Press release
Spay and Neuter Initiatives: Shaping Pet Population Control
According to The Business Research Company's, The spay and neuter market size has grown strongly in recent years. It will grow from $2.24 billion in 2023 to $2.36 billion in 2024 at a compound annual growth rate (CAGR) of 5.5%. The growth in the historic period can be attributed to pet population growth, public awareness campaigns, regulatory initiatives, veterinary advancements, animal welfare concerns, overpopulation challenges.
The spay and neuter market size is expected to see steady growth in the next few years. It will grow to $2.83 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%. The growth in the forecast period can be attributed to global health concerns, expansion of mobile clinics, educational programs, government support, collaboration with nonprofits. Major trends in the forecast period include technological advancements in veterinary procedures, rise in public awareness and education, government and ngo initiatives, focus on animal welfare, innovations in sterilization methods.
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Market Drivers and Trends:
An increase in pet adoption will propel the growth of the spay and neuter market going forward. Animal adoption is defined as acquiring animals through rescue groups instead of purchasing them from pet shops or breeders. Spaying and neutering are used by animals for protection against various diseases and medical conditions and from unwanted births. For instance, in 2021, according to Chewy, Inc., a US-based online retailer of pet food and other products, there were around 977,202 pets adopted in the US in 2021, which resulted in the highest adoption rate of 61% in the past six years. For another instance, in November 2022, according to a national survey of pets and people published by Animal Medicines Australia (AMA), an Australia-based industry body representing the leaders of the animal health industry in Australia, in 2022, 48% of households had dogs. According to the 2021-2022 APPA National Pet Owners Survey, 90.5 million American households, or about 70% of all houses, have a pet. Therefore, the rise in the rate of animal adoption is driving the growth of the spay and neuter market.
Product innovations are a key trend gaining popularity in the spay and neuter market. Major market players are concentrating their efforts on introducing new and advanced products to strengthen their position in the market. For instance, in July 2022, Virbac, a France-based animal health products and pharmaceuticals company launched VETERINARY HPM, which is a unique nutritional line of food products specifically for spayed and neutered pets. This line of food products is made with special resources to provide nutritional value for pets after undergoing spaying and neutering procedures.
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Major Key Players of the Market:
CVS Group Plc; VetPartners Group Limited; Ethos Veterinary Health LLC; PetIQ; Covetrus Inc.; Zoetis Inc.; VCA Animal Hospitals Incorporated; Veritas Veterinary Partners; AniCura AB; Dash Solutions; Companions Spay & Neuter; Petco Animal Supplies Inc.; Naoi Animal Hospital; Houston Humane Society; East Valley Veterinary Clinic; Animal Spay-Neuter Clinic; Chisholm Trail Veterinary Clinic; Low-Cost Spay/Neuter Clinics - NHSPCA; Oakdale Veterinary Group; PetIQ; Queen City Animal Hospital; Suveto Veterinary Health Hospital; Thornhill Veterinary Clinic; Veritas Veterinary Partners; VetPartners Group Limited; Willow Rock Pet Hospital; Zoetis Inc.
Spay And Neuter Market 2024 Key Insights:
• The spay and neuter market size will grow to $2.83 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%.
• Increased Pet Adoption Rates Boost The Growth Of The Spay And Neuter Market
• Product Innovations Drive Growth In The Spay And Neuter Market
• North America was the largest region in the spay and neuter market in 2023
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