Veterinary Hospitals Market Size Worth $125.07 Billion By 2030: Grand View Research, Inc.

SAN FRANCISCO, Jan. 24, 2022 /PRNewswire/ -- 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.

Key Insights & Findings from the report:

• In terms of revenue, the medicine segment dominated the market in 2021. The high demand for animal products, such as chicken and milk, is encouraging farmers to adopt vaccinations for their animals to gain higher profitability
• The surgery type segment is estimated to register lucrative CAGR over the forecast period due to the growing pet insurance & healthcare expenditure and rising cases of chronic diseases in pets
• Companion animals dominated the animal type segment in 2021 due to the growing trend of pet humanization
• The private sector segment led the market in 2021 due to the growing disposable income and willingness to pay premium prices for veterinary services among owners
• Asia Pacific is expected to witness a lucrative CAGR over the forecast period owing to the increased vigilance about animal health and rapid urbanization
• In February 2020, DCC (Dogs Cats & Companions) Animal Hospital announced the launch of a series of multi-specialty animal hospitals across India. These hospitals will be advanced and equipped with innovative infrastructure and medical expertise
• Industry players are involved in strategic initiatives, such as business expansion, M&As, and geographic expansion to gain higher market shares
• For instance, in June 2021, CVS Group announced the establishment of a new state-of-the-art specialist veterinary hospital in Bristol, which will open in 2022, with modern technology and treatments in all disciplines

Read 150 page market research report, "Veterinary Hospitals Market Size, Share & Trends Analysis Report By Type (Medicine, Surgery), By Animal Type (Companion, Farm Animals), By Sector (Private, Public), By Region (APAC, Europe), And Segment Forecasts, 2022 - 2030", by Grand View Research

In addition, veterinary practice activity in the U.S. has fluctuated, but in general, the demand remains high. According to the Veterinary Industry Tracker, revenue per practice was up 13.3% year-over-year (November 2020 to November 2021). Client visits were up 5.1% during the same period. In numerous households across the globe, pets are seen as a core member of the family. There is a growing trend of pet humanization, resulting in an increased average spend on pet healthcare. Thus, pet humanization is set to drive the sales of veterinary services. This trend will be led by the growing population of small animals along with economic growth in developing markets. Improvements in technology have advanced veterinary care.

Technology is becoming more affordable and more practices around the world can adopt MRI and CT scanners. Digital dental X-rays and innovative oral surgery instruments are allowing veterinarians to advance in oral care in companion animals. Constant developments further address health issues in pets not just within hospitals, but on an all-around basis for better care and prevention. Access to veterinary healthcare is relatively underprivileged in most developing countries and some developed nations. For instance, according to a survey conducted in 2020 by the Federation of Veterinarians of Europe, rural and remote areas of Ireland have a shortage of veterinarians. Similarly, England is also experiencing a shortage of veterinarians in rural areas. This may restrict the market growth to some extent.

Market Segmentation:

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

• Veterinary Hospitals Type Outlook (Revenue, USD Billion, 2017 - 2030)
• Surgery
• Medicine
• Consultation
• Veterinary Hospitals Animal Type Outlook (Revenue, USD Billion, 2017 - 2030)
• Companion Animals
• Farm Animals
• Veterinary Hospitals Sector Outlook (Revenue, USD Billion, 2017 - 2030)
• Public
• Private
• Others
• Veterinary Hospitals Regional Outlook (Revenue, USD Billion, 2017 - 2030)
• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• France
• Italy
• Spain
• Asia Pacific
• Japan
• China
• India
• Latin America
• Brazil
• Mexico
• Argentina
• Middle East and Africa (MEA)
• Saudi Arabia
• South Africa

List of Key Players of Veterinary Hospitals Market

• 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

Check out more studies related to veterinary care, published by Grand View Research:

• Veterinary Telehealth Market – The global veterinary telehealth market size was valued at USD 119.6 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 17.6% from 2022 to 2030. The growing adoption of these management systems can be attributed to the steady growth in the focus on veterinary telehealth along with disease detection.
• Veterinary Oncology Market – The global veterinary oncology market size was estimated at USD 199.9 million in 2019 and is anticipated to witness a CAGR of 10.7% during the forecast period. The increasing pervasiveness of cancer in the pet population and rising adoption of veterinary cancer therapy as a treatment method are propelling market growth.
• Veterinary Dental Equipment Market – The global veterinary dental equipment market size was estimated at USD 324.1 million in 2018 and is expected to witness a CAGR of 7.7% during the forecast period, driven primarily by the increasing prevalence of periodontal diseases.

Browse through Grand View Research's coverage of the Global Animal Health Industry.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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