Global veterinary hospitals market is likely to exhibit a promising growth curve as far as the short-term outlook is considered. The report will uncover the insights into how the market growth will unfold in the next few years.
Veterinary Hospitals Market Remains Largely Influenced by Rapidly Expanding Pet Culture
The veterinary hospitals market has been expanding rapidly over the past few years due to rising demand for meat and milk, and an increase in pet ownership. Over 98 million dogs are kept as pets by Americans. About 68% of the US homes include a pet that lives with its owner. A staggering 56% more people in the nation now own pets than in 1988. Pets require medical care for both immediate needs and longer-term procedures, including vaccinations, neutering, and other veterinary care. The need for veterinary facilities has significantly increased due to the expanding pet care culture. In addition, the world's livestock population has grown significantly during the previous ten years. Furthermore, increased demand for animal products has sparked the world's animal output. The demand for veterinary services has been further boosted by lifestyle and nutritional changes brought on by population increase, which has supported the market growth. Numerous hospitals have also cut back on wellness visits and elective operations, reducing their operating hours. Additionally, Banfield Pet Hospital said in January 2021 that there had been a 12.4% increase in young cats and 9.2% more young dogs brought into Banfield for veterinary consultations in 2020 compared to the previous year. The market growth is thus fueled by the desire for better veterinary critical care.
Veterinary Hospitals Market: COVID-19 Impact
Since the immediate effects of the outbreak are so diverse, the COVID-19 pandemic has continued to alter the expansion of numerous markets. While certain industries saw a decline in demand, many other markets can continue unaffected and provide bright prospects for expansion. As a result of temporary export bans, production site lockdowns, and increased demand for medicine to treat COVID-19, some nations have also experienced supply disruption and medicine shortages of veterinary medicines. Therefore, it is projected that the veterinary hospitals market will be impacted during the pandemic because of the decline in veterinarian visits and the consequent lack of veterinary medications during the COVID-19 outbreak.
Growing Animal Health Concerns to Drive Veterinary Hospitals Market Development
The veterinary hospitals market has expanded at a 3.5% annual rate. The trend toward having companion animals is expanding, and there is an increasing need for veterinary care. About 62% of Americans are known to have a pet as a companion. Consequently, there will ultimately be a greater need for animal healthcare facilities. Additionally, increasing spending on companion animals is being supported by the population's expanding disposable income. For instance, in 2019, there were US$58 Bn spent on animal health. Other nations have also noticed a similar tendency. Hence, owing to these factors, the demand for the veterinary healthcare market is expected to flourish during the forecast years.
Expanding Pet Ownership Supports Global Veterinary Hospitals Market Growth
The need for veterinary healthcare is driven by the rising pet ownership rate, particularly among millennials and Gen-Z. According to the American Pet Products Association, about 103.6 billion dollars were spent on pets in the United States in 2020 alone. Pet owners are spending more money to extend their animals' lives, driving up demand for veterinary healthcare and driving the veterinary hospitals market's expansion. Due to the growing reliance on pets for emotional support during statewide lockdowns and stay-at-home orders, the COVID-19 epidemic has further fueled the pet ownership boom. The demand for veterinary healthcare is anticipated to increase, supporting the industry's expansion in the coming years. Additionally, epidemics and outbreaks in animals are growing, boosting demand for animal vaccinations and driving the industry's expansion. Pet owners are gravitating toward them as advancements in vaccine science result in more effective vaccines. The market is expanding due to the rising need for alternative veterinary healthcare that will help reduce the usage of antibiotics. Hence, the development of effective immunotherapy for animals to treat bacteria-related diseases is estimated to augment the growth of the veterinary healthcare industry in the forecast period.
Increase in Veterinary Testing & Service Fees to Hinder Veterinary Hospitals Market Growth
The adoption of pets and the desire for companion animals are rising quickly worldwide. The cost of veterinarian services and diagnostic tests is rising along with the increased demand for animal healthcare. For instance, the American Pet Products Association (APPA) reported in its annual state of the industry report that the US expenditure on pets increased by 6.7 percent to US$103.6 Bn in 2020. This factor may cause the veterinary hospitals market to slow down and even have a significant setback in the years to come.
