The global veterinary hospitals market size is expected to reach USD 125.07 billion by 2030, registering a CAGR of 5.7% over the forecast period, according to a new report by Grand View Research, Inc. Boom in pet population is driving the market growth. As per the American Veterinary Medical Association, over the next 10 years, the number of dogs and cats in the U.S. is anticipated to increase substantially. The dog populace is likely to rise from 85 million in 2020 to over 100 million by 2030. While cat populace is likely to surge even more intensely, from 65 million to more than 82 million. This upsurge in the pet population will drive the market. Despite the difficulties and new ways of working formed by the COVID-19 pandemic, for numerous hospitals, client numbers are growing.
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In addition, veterinary practice activity in the U.S. has fluctuated, but in general, the demand remains high. According to the Veterinary Industry Tracker, revenue per practice was up 13.3% year-over-year (November 2020 to November 2021). Client visits were up 5.1% during the same period. In numerous households across the globe, pets are seen as a core member of the family. There is a growing trend of pet humanization, resulting in an increased average spend on pet healthcare. Thus, pet humanization is set to drive the sales of veterinary services. This trend will be led by the growing population of small animals along with economic growth in developing markets. Improvements in technology have advanced veterinary care.
Technology is becoming more affordable and more practices around the world can adopt MRI and CT scanners. Digital dental X-rays and innovative oral surgery instruments are allowing veterinarians to advance in oral care in companion animals. Constant developments further address health issues in pets not just within hospitals, but on an all-around basis for better care and prevention. Access to veterinary healthcare is relatively underprivileged in most developing countries and some developed nations. For instance, according to a survey conducted in 2020 by the Federation of Veterinarians of Europe, rural and remote areas of Ireland have a shortage of veterinarians. Similarly, England is also experiencing a shortage of veterinarians in rural areas. This may restrict the market growth to some extent.
Veterinary Hospitals Market Report Highlights
- In terms of revenue, the medicine segment dominated the market in 2021. The high demand for animal products, such as chicken and milk, is encouraging farmers to adopt vaccinations for their animals to gain higher profitability
- The surgery type segment is estimated to register lucrative CAGR over the forecast period due to the growing pet insurance & healthcare expenditure and rising cases of chronic diseases in pets
- Companion animals dominated the animal type segment in 2021 due to the growing trend of pet humanization
- The private sector segment led the market in 2021 due to the growing disposable income and willingness to pay premium prices for veterinary services among owners
- Asia Pacific is expected to witness a lucrative CAGR over the forecast period owing to the increased vigilance about animal health and rapid urbanization
- In February 2020, DCC (Dogs Cats & Companions) Animal Hospital announced the launch of a series of multi-specialty animal hospitals across India. These hospitals will be advanced and equipped with innovative infrastructure and medical expertise
- Industry players are involved in strategic initiatives, such as business expansion, M&As, and geographic expansion to gain higher market shares
- For instance, in June 2021, CVS Group announced the establishment of a new state-of-the-art specialist veterinary hospital in Bristol, which will open in 2022, with modern technology and treatments in all disciplines
Key Companies & Market Share Insights
The hospitals are constantly involved in strategic initiatives, such as regional expansion, mergers, acquisitions, and new service launches, to gain a higher market share. For instance, in February 2021, the CVS group announced the purchase of the Market Hall Vets, a first opinion practice functioning three locations across Carmarthenshire in southwest Wales. In May 2020, Greencross Vets introduced WebVet a 24/7 online consultation service. Thus, enhanced its service offering to Australia's network of 1000 veterinary professionals. Some of the prominent players in the global veterinary hospitals market include: CVS Group PLC, Greencross Vets, Ethos Veterinary Health, Pets At Home Group PLC, Mars, Animal Hospital Inc., All Pets Animal Hospital, Cahaba Valley Animal Clinic, Blaine Central Veterinary Clinic, Belltowne Veterinary Center
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