The global veterinary hospitals market has witnessed rapid expansion in recent years, driven by a surge in pet ownership, increasing demand for meat and milk, and a growing need for veterinary care. The market's growth has been underpinned by several key factors, including the rising adoption of companion animals, a surge in animal product demand, and lifestyle changes driven by population growth.
Rising Pet Ownership Spurs Market Growth
Pet ownership in the United States has reached record levels, with over 98 million dogs kept as pets by Americans. Approximately 68% of U.S. households have a beloved pet living with them, marking a significant increase from previous years. The surge in pet ownership, particularly among millennials and Gen-Z, has led to a growing need for veterinary care, including vaccinations, neutering, and critical care services.
Global Livestock Population Boosts Demand
Over the past decade, the world's livestock population has experienced substantial growth, further fueling the demand for veterinary services. The increasing demand for animal products has driven animal production worldwide, leading to a higher need for veterinary healthcare and critical care.
Impact of COVID-19
The COVID-19 pandemic has left its mark on various industries, including veterinary hospitals. Lockdowns and restrictions have led to a temporary decline in veterinarian visits, impacting the availability of veterinary medications. Supply chain disruptions and increased demand for animal medicine to treat COVID-19 have also influenced the veterinary hospitals market during the pandemic.
Growing Concerns for Animal Health
The veterinary hospitals market has been growing at an annual rate of 3.5%, driven by the expanding trend of having companion animals. With approximately 62% of Americans owning pets, there is a heightened need for animal healthcare facilities. Rising disposable income has also led to increased spending on companion animal care.
Expanding Pet Ownership Supports Global Veterinary Hospitals Market Growth
Pet owners are increasingly investing in their animals' well-being, contributing to the growth of veterinary healthcare. The COVID-19 pandemic further intensified the pet ownership trend, as pets provided emotional support during lockdowns. The increasing incidence of epidemics and outbreaks in animals has also boosted the demand for animal vaccinations, driving industry expansion.
Challenges Ahead
While the veterinary hospitals market is on a growth trajectory, there are challenges to consider. The rising cost of veterinarian services and diagnostic tests, coupled with the increasing demand for animal healthcare, may lead to higher veterinary testing and service fees, potentially hindering market growth.
Medicine Dominates the Market
The medicine category currently holds the largest market share, driven by increased consumer and farmer awareness, as well as the use of medications and immunizations for disease prevention. Animal and food safety regulations are also fueling the demand for medications, contributing to market expansion.
Companion Animals Lead the Way
The companion animals category, particularly dogs, dominates the market due to rising spending on veterinary care. Infectious disorders among pets are on the rise, leading to more hospital visits for vaccinations and health exams. Meanwhile, the farm animals segment is expected to expand significantly due to increasing global demand for meat and animal-based products.
North America Takes the Lead
North America is anticipated to account for the largest revenue share in the veterinary hospitals market, driven by the high number of pet owners and government initiatives. Improved healthcare infrastructure and research and development efforts further support market growth in the region.
Asia Pacific Shows Promise
The Asia Pacific veterinary hospitals market is expected to experience stable revenue growth, driven by rising disposable incomes and higher adoption rates of companion animals. Modern healthcare infrastructure improvements are also expected to play a significant role in market expansion.
Key Players in the Market
Prominent 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.
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
Our Blog:
Veterinary Hospitals Market
https://www.linkedin.com/pulse/rapid-growth-pet-ownership-drives-expansion-hospitals-chhavi-rajawat
Contact
Fairfield Market Research
London, UK
UK +44 (0)20 30025888
USA (Toll-free) +1 (844) 3829746
Web: https://www.fairfieldmarketresearch.com/
Email: [email protected]
Comments