decreased financial barriers to advanced interventions and wellness care packages․ Insurers also sell packages tailored specifically for chronic diseases and surgery, creating meaningful demand in this region․

Market Segmentation

Product Insights:

Therapeutics
Vaccines
Parasiticides
Anti Infectives
Medical Feed Additives
Others

Diagnostics

Immunodiagnostic Tests
Molecular Diagnostics
Diagnostic Imaging
Clinical Chemistry
Others

Animal Type Insights:

Dogs and Cats
Horses
Ruminants
Swine
Poultry
Others

Regional Insights:

Australia Capital Territory & New South Wales
Victoria & Tasmania
Queensland
Northern Territory & Southern Australia
Western Australia

Key Players

Medigrowth Australia
The CVS Group

Recent Development & News

February 2025: Medigrowth Australia launched Kindered, a new company for medicinal cannabis focused on revolutionizing veterinary care through medicinal cannabis. They also initiated a crowdfunding project to support this innovation, highlighting growth in specialty veterinary treatments.
March 2025: The CVS Group, a UK-based veterinary consolidator, expanded in Australia by acquiring over a dozen veterinary clinics, reflecting increasing industry consolidation and investor confidence aligned with growing pet ownership.

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