Veterinary Hospital Market - By Animal Type (Companion, Livestock), Services (General Veterinary Services, Diagnostic Services, Surgical Services), Ownership (Public, Private), & Global Forecast (2023-2032)

Veterinary Hospital Market - By Animal Type (Companion, Livestock), Services (General Veterinary Services, Diagnostic Services, Surgical Services), Ownership (Public, Private), & Global Forecast (2023-2032)

Veterinary hospital market size is predicted to witness 6.7% CAGR from 2023 to 2032 driven by the growing awareness and importance of pet and animal health. According to a recent study, almost 66% of American households own a pet. The increasing pet ownership rates across the world, particularly in developed countries, are spurring the demand for specialized veterinary services.

Furthermore, a shift in consumer preferences toward preventive healthcare and advanced medical treatments for pets is contributing to market growth. Advances in veterinary technology, telemedicine, and pharmaceuticals are enhancing the overall quality of care and broadening the scope of veterinary hospitals. The evolving regulatory landscape, including increased animal welfare regulations, is also stimulating the industry growth.

The overall veterinary hospital market is classified based on animal type, services, ownership, and region.

The farm animals segment is expected to witness over 6% CAGR from 2023 to 2032 as veterinary hospitals are now offering more comprehensive and specialized services to cater to the needs of livestock, poultry, and other farm animals. The emphasis is on disease prevention, nutritional consulting, and herd health management. As the world's population continues to grow, the demand for high-quality and sustainable animal products is increasing. This trend is prompting the agriculture sector to prioritize animal health, which in turn is boosting the farm animal veterinary services segment.

The public ownership segment is anticipated to record 6% CAGR during 2023 and 2032 owing to an increasing number of veterinary hospitals being acquired or partnered with larger corporations or groups. Publicly-owned veterinary institutes often benefit from economies of scale, improved access to capital, and enhanced resources for R&D. The stability, ability to invest in technology and staff training, and improved quality of care for animals favors the growth of public ownership segment.

Asia Pacific veterinary hospital market size will observe 7.6% CAGR between 2023 and 2032 owing to the rapid urbanization, rising disposable income, and changing lifestyles in the region. With a growing awareness of animal health and an increasing number of pet owners seeking quality veterinary care, several multinational veterinary hospital chains are expanding their presence in this region. Meanwhile, the local players are also actively expanding their services, adding to the regional industry growth.