Market Trends of Veterinary Care Industry
Companion Animal Segment is Expected to Hold Significant Market Share in the Market Over the Forecast Period
The companion animal segment had the strongest revenue share over the forecast period. This can be attributed to market players' increasing initiatives, the growing pet population, and rising pet expenditure.
According to the American Kennel Club, in March 2022, the Veterinary Teaching Hospital recommended Ella's Fund, which provides grants of up to USD 1,100 to dog owners in need of dogs with a good prognosis who require lifesaving or emergency healthcare. Pet owners give their time to an animal-care organization in exchange for donations, repaying the loan at USD 13.50 per hour. Thus, growing funding for dog care is expected to boost the segment's growth.
Moreover, the rising adoption of dogs and the growing population drive the dog segment. According to the Pet Keen Statistics 2023, by 2022, 70% of US families will have at least one pet. This translates to 90.5 million houses in the United States. 69 of the 90.5 million have at least one dog and 45.3 million cats. Thus, increasing dog adoption is expected to increase demand for pet care products and services, boosting the market's growth.
The segment's growth is boosted by rising government initiatives for animal health and increasing technological advancements in animal healthcare. For instance, in April 2022, Humane Society International and veterinary associations from 38 European countries launched Vets for Ukrainian Pets. Vets for Ukrainian Pets will cover the costs of acute care and medication, rabies and other vaccinations, microchipping, and medical examinations required for safe passage through the EU for dogs, cats, horses, and other pet animals, up to 250 euros per animal.
Thus, all factors above are expected to boost segment growth over the forecast period.
North America Holds a Significant Share in the Market and Expected to do Same Over the Forecast Period
North America is one of the most developed economies in the world. It holds a significant share of the veterinary care market and is expected to follow the same trend over the forecast period.
The increasing trend for pet adoption in the United States is also predicted to propel market growth. For instance, according to the National Pet Owners Survey 2021-2022, conducted by the American Pet Products Association (APPA), around 70% of United States households own a pet, which equates to 90.5 million homes, including 45.3 million cats and 69 million dogs. The rising adoption of pets may drive the growth of the veterinary care market in the longer term.
Further, strategic activities by the market players are expected to propel the market's growth. For instance, in August 2022, Petfolk raised USD 40 million in Series A funding led by White Star Capital to bridge the communication gap between pet owners and their vets. Similarly, in August 2022, the California Animal Welfare Funders Collaborative (CAWFC) awarded USD 30,000 in grants to 19 organizations to make the largest possible impact on people and their pets nationwide and provide them with proper food, medicines, and diagnostics as required. Such high funding for animal welfare indicates the rising focus on veterinary care, contributing largely to market growth.
The presence of major players like Idexx Laboratories, Merck & Co., Inc., Zoetis, Inc., and many other companies launching new products give the region an edge in the global market. For instance, in June 2022, TheraVet reported the commercial launch of its BIOCERA-VET products, including BIOCERA-VET Bone Surgery Ready-to-Use, BIOCERA-VET\ Granules and BIOCERA-VET Osteosarcoma Ready-To-Use in the United States of America.
Hence, owing to these factors, the market for veterinary care in the region is expected to witness rapid growth over the forecast period.
