Veterinary 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 - 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.
 

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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

The market is experiencing a significant upsurge, driven by the simultaneous trends of growing animal populations and increasing pet ownership. The global population of companion animals, such as dogs, cats, and small mammals, has been steadily expanding due to factors such as urbanization, improved living standards, and changing societal attitudes towards pets. For instance, according to the 2021-2022 National Pet Owners Survey conducted by the American Pet Products Association (APPA), 70% of the U.S. households, or about 90.5 million families, own a pet. This surge in animal companionship has translated into higher demand for veterinary services, ranging from routine check-ups to specialized treatments. As more households’ welcome pets into their lives, the need for comprehensive medical care and attention has intensified, spurring the expansion of veterinary hospitals.

Veterinary Hospital Market Restraint

As the demand for quality pet care continues to rise, the availability of experienced and well-trained veterinarians has struggled to keep pace. For instance, according to a Mars Veterinary Health Report 2021, the U.S. is experiencing a veterinarian shortage that, if not addressed, could leave 75 million pets without care by 2030. This scarcity of skilled professionals poses challenges for veterinary hospitals striving to provide comprehensive and specialized care for a diverse range of animal health issues. The complex nature of veterinary medicine necessitates a proficient workforce capable of diagnosing, treating, and managing various animal ailments. The shortage not only strains the existing workforce but also impedes the expansion of veterinary services into underserved areas, limiting access to vital care for pets and animals and hampering the growth of market.

Veterinary Hospital Market Analysis

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By animal type, the veterinary hospital market is segmented into companion animals and farm animals. The companion animal segments include dogs, cats. Horses and other companion animals. The companion animals segment dominated the market in 2022 with a business share of 65.4%. High growth can be attributed to the rising number of households adopting companion animals as beloved members of the family. For instance, according to the ASPCA and Humane Society, between 3.5 and 4.1 million dogs and cats are adopted annually in the U.S. This growing trend has significantly bolstered the demand for specialized healthcare services and facilities, propelling veterinary hospitals to expand their offerings and infrastructure. Also, pet owners are now more inclined than ever to invest in comprehensive medical care, preventive treatments, and wellness programs for their furry counterparts, leading to a surge in revenue within the market.

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By services, the veterinary hospital market is segmented into general veterinary services, diagnostic services, surgical services, and other services. The general veterinary services segment held highest market share of 45.8% in 2022. High demand for general veterinary services can be attributed to increasing pet ownership, heightened awareness of animal health and welfare, and advancements in veterinary medical practices. Also, rising prevalence of veterinary diseases further increases the demand. This has prompted veterinary hospitals to diversify and enhance their general veterinary offerings, encompassing preventive care, routine check-ups, and vaccinations. Moreover, the integration of technology into veterinary practices has streamlined processes, enabled efficient medical diagnostics, and facilitated remote consultations, thereby further boosting the market expansion.

Based on ownership, the veterinary hospital market is segmented into private and public. Private segment was valued at USD 48.4 billion in 2022 and is anticipated to witness high growth at a CAGR of 7.2% between 2023 - 2032. In the past few years, the improvement in socio-economic factors and rising disposable income have led individuals to spend more on high-quality veterinary services offered in the private sector. In addition, the willingness of pet owners to provide premium services for their pets is further supporting segment growth. Growing number of mobile pet care hospitals further enhance the market growth. For instance, Premium Vet Care, Florida, U.S., is a mobile companion animal hospital that offers a wide range of services with the help of mobile veterinarians.

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North America dominated the veterinary hospital market in 2022, with a revenue of USD 31.3 billion and is anticipated to grow at a CAGR of 7.0% between 2023 – 2032. High regional growth is fueled by factors such as heightened awareness of animal healthcare, increasing pet ownership in the region, and advancements in medical technology. The region's dedication to providing high-quality medical services for companion animals, coupled with the rising demand for specialized treatments, has led to a proliferation of state-of-the-art veterinary hospitals throughout the region. Also, with consistent expansion and commitment to animal well-being, the high growth of North America's veterinary hospitals market is expected to persist, setting new standards for excellence in veterinary care.

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