Veterinary Hospitals Market Thrives as Pet Ownership Surges Worldwide
The global veterinary hospitals market is poised for a promising growth trajectory in the short term, according to a comprehensive market analysis. The report sheds light on the key factors that will drive market growth in the coming years.
Rapid Expansion Driven by Pet Culture
The veterinary hospitals market has witnessed rapid expansion in recent years, driven by increasing demand for meat and milk, as well as a surge in pet ownership. With over 98 million dogs being kept as pets in the United States alone, and approximately 68% of U.S. households having at least one pet, the pet care culture is thriving. This trend has fueled the need for veterinary facilities, as pets require medical care for various needs, including vaccinations, neutering, and other veterinary care. The global livestock population has also seen significant growth, contributing to the demand for veterinary services. Lifestyle and nutritional changes, driven by population growth, have further supported market expansion.
Impact of COVID-19
The COVID-19 pandemic has had a diverse impact on various markets, including veterinary hospitals. Temporary export bans, production site lockdowns, and increased demand for COVID-19 treatments have disrupted the supply chain of veterinary medicines, affecting the veterinary hospitals market. The decline in veterinarian visits during the pandemic and subsequent shortages of veterinary medications have impacted the market.
Growing Animal Health Concerns
The veterinary hospitals market has been growing at an annual rate of 3.5%, propelled by the increasing trend of companion animal ownership. With 62% of Americans having pets as companions, the demand for animal healthcare facilities is on the rise. Expanding disposable incomes are further driving spending on companion animals. In 2019, the United States alone saw $58 billion spent on animal health. Similar trends are observed in other countries, indicating a flourishing veterinary healthcare market in the forecast years.
Expanding Pet Ownership
The rising rate of pet ownership, especially among millennials and Gen-Z, is a significant driver of the veterinary hospitals market. During the COVID-19 pandemic, pet ownership saw a surge as pets provided emotional support during lockdowns. This increased reliance on pets has boosted the demand for veterinary healthcare, leading to market expansion. Epidemics and outbreaks in animals are also contributing to the growth of the industry, with a rising need for animal vaccinations and alternative veterinary healthcare.
Challenges in Rising Fees
While the adoption of pets is on the rise, so are the costs associated with veterinary services and diagnostic tests. Increased demand for animal healthcare has led to higher costs, which may pose a challenge to the veterinary hospitals market’s growth in the coming years.
Medicine Dominates Market
The medicine category holds the largest market share, driven by increased consumer and farmer awareness and the use of medications. Immunizations for disease prevention are also contributing to this segment’s expansion. The surgery segment is expected to grow rapidly due to the prevalence of obesity-related illnesses in animals, which often require surgical treatments.
Companion Animals Lead the Way
Companion animals, particularly dogs, account for the largest market share, thanks to rising spending on veterinary care. Infectious disorders among pets are driving hospital visits for immunizations and health exams. The farm animals segment is expected to expand significantly during the forecast period, driven by increased global demand for meat and animal-based products.
North America Leads in Pet Ownership
North America is expected to dominate the veterinary hospitals market, with the highest number of pet owners and proactive government initiatives. Additionally, experience with zoonotic diseases, technological advancements, and improved veterinary research and development contribute to market growth in this region.
Steady Growth in Asia Pacific
The Asia Pacific veterinary hospitals market is poised for stable revenue growth, driven by higher adoption rates of companion animals due to rising disposable income. Modern healthcare infrastructure development is also expected to boost the market.
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.
The global veterinary hospitals market is set for robust expansion in the coming years, fueled by the growing pet culture, rising pet ownership, and increasing awareness of animal health. As the world continues to embrace the importance of pet care and animal well-being, the veterinary hospitals industry is poised for significant growth.
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) https://www.fairfieldmarketresearch.com/report/veterinary-hospitals-market
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