Veterinary Hospitals Market Business Strategies, Leading Countries and Forecast 2022-2030
The veterinary hospitals market has witnessed remarkable growth in recent years, driven by a surge in pet ownership and the increasing demand for meat and milk products. With over 98 million dogs as pets in the United States and 68% of households having furry companions, the pet culture is thriving, and this trend shows no signs of slowing down. Compared to 1988, 56% more people in the U.S. now own pets, underscoring the growing attachment to animals as part of the family.
Meeting the Pet Healthcare Needs
As pet owners seek to provide the best care for their beloved animals, the demand for veterinary facilities has surged. These facilities cater to a wide range of needs, from routine vaccinations to surgical procedures and critical care. The veterinary hospitals market has benefited significantly from this expanding pet care culture.
Impact of Livestock and Population Growth
The world’s livestock population has also seen substantial growth in the past decade, contributing to increased demand for veterinary services. The rising need for animal products has driven up animal output. Additionally, lifestyle and dietary changes driven by population growth have further boosted the demand for veterinary services, supporting the market’s growth.
Effects of COVID-19 on the Veterinary Hospitals Market
The COVID-19 pandemic has had diverse effects on various industries, and the veterinary hospitals market has not been immune to its impact. Temporary export bans, production site closures, and heightened demand for COVID-19 treatments have disrupted the supply chain for veterinary medications. The pandemic led to a decrease in veterinarian visits, resulting in a shortage of veterinary medications, which has affected the veterinary hospitals market.
Animal Health Concerns Drive Market Development
The veterinary hospitals market has been expanding at an annual rate of 3.5%, fueled by the increasing trend of companion animals. Approximately 62% of Americans have pets, and as disposable income grows, spending on companion animal healthcare also rises. In 2019 alone, the U.S. spent $58 billion on animal health. Similar trends have been observed in other countries, further supporting the growth of the veterinary healthcare market.
Growing Pet Ownership
Millennials and Gen-Z are driving the rising pet ownership trend, with pet owners spending substantial amounts on their animals. The COVID-19 pandemic intensified this trend, as pets provided emotional support during lockdowns. The demand for veterinary healthcare is expected to continue growing, especially with the increasing occurrence of epidemics and outbreaks among animals, driving the need for vaccinations.
Challenges in Rising Service Fees
While pet ownership is on the rise, the cost of veterinary services and diagnostic tests is also increasing. This may potentially slow down the veterinary hospitals market’s growth, as consumers face higher expenses for their pets’ healthcare.
Dominance of the Medicine Category
The medicine category holds the largest market share in the veterinary hospitals market, driven by increasing medication use and the demand for vaccinations for disease prevention. Supply chain complexities and regulations regarding food and animal safety have further boosted the demand for medications in the market.
Companion Animals Lead the Way
Companion animals, especially dogs, represent the largest segment in the veterinary hospitals market. Rising spending on veterinary care for these animals, combined with the increasing occurrence of infectious diseases, drives the need for hospital visits, vaccinations, and health exams.
Global Market Outlook
North America currently leads the veterinary hospitals market, with the highest number of pet owners and strong government support. The region’s market is expected to continue growing due to its historical experience with zoonotic diseases, technological advancements, and robust veterinary research and development.
Asia Pacific’s Promising Growth
The Asia Pacific veterinary hospitals market is anticipated to experience steady growth, driven by rising disposable income, higher adoption rates of companion animals, and improvements in 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. These companies are continuously innovating and expanding their services to meet the growing demand for veterinary care worldwide.
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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Veterinary Hospitals Market
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