The global veterinary hospitals market is experiencing robust growth, with revenues expected to rise from USD 84.1 billion in 2024 to USD 150.7 billion by 2034, reflecting a compound annual growth rate (CAGR) of 6%. The market expansion is driven by several key factors, including the growing trend of pet ownership, heightened awareness of animal health, and significant advancements in veterinary medicine and technology. These factors are improving diagnostic and treatment capabilities, contributing to better outcomes for pets and increasing demand for veterinary services worldwide.
The rising humanization of pets, where animals are increasingly seen as family members, is a major factor driving demand for specialized and high-quality veterinary care. Pet owners are seeking more advanced and personalized treatments, fostering growth in services such as surgeries, diagnostics, and long-term care. Additionally, the popularity of pet insurance is making these sophisticated treatments more accessible and affordable, enabling more pet owners to seek premium care for their animals.
Advancements in veterinary medicine, including cutting-edge technologies such as telemedicine, are further fueling market growth. The rise of veterinary telemedicine services has expanded access to quality care, particularly in rural and underserved areas, enabling pet owners to consult with veterinary professionals remotely. Moreover, government initiatives focused on improving animal health and welfare are contributing to the expansion of the veterinary sector, encouraging investment in veterinary facilities and services.
Key Takeaways:
- Market Growth: The veterinary hospitals market is expected to grow from USD 84.1 billion in 2024 to USD 150.7 billion by 2034, at a CAGR of 6%.
- Rising Pet Ownership: Growing pet ownership and the humanization of pets are key drivers for increased demand for high-quality veterinary care.
- Technological Advancements: Innovations in veterinary medicine, including telemedicine, are improving diagnostic and treatment capabilities, expanding access to care, and enhancing outcomes.
- Government Support: Government activities aimed at promoting animal health and welfare are contributing to the sector’s growth, encouraging investment in veterinary healthcare infrastructure.
As the veterinary healthcare market continues to expand, the demand for advanced medical treatments, specialized services, and accessible care options will grow. This presents significant opportunities for veterinary hospitals and healthcare providers to enhance their services and reach a broader market, particularly as pet owners increasingly seek high-quality care for their beloved animals.
Key Growth Drivers
- Growing Pet Ownership: An increase in pet ownership globally is a primary factor driving demand for veterinary services. With more households adopting pets, the need for veterinary care is rising.
- Increased Animal Health Awareness: There is a growing awareness among pet owners regarding the importance of animal health and preventive care, leading to higher spending on veterinary services.
- Advancements in Veterinary Medicine: Innovations in veterinary medicine and technology are improving diagnostic and treatment capabilities, resulting in better health outcomes for animals.
- Rising Popularity of Pet Insurance: The increasing uptake of pet insurance is making advanced treatments more accessible to pet owners, encouraging them to seek higher-quality care.
- Humanization of Pets: As pets are increasingly viewed as family members, there is a heightened demand for specialized services and premium care options.
- Government Initiatives: Efforts by governments to promote animal health and welfare contribute positively to the growth of the veterinary sector.
- Veterinary Telemedicine Services: The rise of telemedicine in veterinary care enhances access to services, particularly for pet owners in remote or underserved areas.
Competitive Landscape
The veterinary hospitals revenue industry is extremely fragmented with the presence of both established players and numerous smaller regional industry players. Key firms dominate with wide networks, innovative technology, and complete services, resulting in a significant market share.
Small and regional veterinary industry players provide competitive services and serve a varied customer by utilizing specialist care and regional presence. Small, independent clinics thrive in providing personalized, community based treatment.
Innovation, mainly in diagnostics, telemedicine, and environmentally friendly methods, is an important distinction. Partnerships, mergers, and acquisitions are frequent techniques for sector development and consolidation, increasing competitiveness in this continually changing the sector dynamics.
Recent Industry Developments
- In June 2024, CVS has installed a new packing machine at their Animed online retail fulfillment center to minimize the amount of packaging used when shipping food, supplements, and accessories to clients.
- The new packing machine is estimated to save almost 160,000 single use plastic bags each year, since up to 40% of purchases were previously shipped in plastic packaging, along with around four tons of cardboard packing.
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Key Players of Veterinary Hospitals Revenue Industry
- CVS Group PLC
- Greencross Vet
- National Veterinary Associates, Inc. (NVA)
- Pets At Home Group PLC
- Mars Incorporated
- Animal Hospital
- All Pets Animal Hospital
- Innovative Petcare
- Blaine Central Veterinary Clinic
- Belltowne Veterinary Center
Key Segments of Veterinary Hospitals Revenue Industry
By Animal Type:
By animal type, the sector is divided into companion animals and farm animals.
By Services:
By services, the sector is divided into general veterinary services, diagnostic services, surgical services and other services.
By Ownership:
By ownership, the sector is divided into public and private.
By Region:
Key countries of North America, Latin America, Western Europe, South Asia, East Asia, Eastern Europe and Middle East & Africa have been covered in the report.
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
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