Veterinary Hospital Market - By Animal Type (Companion, Livestock), Services (General Veterinary Services, Diagnostic Services, Surgical Services), Ownership (Public, Private), & Global Forecast (2023-2032)
Published Date: July - 2024 | Publisher: MIR | No of Pages: 240 | Industry: Animal Health and Nutrition | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationVeterinary Hospital Market - By Animal Type (Companion, Livestock), Services (General Veterinary Services, Diagnostic Services, Surgical Services), Ownership (Public, Private), & Global Forecast (2023-2032)
Veterinary Hospital Market Size
Veterinary Hospital Market size was valued at USD 79.1 billion in 2022 and is expected to reach USD 149.2 billion by 2032, registering a CAGR of 6.7% between 2023 - 2032. The continually growing animal population, coupled with an upward trend in pet ownership, has propelled the demand for healthcare veterinary services.
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As more households embrace pets as integral members of their families, the need for comprehensive healthcare and medical attention for animals has surged, consequently fuelling the growth of veterinary hospitals. Moreover, significant advancements in veterinary medicine have revolutionized treatment options and care standards, allowing for more accurate diagnoses, innovative therapies, and improved overall animal well-being. This progress has not only elevated the quality of care but also attracted a wider clientele seeking cutting-edge medical solutions for their beloved pets.
| Report Attribute | Details |
|---|---|
| Base Year | 2022 |
| Veterinary Hospital Market Size in 2022 | USD 79.1 Billion |
| Forecast Period | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR | 6.7% |
| 2032 Value Projection | USD 149.2 Billion |
| Historical Data for | 2018 to 2022 |
| No. of Pages | 180 |
| Tables, Charts & Figures | 313 |
| Segments covered | Animal Type, Services, Ownership, and Region |
| Growth Drivers |
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| Pitfalls & Challenges |
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What are the growth opportunities in this market?
Additionally, the ongoing consolidation of animal hospitals has contributed to the market's expansion. The merging of smaller practices into larger, multifaceted hospital networks has enabled greater resource pooling, streamlined operations, and enhanced specialization, ultimately resulting in enhanced service delivery and accessibility to a broader spectrum of veterinary care, thereby boosting the market size.
A veterinary hospital is a medical facility that provides medical care, treatment, and surgery for animals. Veterinary hospitals are equipped with medical equipment and staffed by veterinarians, veterinary technicians, and support staff who specialize in the health and well-being of animals.
COVID-19 Impact
The COVID-19 pandemic slightly impacted the veterinary hospital market. The restrictions and lockdowns imposed to curb the spread of the virus have led to a decline in pet visits and non-essential procedures, thereby reducing the overall revenue of veterinary hospitals. Many pet owners have postponed routine check-ups and elective treatments due to financial constraints or fear of exposure, leading to a decrease in patient numbers. Also, supply chain disruptions affected the availability of essential medical supplies and medications, hindering the ability of veterinary hospitals to provide comprehensive care.
However, as the pandemic progressed and people spent more time at home, pet ownership increased. Telemedicine and virtual consultations also gained prominence, offering an innovative way to provide non-emergency care and consultations remotely. The pandemic highlighted the importance of resilient supply chains for veterinary products and medications to meet the evolving needs of both pets and their owners.
Veterinary Hospital Market Trends
Right now, the pet industry is booming like never before! More and more people are getting furry friends, from cuddly cats and playful pups to cute little critters. Why? Well, it's partly because more of us are living in cities, our wallets are a bit fatter, and we see pets as part of our families now. Just take the USA as an example. A big survey by the American Pet Products Association found that a whopping 70% of households have a furry, feathered, or scaly friend – that's like 90.5 million families! And with all these new pet parents, the demand for vets is skyrocketing. We're not just talking about basic checkups either – people want their pets to have the best care, from specialized surgeries to fancy treatments. So, it's no surprise that veterinary hospitals are popping up everywhere!
Veterinary Hospital Market Restraint
Hey there, pet lovers! As more and more people are spoiling their furry friends with top-notch care, finding awesome vets is getting tougher. It's like a race that we're sadly losing. A report from Mars Veterinary Health says that the U.S. is in a vet shortage crisis. By 2030, it's estimated that 75 million pets could be left without the care they need. Not having enough skilled vets is a huge problem for animal hospitals. They want to give pets the best care possible, but it's hard when they don't have enough hands on deck. Plus, as our pets live longer and develop more complicated health issues, we need vets who know their stuff inside and out. This shortage isn't just a drag for vets, but it also makes it harder to get your fur baby the care they need. And guess what? It's even tougher in areas that don't have many vets. In the end, it's not just our pets who suffer, but the whole veterinary industry.
