(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Sept. 13, 2023 (GLOBE NEWSWIRE) -- The "Veterinary Hospital Market Size, Share & Trends Analysis Report By Animal Type (Companion, Farm), By Type (Surgery, Medicine), By Sector (Public, Private), By Region, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global veterinary hospitals market is on an upward trajectory, poised to reach a substantial size of USD 123.8 billion by 2030, with a steady compound annual growth rate (CAGR) of 5.80% expected from 2023 to 2030.
In 2022, North America led the way with a significant market share of 43.4%, and this region is projected to maintain its growth momentum. The factors driving this expansion include a high prevalence of companion animal ownership, supportive government regulations, and the growing adoption of pet insurance to facilitate veterinary care.
The global surge in pet populations is a primary catalyst behind the increasing demand for veterinary clinics and hospitals. The COVID-19 pandemic, with its lockdown measures, further contributed to a notable rise in companion animal adoption. For instance, the United Kingdom recorded a substantial increase in its pet population, now exceeding 24 million cats and dogs.
This burgeoning trend in pet ownership not only influences immediate veterinary needs but also creates a sustained demand for ongoing healthcare services as these pets age. The aging pet population, combined with access to advanced pet care options, is expected to drive increased spending on veterinary care, a significant revenue source for veterinary hospitals.
The establishment of veterinary hospitals is poised for improvement, driven by the high demand for animal care services, including pets and animals used in food production.
The growing emphasis on animal safety, propelled by rising pet ownership and awareness of chronic diseases in companion animals, translates into substantial expenditures on pet health. This increased spending is expected to result in more veterinary visits and medication sales within hospitals.
Companion animals, particularly dogs and cats, dominated the market in 2022, benefiting from stable ownership rates, especially in developed countries like the United States, where veterinary care expenditure is on the rise.
The medicine segment held a prominent position in the market in 2022, primarily due to its wide distribution through veterinary pharmacies. Private veterinary hospitals also emerged as dominant players in 2022, offering advanced services at competitive prices, further solidifying their position in the market.
| Report Attribute || Details |
| No. of Pages || 150 |
| Forecast Period || 2022 - 2030 |
| Estimated Market Value (USD) in 2022 || $79.2 Billion |
| Forecasted Market Value (USD) by 2030 || $123.8 Billion |
| Compound Annual Growth Rate || 5.8% |
| Regions Covered || Global |
Veterinary Hospitals Market Dynamics
Market Driver Impact Analysis
Consolidation of Animal Hospitals Growing Animal Population & Adoption Rising Awareness of Animal Health Increasing Adoption of Pet Insurance
Market restraint analysis
Shortage Of Board-Certified Veterinarians Increasing Incidence of Pet Abandonment and Euthanasia
Total U.S. Pet Clinical Visits (2022) Expenditure analysis (service cost paid per Vet visit) Veterinary services analysis provided by hospitals Reasons for bringing the pets to veterinary clinics/hospitals
Veterinary Workforce: Key Findings
Projections of the number of veterinarians in the U.S. Projection of the number of veterinary establishments in the U.S. Cases per DVM FTE Per Week, 2016 U.S. Distribution of veterinarians by cenregions Economic Impact of the veterinary industry in the U.S.
U.S. Pet Population and Ownership Trends
Pet ownership rate By cenregions by animal type Pet Owner behavior analysis Reasons for Vet Visits Customer Trends Vet Care Service Providers Going Digital Pet E-Commerce in Perspective Vet-Connected Pet Wearables Pet Insurance in Demand Veterinary Telemedicine is booming COVID-19 Impact Analysis
Financial Performance Service Benchmarking Company Heat Map Analysis Strategy Mapping
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
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Global Veterinary Hospital Market
Global Veterinary Hospital Market Global Veterinary Hospital Market Tags Animal Healthcare/Veterinary Veterinary Care Veterinary Clinic Veterinary Hospital Veterinary Practice Veterinary Service id="media-image-1" loading="lazy" src=' />
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