The production value of veterinary services in Spain has shown a strong upward trend from 2013 to 2023, with a significant compound annual growth rate (CAGR) of 19.21% over the last five years. In 2023, the production value stood at 2030 million Euros. The year-on-year growth for 2023 was 13.07%, indicating a slight deceleration compared to previous years but still representing robust growth.
From 2013 to 2023:
- Early years experienced modest gains, with notable increases starting in 2015.
- From 2018, substantial annual growth rates were observed, peaking in 2019 at 27.92%.
- Subsequently, the growth moderated but remained impressive, with double-digit increases each year.
Future trends to watch for include technological advancements in veterinary care, increasing pet ownership, and rising awareness of animal health, which are likely to drive the forecasted 6.99% CAGR over the next five years through 2028. Additionally, evolving regulations and economic factors could influence market dynamics in this sector.