Medicine Category Dominates Veterinary Hospitals Market Owing to Increase in Immunizations for Disease Prevention
The medicine category held the largest market share, and it is anticipated that it will continue to rule the market during the forecast period. The awareness of consumers and farmers has increased, which has increased the use of medications. This segment's expansion is also attributable to an increase in the use of immunizations for disease prevention. Since supply chains are getting longer and more complicated due to globalization and trade liberalisation, animal and food safety systems are encountering difficulties. Regulations governing the safety of food and animals are raising demand for medications, which is projected to propel the veterinary hospitals market expansion. Besides, the section related to surgery is predicted to grow at the quickest rate. Even in animals, obesity is a quiet killer. Lack of activity and excessive food consumption can cause animals to gain weight. Additionally, pet obesity in the US has reached epidemic proportions, according to Banfield Pet Hospital's 2020 report on Veterinary Emerging Topics. In the hospital's examination of 1.9 million adult canines, 51% were overweight. Obesity causes comorbid illnesses like osteoarthritis, which frequently call for surgical treatments.
Companion Animals Represent Top-ranking Segment of Global Veterinary Hospitals Market as Consumer Spending on Veterinary Care Soars
The companion animals category held the largest market share, and it is anticipated that it will continue to rule the market during the forecast period. Dogs accounted for most of the market share because of rising spending on veterinary care for animals, particularly in developed nations. According to the American Pet Product Association, expenditure on companion animals in the US is expected to increase steadily and reach US$109.6 Bn in 2021. A high-impact key growth driver for veterinary hospitals market category is the rising occurrence of infectious disorders among pets. The likelihood of hospital visits for routine immunizations or health exams is predicted to increase as illness prevalence rises. On the other hand, during the projection period, the farm animals segment is anticipated to expand significantly. The increase is due to an increase in agricultural animals, especially in light of the increasing global demand for meat. Additionally, the industry is expanding due to increased meat consumption and high demand for animal-based products. Estimates from the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) show that, from 1998 to 2018, the world's meat consumption increased by 58%, reaching 360 million tonnes.
North America’s Veterinary Hospitals Market Tops with the Highest Number of Pet Owners
Over the forecast period, it is anticipated that the North American veterinary hospitals market will account for the largest revenue share. There are the most pet owners in this area, and the government is taking a wide range of effective actions. As a result, the market here is growing more quickly. Additionally, historical experience with zootonic diseases, increased technology, and improved veterinary R&D fuel market expansion in the area. The regional market is driven by various initiatives and healthcare programs implemented by key players to enhance companion animal health. To address issues affecting the companion animal health business, the North American Pet Health Insurance Association, for instance, raises awareness of pet health insurance coverage and creates and explores collaborations.
The Asia Pacific veterinary hospitals market is anticipated to experience stable revenue growth throughout the forecast period. Higher adoption rates of companion animals are anticipated to result from rising disposable income, presenting market expansion potential. Throughout the forecast period, the market is also anticipated to benefit from the ongoing improvement of modern healthcare infrastructure. For instance, Dogs Cats & Companions (DCC) Animal Hospital intends to open several multi-specialty animal hospitals around India. These hospitals will have the cutting-edge, creative infrastructure and medical know-how.
Global Veterinary Hospitals Market: Competitive Landscape
In February 2021, the CVS company acquired the Market Hall Vets, a first opinion clinic with three locations serving Carmarthenshire in southwest Wales. Similarly, in May 2020, Greencross Vets debuted WebVet, a round-the-clock online consulting service. Consequently, it expanded its services to Australia's 1000 veterinary specialists.
A few of the global veterinary hospitals market players are 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.
Regional Classification of Global Veterinary Hospitals Market Can be Given as Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability.
Key Elements Included In The Study: Global Veterinary Hospitals Market
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