Dublin, March 21, 2024 (GLOBE NEWSWIRE) -- The "Animal Hospitals and Veterinary Clinics Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global demand for pet and animal healthcare continues to rise, as evidenced by the latest research findings on the animal hospitals and veterinary clinics market. The market, which stood at a robust $113.97 billion in 2023, is projected to surge to an impressive $121.79 billion by 2024, growing at a compound annual growth rate (CAGR) of 6.9%. An even more significant expansion is forecasted by 2028, with an anticipated market size of $157.88 billion and a maintained CAGR of 6.7%.
Several factors are fuelling this exceptional growth, including a surge in pet insurance adoption, increased spending on pet healthcare, and the growing importance of pets as family members which is impacting consumer behavior globally. The role of innovative technologies such as mobile veterinary units, electronic health records, and advanced screening tests is also noteworthy, contributing to the evolving landscape of animal healthcare services.
With pet ownership patterns changing, consumers are increasingly viewing animals as integral parts of their families, resulting in elevated animal healthcare spending. For instance, in regions like the United States and China, the pet population has soared, complemented by equivalent growth in related expenditures. This trend underlines the crucial expansion of the animal hospital and veterinary clinic market.
Pet insurance has become a linchpin in the rise of the market, as indicated by statistics from the North American Pet Health Insurance Association, which show the number of insured pets in North America climbing substantially year over year.
Compliance with stringent regulations continues to be a priority within the industry, with regulatory bodies overseeing veterinary practice standards and the registration of veterinary premises in regions such as Australia.
Embracing big data and analytics is now integral to veterinary care, as leading veterinary service providers like VCA Inc. and Greencross Limited adopt these technologies to improve animal treatment outcomes.
In a recent innovation highlight, companies like EKF Diagnostics have introduced veterinary lactate analyzers, showcasing the market's movement towards advanced diagnostic and treatment tools.
The North American and Asia-Pacific regions represent the largest shares in the global market, underscoring the significant activity and potential growth opportunities in these geographic landscapes.
Offerings in this market cater to a wide array of service types, extending from consultations to surgeries, addressing the health needs of both companion and farm animals across various sectors.
The research report provides an in-depth analysis of the market's current and future landscape, with detailed segmentation and insights that delineate the revenue streams, geographic dominance, and the roles played by key market entities.
It is essential to understand that the market value encompasses the revenues obtained through the provision of goods and services within this industry, exclusive of resale revenues garnered along the supply chain.
This research represents an invaluable resource for anyone seeking to understand the evolving dynamics and potential of the animal hospitals and veterinary clinics industry.
The inclusions of this report address the comprehensive climate of the animal hospitals and veterinary clinics market, positioning it as a crucial tool for stakeholders, investors, and industry enthusiasts looking to navigate the complexities of pet and animal healthcare globally.
- Increased pet and animal healthcare spending
- Rising pet insurance adoption across North America
- Technological advancements leading to enhanced veterinary services
- Strict regulatory landscapes shaping the operational standards
- Significant market growth opportunities in North America and Asia-Pacific
This extensive research on the animal hospitals and veterinary clinics market is an indispensable guide to the current trends, opportunities, and foreseeable developments, contributing to informed decision-making and strategic planning in the animal healthcare sector.
A selection of companies mentioned in this report includes
- Mars Inc
- National Veterinary Associates Inc
- CVS Group Plc
- Apiam Animal Health Limited
- Medivet Group Limited
- Pets at Home Group Plc
- MSPCA-Angell
- Veterinary Purchasing Co. Ltd.
- Greencross Vets Limited
- Zabeel Veterinary Hospital
- International Center for Veterinary Services
- Simplyhealth Group
- Paw Veterinary Clinic
- Chengdu Vet Hospital
- Canberra Veterinary Hospital
- Shengpu Pet Hospital
- Blacks Vets Dudley Hospital
- Frantz Cappe
- Clinique Veterinaire Metivet
- Alizee Vet Clinic
- Cristina Cardone
- Abbey House Veterinary Hospital
- The Animal Medical Center
- Premier Veterinary Group plc
- Movet
- Primo Veterinary Medicines Trading LLC
- ANIMED Veterinary Clinic
- Vetwest Animal Hospitals
- Veterinary Vinohrady Brno
- Centre Vétérinaire Laval
- P3 Veterinary Partners
- Audrain Veterinary Clinic Fuzzy
- Maure
- Mimados
- Peru Animal Hospital
- Miami County Veterinary Clinic
- Cindy Fouts
- Kokomo Animal Hospital
- Royal Veterinary College
- AL KUBARA VETERINARY MEDICINES TRADING LLC
- Eurovets Veterinary Suppliers
- Bryanston Veterinary Hospital (BVH)
- Kampala Animal Hospital.
For more information about this report visit https://www.researchandmarkets.com/r/eltwmw
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