The American veterinary market is a dynamic and rapidly growing sector, driven by a number of key factors including: Pet health, Pet trends, Advances in veterinary medicine and more.
According to a 2022 report by the American Pet Products Association (APPA), Pet Ownership has reached an all time high in the United States, with a total of over 95million households owning pets, which approximately works out to be 682million animals & pets across the country!
Market Size:
The American Veterinary market is currently valued at over $21.83billion USD, and is expected to surpass $47.92billion USD by 2035, showing a CAGR (compound annual growth rate) of 6.29%. This growth is fuelled by several factors such as: the rising cost of pet care, the increase of specialization within veterinary practices, the growth of population, and the increasing focus on delivering a wide range of excellent care.
Driving Forces:
The American veterinary market’s growth is fuelled by several key factors:
- Human-Animal Bond: The strong bond between humans and their pets is driving a demand for high-quality healthcare, mirroring the care we receive for ourselves.
- Aging Pet Population: The average age of pets in the US is increasing, leading to a growing demand for geriatric care. Aging pets are more prone to chronic health conditions, requiring specialized expertise and treatment.
- Advances in Veterinary Medicine: Technological advancements and new treatment options are expanding the scope of veterinary care, enabling effective treatment for a wider range of pet health issues.
- Pet Industry Growth: The overall pet industry, including pet food, supplies, and accessories, is experiencing remarkable growth, contributing to the demand for veterinary services.
Employment:
The veterinary industry is a major employer in the United States, with over 120,000 veterinarians and 1 million veterinary technicians and assistants. The Bureau of Labor Statistics is expected to increase growth by over 29% creating over 110,000 new jobs in the coming years.
Industry Trends Shaping the Future:
The American veterinary market is constantly evolving influenced by several key trends:
- Personalized veterinary care: Tailoring treatment plans to the individual needs of each pet is gaining prominence to ensure optimal outcomes.
- Preventive Care: Pet owners are becoming more aware of the importance of preventive care to prevent costly health issues and maintain their pet’s well-being.
- Emergence of Telemedicine and Mobile Veterinary Services: Technology is facilitating convenient and accessible veterinary care, especially in remote areas.
- Focus on Pet Wellness and Behaviour: Addressing pet obesity, behavioural issues, and mental health is gaining importance to promote holistic well-being.
- Growing Demand for Specialized Care: Specialized services in areas like cardiology, oncology, and dentistry are experiencing increasing demand due to rising pet longevity and complex health needs.
Conclusion:
The American veterinary market is a vibrant and dynamic sector that is set for continued growth in the coming years. The strong demand for high-quality care for pets, coupled with industry advancements and a growing focus on preventive care, is driving the market forward. As pets continue to become more integrated into our lives, the need for veterinary services will only increase.
Contents / Links:
https://www.avma.org/resources-tools/reports-statistics/us-pet-ownership-statistics
https://www.avma.org/resources-tools/reports-statistics
