From 2014 to 2023, the turnover of veterinary services in Sweden showed an upward trend, reaching 731.1 million euros in 2023. The sector witnessed significant fluctuations, particularly in 2020 with a remarkable 13.09% year-on-year increase. Despite a marginal decline of 0.7% in 2021, growth resumed in subsequent years with a 3.86% increase in 2022 and a 3.6% rise in 2023.
If we expand our lens to the five-year period leading up to 2023, the turnover’s compound annual growth rate (CAGR) averaged at 4.79%. This indicates consistent, moderate growth in the sector.
Looking forward, the forecasted data from 2024 to 2028 suggests a continuation of this positive trend, albeit at a slightly decelerated pace. The five-year CAGR is projected to be 2.31%, reflecting a more stable and steady growth rate. By 2028, the turnover is expected to reach 847.3 million euros, marking a cumulative growth rate of 12.12% from 2023.
Future trends to watch for:
- Increasing demand for pet healthcare services driven by rising pet ownership.
- Technological advancements in veterinary medicine, improving service deliverability.
- Potential market consolidation due to mergers and acquisitions among veterinary service providers.
- Impact of economic factors and inflation on consumer spending for veterinary services.
