The veterinary hospitals market has been on a rapid expansion trajectory in recent years, primarily due to the increasing demand for meat and milk, alongside a remarkable surge in pet ownership. The United States alone boasts over 98 million pet dogs, with pets residing in approximately 68% of households. This shift is further emphasized by a striking 56% increase in pet ownership since 1988. Pets, like humans, require medical care for immediate needs and long-term procedures, such as vaccinations, neutering, and other veterinary services. The burgeoning pet culture has significantly amplified the need for veterinary facilities.
Additionally, the global livestock population has witnessed substantial growth over the past decade, driven by heightened demand for animal products. Changes in lifestyles and dietary preferences, spurred by population growth, have further propelled the demand for veterinary services. Moreover, the COVID-19 pandemic has had diverse effects on various markets, impacting the veterinary hospitals market due to decreased veterinarian visits and disruptions in the supply of veterinary medications.
Animal Health Concerns Drive Market Expansion
The veterinary hospitals market has been growing at an impressive annual rate of 3.5%, supported by the expanding trend of companion animal ownership. Approximately 62% of Americans have pets as companions, leading to a rising need for animal healthcare facilities. The population's increasing disposable income is also contributing to higher spending on companion animals. In 2019, the United States alone witnessed $58 billion spent on animal health. This trend is mirrored in other countries, promising substantial growth for the veterinary healthcare market in the coming years.
Rising Pet Ownership Fuels Market Growth
The surge in pet ownership, particularly among millennials and Gen-Z, has further boosted the veterinary hospitals market. In 2020, the United States saw a staggering $103.6 billion spent on pets. Pet owners are increasingly investing in extending their pets' lives, driving the demand for veterinary healthcare. The COVID-19 pandemic, with its lockdowns and stay-at-home orders, intensified the trend as pets became vital sources of emotional support. Simultaneously, epidemics and outbreaks among animals have increased, spurring demand for animal vaccinations and alternative veterinary healthcare, further bolstering market expansion.
Challenges in Rising Costs
While the adoption of pets and the desire for companion animals are on the rise globally, the cost of veterinary services and diagnostic tests is also increasing. For example, the United States saw a 6.7% increase in pet expenditure in 2020, reaching $103.6 billion, potentially posing challenges to the veterinary hospitals market's growth.
Medicine Dominates the Market
The medicine category currently holds the largest market share, expected to continue its dominance during the forecast period. Growing consumer and farmer awareness has led to increased medication usage, driven by a rise in immunizations for disease prevention. The complexity of global supply chains and trade liberalization has also raised demand for medications, further propelling market expansion.
Companion Animals Lead the Way
Companion animals, primarily dogs, currently dominate the veterinary hospitals market due to heightened spending on veterinary care in developed nations. As the prevalence of infectious disorders among pets rises, routine immunizations and health exams are expected to drive hospital visits. In contrast, the farm animals segment is anticipated to expand significantly during the projection period, driven by increased meat consumption and high demand for animal-based products.
North America Takes the Lead
North America is poised to account for the largest revenue share in the veterinary hospitals market, thanks to its high number of pet owners and effective government initiatives. The region's historical experience with zoonotic diseases, technological advancements, and enhanced veterinary research and development also contribute to its rapid market growth.
Asia Pacific Shows Steady Growth
The Asia Pacific veterinary hospitals market is expected to experience stable revenue growth, driven by rising disposable income and higher adoption rates of companion animals. The region will also benefit from ongoing improvements in modern healthcare infrastructure.
Competitive Landscape
Key players in the global veterinary hospitals market include CVS Group PLC, Greencross Vet, Ethos Veterinary Health, Pets At Home Group PLC, Mars Incorporated, Animal Hospital, All Pets Animal Hospital, Cahaba Valley Animal Clinic, Blaine Central Veterinary Clinic, and Belltowne Veterinary Center.
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Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa):
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Veterinary Hospitals Market
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