The turnover of veterinary services in Denmark has seen significant growth over the past decade. Beginning from a value of 301.1 million euros in 2013, it stood at 543.8 million euros in 2023. The compounded annual growth rate (CAGR) over the last 5 years has been a robust 7.07%, with a higher growth pace particularly marked from 2019 onwards.
Year-on-year percentage variations illustrate a consistent upward trend, with notable increments such as 9.73% in 2019, 7.57% in 2020, and 6.39% in 2022. The rise in demand for veterinary services is attributed to increased pet ownership, greater awareness of animal health, and advancements in veterinary technology.
Future projections indicate a steady growth with an expected CAGR of 3.88% over the next five years, resulting in a forecasted turnover of 694.6 million euros by 2028. This signifies a total forecasted growth rate of 20.97%, suggesting sustained demand and market expansion.
Trends to watch for in the future include:
- Increasing adoption of advanced veterinary diagnostics and treatments.
- Growing emphasis on preventive care and wellness programs for pets.
- Expansion of telemedicine and digital health solutions in veterinary care.
- Heightened focus on sustainable and eco-friendly practices within veterinary services.