Veterinary Hospitals Market Growth & Trends

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.

Veterinary Hospitals Market Report Highlights

  • 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