Global Animal Hospitals And Veterinary Clinics Market
Veterinary Healthcare

Top 5 Insights From The Animal Hospitals And Veterinary Clinics Market Report 2024

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

According to The Business Research Company’s Animal Hospitals And Veterinary Clinics Global Market Report 2024, the animal hospitals and veterinary clinics market is expected to show promising growth in the forecast period.

Understanding the Market Dynamics

  • Historic Growth Trends: The market size has seen robust growth, reaching $113.97 billion in 2023.
  • Factors Driving Growth: Increased pet insurance penetration, higher spending on pets, rising animal healthcare expenditure, and a growing pet population.

Rising Projections

  • Future Growth: Expected to grow to $121.79 billion in 2024, with a compound annual growth rate (CAGR) of 6.9%.
  • Forecast Period: Foreseen to reach $157.88 billion in 2028, with a CAGR of 6.7%.
  • Driving Factors: Increasing pet ownership, rising consumption of animal-derived products, supportive government initiatives, and higher disease prevalence among animals.

Key Trends to Watch

  • Mobile Veterinary Units: Launch of mobile units to cater to remote areas or areas with limited access to veterinary care.
  • Electronic Health Records (EHR): Introduction of EHR systems for efficient management of animal health records.
  • Artificial Intelligence (AI) Integration: Utilization of AI for advanced diagnostics and treatment planning.
  • New Screening Tests: Development of innovative screening tests for early disease detection in animals.
  • E-commerce Emphasis: Increasing focus on e-commerce channels for pet care products and services.

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Rise in Adoption of Companion Pets

Understanding the Trend

  • Humanization of Pets: Growing acceptance of pets as family members fuels the rise in pet adoption.
  • Correlation with Spending: Higher spending observed among pet owners with a stronger human-animal bond.
  • Global Adoption Figures: Significant adoption rates reported globally, with millions of shelter animals finding homes annually.

Market Impact

  • Increased Veterinary Spending: Americans spent approximately $17 billion on veterinary care annually.
  • Growing Market: Rising adoption rates contribute to the expansion of the animal hospitals and veterinary clinics market.

Big Data Technology in Veterinary Care

Adopting Advanced Solutions

  • Big Data in Diagnosis: Utilization of big data for disease diagnosis and assessment in pets and livestock.
  • Location-Specific Insights: Analysis of data to identify regional disease patterns and trends.
  • Industry Players: Major veterinary care providers such as VCA Inc. and Banfield Pet Hospitals are embracing big data analytics.

Regulatory Framework

Ensuring Quality Standards

  • Australian Regulations: Veterinary premises must be registered and meet suitability criteria.
  • Quality Assurance: Regulatory bodies ensure compliance with standards for veterinary facilities.

Segmentation of the Market

Understanding Market Segments

  1. By Type: Consultation, Surgery, Medicine, and Other Types.
  2. By Animal Type: Segmented into Livestock and Companion Animals.
  3. By End-User: Catering to Animal Care, Animal Rescue, and Other End Users.

Regional Insights

North America Leading the Way

  • Dominant Market: North America emerged as the largest region in the animal hospitals and veterinary clinics market in 2023.

In conclusion, the animal hospitals and veterinary clinics market is witnessing substantial growth, driven by various factors including increased pet ownership, technological advancements, and regulatory support. With ongoing innovations and rising pet adoption rates, the market is poised for further expansion in the coming years.

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