Veterinary Hospital Market Size To Reach $123.8 Billion By 2030

Veterinary Hospital Market Growth & Trends

The global veterinary hospitals market size is expected to reach USD 123.8 billion by 2030, expanding at a CAGR of 5.80% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growing pet population is boosting the demand for veterinary clinics and hospitals around the world. Additionally, the COVID-19 pandemic lockdown restrictions led to a rise in the demand for companion animals. For instance, the number of pets in the UK has significantly increased. According to a recent survey conducted by the Pet Food Manufacturers Association, there are currently over 24 million cats and dogs living in the United Kingdom. The market is being driven by the increase in pet ownership, not just in the short term when kittens and puppies need shots, initial checkups, or neutering, but also considerably in the long term as they age into animals needing more veterinarian treatment and care.

The rapidly aging pet population and the availability of advanced pet care options are among the key factors likely to drive expenditure on pets by owners, which is the primary source of revenue growth for veterinary hospitals. Establishment requirements for veterinary hospitals are expected to improve mainly due to the high demand for animal care services for pets & animals food. With the increasing number of pets and pet owners, the focus on animal safety has grown in recent years. Rising concerns and increasing awareness about chronic diseases in companion animals have resulted in high expenditure on pet health. Large spending on animal care is expected to further boost veterinary visits and medication sales in hospitals. Owners are concerned about their pets and consult veterinarians for treatment of several health issues at an early stage. This is further boosting the demand for efficient treatment options, driving the market.

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Veterinary Hospitals Market Report Highlights

• By animal type, the companion animal segment accounted for the largest revenue share in 2022. This is owing to the relatively stable ownership rate of dogs & cats in developed countries like the U.S. and increased expenditure on veterinary care

• Based on type, the medicine segment dominated the market in 2022, owing to its significant distribution in veterinary pharmacies

• Based on the sector, the private segment dominated the market in 2022. These hospitals offer well-maintained and advanced services at a relatively low price than private hospitals

• North America accounted for a 43.4% share of the market in 2022 and is expected to grow over the forecast period. This growth is majorly due to high companion animal ownership rates, favorable government regulations, and increasing adoption of pet insurance for veterinary care

Veterinary Hospital Market Segmentation

Grand View Research has segmented the global veterinary hospital market based on animal type, type, sector, and region:

Veterinary Hospital Animal Type Outlook (Revenue, USD Million, 2018 - 2030)

• Companion Animals

• Farm Animals

Veterinary Hospital Type Outlook (Revenue, USD Million, 2018 - 2030)

• Surgery

• Medicine

• Consultation

Veterinary Hospital Sector Outlook (Revenue, USD Million, 2018 - 2030)

• Public

• Private

Veterinary Hospital Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

• U.S.

• Canada

• Europe

• U.K.

• Germany

• France

• Italy

• Spain

• Denmark

• Sweden

• Norway

• Asia Pacific

• Japan

• China

• India

• Australia

• South Korea

• Thailand

• Latin America

• Brazil

• Mexico

• Argentina

• Middle East & Africa

• South Africa

• Saudi Arabia

• UAE

• Kuwait

List of Key Players in the Veterinary Hospital Market

• 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