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Veterinary Hospitals Market Share, Demands, Supply and Forecasts 2030

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Henry Paul

Veterinary Hospitals Market Growth & Trends

 

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.

 

North America veterinary hospitals market size, by animal type, 2020 - 2030 (USD Billion)

 

Veterinary Hospitals Market Segmentation

 

Grand View Research has segmented the global veterinary hospitals market on the basis of type, animal type, sector, and region:

 

Based on the Type Insights, the market is segmented into Surgery, Medicine, and Consultation.

  • The medicine type segment dominated the market with a revenue share of more than 51% in 2021. The growing awareness among farmers and consumers has augmented the usage of medicines. An increase in the use of vaccinations for disease prevention is also responsible for the growth of this segment. Animal and food safety systems are currently facing challenges due to the increasingly long and complex supply chains, primarily due to globalization & trade liberalization. Stringent animal health and food safety regulations are further increasing the demand for medicines, which, in turn, is expected to fuel the market growth.
  • The surgery type segment is estimated to register the fastest CAGR from 2022 to 2030. Obesity is a silent killer in animals too. Animals can become overweight due to the absence of exercise and excessive food intake. In June 2021, an animal clinic, based in Pune, Maharashtra, India, carried out its first laparoscopic surgery on an overweight canine. In addition, according to Banfield Pet Hospital’s 2020 report on Veterinary Emerging Topics, pet obesity in the U.S. has become an epidemic. Of the 1.9 million adult dogs examined at the hospital, 51% were reported to be overweight. Obesity leads to comorbid conditions, such as osteoarthritis, which often require surgical interventions.

 

Based on the Animal Type Insights, the market is segmented into Companion Animals and Farm Animals.

  • The companion animals segment dominated the global in 2021 with a revenue share of more than 63%. The dominant share was captured by the dogs segment due to the increasing animal healthcare spending, specifically in the developed regions. According to the American Pet Product Association, companion animal spending has been consistently on the rise to reach USD 109.6 billion in 2021 within the U.S. In addition, the growing prevalence of infectious diseases among pets is one of the high-impact rendering growth drivers for this segment. The rise in disease prevalence is expected to broaden the prospects for hospital visits for routine vaccinations or routine health checkups. The farm animals type segment is expected to grow at a CAGR of 5.6% during the forecast period.
  • The growth is owing to the rising number of farm animals, especially considering meat consumption across the globe. Moreover, high demand for animal-based products and rising consumption of meat are contributing to the segment growth. As per the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) estimates, global meat consumption improved by 58% over the 20 years to 2018 to reach 360 million tonnes. Thus, the increasing consumption of animal protein together with augmented demand for dairy products will support the segment growth. Traction for farm animals is expected to fuel the trend for healthcare considering the risks of food-borne diseases globally. More significantly, robust initiatives undertaken by stakeholders have also driven the segment's growth.

 

Based on the Sector Insights, the market is segmented into Public, Private and Others.

  • The private sector accounted for the dominant revenue share of more than 65% in 2021. In recent years, in many developing countries, the improvement in the economy has given more disposable income to individuals to spend on high-quality private veterinary services. In addition, willingness to pay premium prices for veterinary services further boosts the growth of the private sector. Growing investments in hospitals will further drive the market growth. VCA was a publicly traded business, its acquisition in 2017 by MARS has made it private.
  • In the U.S., the MARS family of veterinary practices includes VCA Hospitals, Banfield, Pet Partners, and BluePearl Veterinary Partners. The others sector accounted for the second-largest revenue share in 2021. In recent years, the demand for veterinarians from non-government agencies is increasing as veterinarians are good animal welfare & development workers. Moreover, their technical knowledge is also an additional advantage for NGOs to implement animal welfare and livestock-associated development intervention.

 

Veterinary Hospitals Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

 

Market Share Insights

  • 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.
  • 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.

 

Key Companies Profile & 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.

 

Some of the prominent players operating in the global veterinary hospitals market include,

 

  • CVS Group PLC
  • Greencross Vets
  • Ethos Veterinary Health
  • Pets At Home Group PLCMars, Inc.
  • Animal Hospital, Inc.
  • All Pets Animal Hospital
  • Cahaba Valley Animal Clinic
  • Blaine Central Veterinary Clinic
  • Belltowne Veterinary Center

 

Order a free sample PDF of the Veterinary Hospitals Market Intelligence Study, published by Grand View Research.

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