Increased pet ownership among Gen X and Gen Y
adults and increased spending on better pet care is a significant contributor
to veterinary
services market growth, which is 6.2% a year, a
report from The Business Research Company shows. Pet
owners often view pets as their family members and are willing to spend on pet
products and services. In the USA, for instance, according to American
Veterinary Medical Association data, there is a correlation between the degree
of human/animal bond and pet spending. In 2012, households that view their dogs
as family members spent more on average for veterinary services. According to
the US Bureau of Labor Statistics, an American household spends an average of
$500 on pets, amounting to almost 1% of their annual spending. Such spending
drove veterinary services market growth at 7.2% a year in the period 2013-17.
However, high costs for equipment, licenses and trained personnel are holding
growth back a little. These high costs, which in turn affect prices, make
veterinary services less affordable. In developed countries like the USA, one
key indicator – the number of visits to veterinary clinics by pet and livestock
owners – has fallen recently. This probably results from a combination of
decreasing affordability and the availability of information online. According to
the American Pet Products Association, 43% of dog owners and 41% of cat owners
rely on online information.
“The growing pet population, increasing pet humanization trend
coupled with the rising population of veterinarians are the major driving
factors in veterinary services markets.”
Vice President, Banfield Pet Hospital
Source: The Business Research Company primary research
Vice President, Banfield Pet Hospital
Source: The Business Research Company primary research
Market Geographies
North America is by far the largest region for
the veterinary services market; Western Europe and Asia Pacific are second and
third, both worth about half the American one. Growth, however, has been slower
in North America than the other two, while Asia Pacific’s growth, previously a
little lower than Western Europe’s, has now overtaken it.
North America’s dominance in the veterinary
services market is largely generated in the USA.
As a percentage of GDP, however, both the UK and Australia spend a little more
than the USA. Per capita spend is highest in the USA, followed by Australia and
the UK. In contrast China, which has by far the largest animal population in
the world, at 6.35 billion animals, spends less than 1% of GDP on veterinary
services, equating to $4.34 per capita of the human population, against $127.1
in the USA.
Factors influencing the size and growth of the
veterinary services market by region and country include the animal disease burden,
GDP and its distribution, consumption patterns (which influence the extent of
livestock farming - thus China’s animal population vastly outstrips India’s),
government regulations relating to animal health safeguarding and meat and
dairy production and, on the supply-side, the size of the veterinary workforce,
government support for animal welfare practices and investment by the industry.
Levels of pet ownership, 'humanization' of pets, as in Japan, preventive
measures against outbreaks of disease that can be transferred from animals to
humans, are other factors that influence the size of particular markets. For
example, China has seen a significant increase in pet ownership among its urban
population and with it an increase in demand for veterinary services for
companion animals. According to research conducted by Daxue Consulting, 8% of
families in China’s tier-1 and tier-2 cities now own pets. Pet owners in China
spend $50 a year on average on medical treatments for their pets. China's
population is urbanizing at the rate of over 30 million a year, according to
the CIA World Factbook; many of the newly urbanized population in China miss
the presence of animals that they knew in their former rural homes and acquire
companion animals instead.
Where to Learn More
Read the Veterinary
Services Global Market Report 2018 from The Business
Research Company for information on the following:
Markets Covered: Veterinary services, healthcare.
Veterinary Service Companies Covered: VCA Inc., Banfield Pet Hospital, Greencross Ltd., CVS Group Plc, The Bargh Memorial Animal Hospital ASPCA, The Animal Medical Center.CA Inc.
Regions: North America, Asia Pacific, Western Europe, South America, Eastern Europe, Middle East, Africa.
Countries: USA, China, UK, Japan, France, Germany, Australia, India, Spain, Russia, Italy, Brazil
Time Series: Five years historic (2013-17) and forecast (2017-21).
Data Segmentations: Veterinary services market historic and forecast size and growth rates for the world, 7 regions and 12 countries, animal hospitals and clinics, laboratory services and pet food and product segments historic and forecast size and growth rates for the world, 7 regions and 12 countries, animal hospital and clinic routine examinations, surgical procedures and non-surgical procedures for 12 countries, livestock and pets segments size 2017 for 12 countries, global competitor sales and market shares.
Veterinary Service Companies Covered: VCA Inc., Banfield Pet Hospital, Greencross Ltd., CVS Group Plc, The Bargh Memorial Animal Hospital ASPCA, The Animal Medical Center.CA Inc.
Regions: North America, Asia Pacific, Western Europe, South America, Eastern Europe, Middle East, Africa.
Countries: USA, China, UK, Japan, France, Germany, Australia, India, Spain, Russia, Italy, Brazil
Time Series: Five years historic (2013-17) and forecast (2017-21).
Data Segmentations: Veterinary services market historic and forecast size and growth rates for the world, 7 regions and 12 countries, animal hospitals and clinics, laboratory services and pet food and product segments historic and forecast size and growth rates for the world, 7 regions and 12 countries, animal hospital and clinic routine examinations, surgical procedures and non-surgical procedures for 12 countries, livestock and pets segments size 2017 for 12 countries, global competitor sales and market shares.
Healthcare market historic and forecast size and growth rates for the world, 7 regions and 12 countries, healthcare market size, percentage of gdp, global, healthcare per capita expenditure, by country, healthcare services market historic and forecast size and growth rates, and split by segments 2017, global.
Other Data: Veterinary services expenditure as % of GDP, per capita veterinary services expenditure, pet population split by type, by country, 2017, livestock and poultry population by country, 2017, global veterinary services and healthcare market growth rate comparison, .
Other Information: Drivers and restraints of the global veterinary services market 2013-17 and 2017-21, Porter’s Five Forces Model, PESTEL analysis and customer information for the global veterinary services market, company profiles including products, strategy and financial performance for 6 veterinary service companies, veterinary services market trends and Strategies
Sourcing and Referencing: Data and analysis throughout the report are sourced using end notes. Sources include primary as well as extensive secondary research.
About The Business Research Company.
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Company is a Business Intelligence Company which excels in company, market and
consumer research. It has offices in the UK, the US and India and a network of
trained researchers in 15 countries globally.
Contact Information.
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Company
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