Veterinary Hospital Market Analysis
Learn more about the key segments shaping this market
When it comes to who gets the most care at veterinary hospitals, it's all about our beloved pets and farm animals. In 2022, the furry friends took the lead, with doggies, kitties, horses, and other pals accounting for 65.4% of the business. Why such a huge lead? Well, more and more people are bringing pets into their homes as part of their families. In the U.S. alone, millions of dogs and cats find loving homes each year. And with that comes a growing need for vet care. Pet owners are also getting more serious about their furry buddies' health. They're investing in regular checkups, vaccinations, and other preventive care. They're also shelling out for special treatments and wellness programs. So, not only are there more pets out there, but they're also getting better care, which means more business for veterinary hospitals. It's a win-win for everyone involved!
Learn more about the key segments shaping this market
The veterinary hospital scene is like a big pie, and it's cut into different slices based on the services they offer. These slices include general vet stuff, like checkups and shots, as well as more specialized services like surgery and diagnostics. Out of all the slices, the biggest one by far is general veterinary services. Why? Well, more and more people are getting pets, and they're taking better care of them than ever before. Plus, there are a lot of new and fancy vet treatments out there, and people are willing to pay for them. So, vets are beefing up their general services, offering everything from regular checkups to vaccinations. Technology is also playing a big role in the growth of the vet hospital industry. It's making it easier for vets to diagnose and treat animals, and it's also making it more convenient for pet owners to get the care they need.
When it comes to the world of animal care, veterinary hospitals come in two main flavorsthose owned by private businesses and those run by government agencies. The private sector is currently the bigger fish, with a market value of about $48.4 billion in 2022. And it's expected to keep growing steadily, at a rate of 7.2% per year, until 2032. Why the surge in popularity? Well, people are getting more well-off and spending more money on their furry friends. And with the trend toward premium pet care, private veterinary hospitals are stepping up their game to offer top-notch services. Another driving force is the rise of mobile pet care hospitals. These on-the-go clinics bring vet services right to your doorstep. For example, there's Premium Vet Care in Florida, which has mobile vets ready to provide a wide range of care for your beloved companion animals.
Looking for region specific data?
Hey there, animal lovers! North America has been a superstar in the veterinary hospital game, raking in a whopping $31.3 billion in 2022. And get thisthey're projected to keep growing by 7% every year until 2032. That's like a super-charged zoomie! Why is North America so paw-some? Well, it's a combination of things. People are getting more and more into caring for their furry friends, bringing in more pets than ever before. Plus, science is always coming up with new and amazing ways to keep our companions healthy and happy. And let's not forget the dedication of all those amazing veterinary hospitals. They're equipped with the latest and greatest tools and staffed with experts who are passionate about giving your pets the best possible care. They're setting the bar high when it comes to helping our four-legged family members live long, happy lives. So, mark my wordsNorth America is going to keep being a leader in the veterinary hospital industry. They're committed to providing exceptional care and setting new standards for animal well-being. It's an exciting time to be a pet parent!
Veterinary Hospital Market Share
Major market players operating in the veterinary hospital market include
- CVS Group Plc
- Greencross Vets
- National Veterinary Associates, Inc. (NVA)
- Pets at Home Group PLC
- Mars Incorporated
- Animal Hospital, Inc.
- All Pets Veterinary Hospital
- Innovative Petcare
- Blaine Central Veterinary Clinic
- Belltowne Veterinary Center
These industry players majorly adopt various strategies including collaborations, acquisitions, mergers, and partnerships to create a global footprint and sustain market competition.
Veterinary Hospital Industry News
- In May 2023, CVS acquired Top Vets Ltd., which trades as Riverside Veterinary Practice, also known as Riverside Vets. This helped the company to expand its local business.
- In March 2021, CVS Group acquired Market Hall Vets, a first opinion practice operating three sites across Carmarthenshire in southwest Wales. This helped the company to expand its business.
The veterinary hospital market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032, for the following segments
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By Animal Type
- Companion animals
- Dogs
- Cats
- Horses
- Other companion animals
- Farm animals
- Cattle
- Swine
- Poultry
- Other farm animals
By Services
- General veterinary services
- Diagnostic services
- Surgical services
- Other services
By Ownership
- Private
- Public
The above information is provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of MEA
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