Press release
Veterinary Hospitals Market: Global Innovations and Emerging Trends 2031
Global Veterinary Hospitals Market: IntroductionAnimal owners have a responsibility toward the animal they keep. That responsibility is related to both ethics and law. Most veterinarians provide medical care for pets and farm animals, which also include preventing the transmission of zoonotic diseases from animals to humans, wildlife preservation and conservation, and public health.
Animal and veterinary hospitals offer veterinary services and related goods. They also provide veterinary healthcare services such as consultation, treatment, animal products, and curative medicines. Health care is required in case of a disease or injury and for health maintenance and management of animals.
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Global Veterinary Hospitals Market: Key Trends
The global veterinary hospitals market size was US$ 76.16 Bn in 2021 and is expected to register a compound annual growth rate (CAGR) of 5.7% from 2022 to 2030. The need for veterinary clinics and hospitals is rising drastically as the pet population is increasing across the world.
Increasing initiatives by several governments in different regions have improved animal healthcare and resulted in high demand for veterinary vaccines. Furthermore, the demand for animal products has increased globally as the pet population is growing. Additionally, changes in food preferences and improved lifestyle are further boosting the demand for veterinary services, which in turn, supports the market. Veterinarians across the world have implemented new animal safety measures.
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The medicine type segment dominated the market with a revenue share of more than 51% in 2021. Growing awareness among farmers and consumers has improved the usage of medicines. An increased usage of vaccinations for disease prevention is also responsible for the growth of this segment.
The private sector segment accounted for the dominant revenue share of more than 65% of the market in 2021. In recent years, financial improvements in several developing economies has increased the disposable income of individuals. This enables them to spend on high-quality private veterinary services. Additionally, willingness to pay premium prices for veterinary services further boosts the private sector. Growing investments in hospitals is likely to further boost the market.
The companion animals segment dominated the global market in 2021 with a revenue share of more than 63%. According to the American Pet Product Association, companion animal spending is consistently on the rise, which reached US$ 109.6 Bn in 2021 within the U.S.
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For the treatment of COVID-19, there has been an increased demand for medicines. Supply disruption and medicine shortages of veterinary medicines was observed in several countries, primarily due to the temporary lockdowns. Furthermore, the increasing demand for pet insurance is expected to drive the segment.
The use of telemedicine platforms showed massive growth in the veterinary hospitals market during the COVID-19 crisis. For instance, in April 2020, Elanco Animal Health Incorporated, an animal healthcare company, collaborated with VetNOW, a veterinary telemedicine company, to provide a telemedicine platform to veterinarians, which allows them to provide services to animals and owners, including specialist consultations during the COVID-19 crisis, as the industry is challenged to find new ways to connect with its stakeholders.
Rapid advances in molecular biology are enabling animal hospitals and veterinary clinics to offer high-tech diagnostic tools. The latest diagnostic tools associated with molecular biology include DNA tests and protein tests. The adoption of DNA biotechnology by animal hospitals and veterinary clinics is helping pet owners in controlling diseases.
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North America to Dominate Global Veterinary Hospitals Market
The Society for the Prevention of Cruelty to Animals, Los Angeles, reported that the rate of animal adoption was doubled in June 2020, with about 10 to 13 daily adoptions. The rising adoption of pets is expected to drive the veterinary hospitals market in the long term.
North America is one of the most developed regions in the world. It currently holds the major share of the veterinary hospitals market, and the trend is expected to continue during the forecast period. The increasing number of collaborations and mergers & acquisitions between companies are also expected to contribute to the market expansion. For instance, in August 2020, Bayer completed the selling of its Animal Health Business unit to a U.S. company, Elanco Animal Health Incorporated. These companies entered into a definitive agreement in August 2019.
Lockdown restrictions due to the COVID-19 pandemic resulted in an increased demand for companion animals. The pet population in the U.K. has increased tremendously. The Pet Food Manufacturers Association, in their recent survey, signifies that there are currently over 24 million cats and dogs in the U.K.
In Asia Pacific, the market is expected to witness lucrative growth during the forecast period. Increasing disposable income is expected to improve the probability of adoption of companion animals, creating growth opportunities for the market. Furthermore, continual upgrades in healthcare infrastructure are expected to boost the market during the forecast period.
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Key Players Operating in Global Veterinary Hospitals Market
Major players, such as Idexx Laboratories, Merck & Co. Inc., and Zoetis Inc., are launching new products in the global market. In January 2020, Zoetis, a leading animal health company, expanded its poultry vaccine portfolio with the introduction of Poulvac Procerta HVT-ND, a vectored recombinant vaccine for protection against Newcastle and Marek's disease viruses.
Key players have undertaken several business strategies, such as regional expansion strategies, mergers & acquisitions, and collaborative research initiatives, to gain a competitive edge. Following are some of the key players in the market.
CVS Group plc
Greencross Vets
Ethos Veterinary Health
Pets At Home Group plc
Mars, Incorporated
Animal Hospital Inc.
All Pets Animal Hospital
Cahaba Valley Animal Clinic
Blaine Central Veterinary Clinic
Belltowne Veterinary Center
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