By 2023, the wages and salaries of veterinary services in Germany stood at €1360 million, marking a steady rise from €471.9 million in 2013. The actual data indicate a consistent increase over the years, averaging a compound annual growth rate (CAGR) of 12.27% over the last five years. Year-on-year, the sector saw variations ranging from 5.96% in 2015 to 17.3% in 2019, displaying robust growth.
From 2024 onwards, the forecast shows continuous upward momentum, with wages and salaries expected to reach €1940 million by 2028. The projected CAGR over the next five years stands at 5.62%, indicating a deceleration in growth rate but still a positive trend with an overall estimated increase of 31.42% by 2028.
Future trends to watch for include:
- Impact of digitalization and telemedicine on veterinary services.
- Increased demand for pet insurance and preventive care.
- Shifts in pet ownership demographics and related expenditures.
