GITNUX MARKETDATA REPORT 2024

Veterinary Industry Statistics [Fresh Research]

Highlights: The Most Important Veterinary Industry Statistics

  • The Veterinary Services industry in the UK is worth £5.6bn in 2023 and is expected to increase 8.7% in 2023.
  • 56% of pet owners would be open to the use of telemedicine, but only a third of veterinary professionals said they would offer it.
  • Approximately 40% of the work of animal hospitals and clinics is routine examinations, while only 20% is surgical procedures.
  • The global veterinary healthcare market is expected to grow at a CAGR of 6.4% between 2021 and 2026.
  • There are over 110,000 licensed veterinarians in the U.S.
  • By 2029, employment of veterinarians is projected to grow by 16%, much faster than the average for all occupations.
  • Over 60% of U.S. households have a pet, with a total of over 84.9 million pet-owning households.
  • Veterinary services in the U.S. generate over $50 billion in annual revenue.
  • There are around 28,500 veterinary practices in the United States.
  • The global veterinary diagnostics market was valued at $3.6 billion in 2020.
  • Approximately 43% of veterinarians work in small animal private practice in the U.S
  • Female veterinarians outnumber male veterinarians, with around 62% being female in the U.S.
  • In 2020, U.S. pet owners spent around $99.0 billion on their pets, with about $29.3 billion on veterinary care.
  • The average salary of a veterinarian in the United States is around $99,250.
  • The average student loan debt for a veterinarian after graduation is around $183,302 in the U.S.
  • The ratio of pets to veterinarians in the U.S. is approximately 3,530 pets per veterinarian.
  • Around 55% of pet owners have visited a veterinarian at least once in the past year.
  • The global animal therapeutics and diagnostics market is projected to reach $39.8 billion by 2025.
  • The veterinary telemedicine market is expected to grow at a CAGR of 10.4% between 2020 and 2030.
  • North America is projected to have the highest share of the veterinary imaging market in 2021.
  • The pet insurance market is estimated to grow at a CAGR of 8.1% between 2021 and 2026, reaching a value of $8.9 billion.
  • The number of veterinary school applicants in the U.S. increased by 19% between 2017 and 2021.
  • There are currently 30 accredited veterinary schools in the United States.

Table of Contents

The veterinary industry is an ever-evolving field, with new developments and trends emerging every day. With the help of veterinary industry statistics, we can gain a better understanding of the current state of the industry and where it is headed in the future.

In this blog post, we will explore some of the most important veterinary industry statistics, including the size of the industry, the number of veterinary professionals, and the growth of the industry. We will also discuss the impact of these statistics on the industry as a whole and how they can be used to inform business decisions. Finally, we will look at some challenges facing the industry and how they can be addressed.

Veterinary Industry: The Most Important Statistics

China has the largest animal population in the world, yet spends less than 1% of GDP on veterinary services, equating to $4.34 per capita of the human population, compared to $127.1 in the USA.
Approximately 40% of the work of animal hospitals and clinics is routine examinations, while only 20% is surgical procedures.
Boehringer Ingelheim is organizing rabies vaccination initiatives across Asia in April 2022 to vaccinate 12,000 animals, which is driving the Veterinary Industry’s market growth.

Veterinary Industry Statistics Overview

The Veterinary Services industry in the UK is worth £5.6bn in 2023 and is expected to increase 8.7% in 2023.

The global veterinary medicine market size was estimated at USD 44.59 billion in 2022 and is expected to expand at a CAGR of 8.2% over the forecast period, driven by the rise in livestock population and production in developing countries.

China has the largest animal population in the world, yet spends less than 1% of GDP on veterinary services, equating to $4.34 per capita of the human population, compared to $127.1 in the USA.

In 2019, the US spent the most on pet care worldwide, with a per capita expenditure of 162 US dollars – this is important for understanding the Veterinary Industry’s financial performance.

Osteoarthritis is being diagnosed in canine patients at a median age of 10.5 years, indicating that owners are not recognizing clinical indications and veterinarians should be examining dogs for OA and initiating therapy earlier.

This highlights the importance of early diagnosis and treatment of OA in canine patients. Early diagnosis and treatment can help reduce the risk of long-term complications and improve the quality of life for the animal.

56% of pet owners would be open to the use of telemedicine, but only a third of veterinary professionals said they would offer it.

There is a disconnect between pet owners and veterinary professionals when it comes to the use of telemedicine. Thus, veterinary professionals may need to be more open to the idea of using telemedicine in order to meet the needs of pet owners.

Approximately 40% of the work of animal hospitals and clinics is routine examinations, while only 20% is surgical procedures.

Over 20% of cats and dogs checked by My Family Vets were carrying fleas, making it one of the most common treatments vets have to treat.

Boehringer Ingelheim is organizing rabies vaccination initiatives across Asia in April 2022 to vaccinate 12,000 animals, which is driving the Veterinary Industry’s market growth.

CVS Group’s preventative healthcare scheme, Healthy Pet Club, saw a 4.3% increase in membership and 11.2% increase in underlying cash profits (EBITDA) compared to the previous year.

The global veterinary healthcare market is expected to grow at a CAGR of 6.4% between 2021 and 2026.

The industry is likely to experience a steady growth, which could open up new opportunities for businesses and investors alike. Furthermore, it could also mean that more resources and investments will be made available to the sector, allowing for better care and services for animals.

There are over 110,000 licensed veterinarians in the U.S.

The demand for veterinary services is high and the industry is thriving. This statistic is a great indicator of the health of the veterinary industry and the importance of animal care in the United States.

By 2029, employment of veterinarians is projected to grow by 16%, much faster than the average for all occupations.

With a projected growth rate of 16%, it is evident that the demand for veterinarians is increasing, and that the industry is in a period of growth. This is great news for those looking to pursue a career in veterinary medicine, as it suggests that there will be plenty of job opportunities in the near future.

Over 60% of U.S. households have a pet, with a total of over 84.9 million pet-owning households.

With over 84.9 million pet-owning households, it is clear that pet ownership is a major part of American life. This statistic highlights the need for veterinary services and products, and the potential for growth in the industry.

Veterinary services in the U.S. generate over $50 billion in annual revenue.

This highlights the importance of the industry in terms of its contribution to the nation’s economy, and serves as a reminder of the vital role veterinarians play in the health and wellbeing of animals.

There are around 28,500 veterinary practices in the United States.

With nearly 30,000 practices, it’s clear that the veterinary industry is a major player in the US economy. This statistic is a great starting point for exploring the impact of the veterinary industry on the US economy, and the various trends and developments that have shaped the industry over the years.

The global veterinary diagnostics market was valued at $3.6 billion in 2020.

This highlights the importance of the industry and the potential for growth in the years to come. It also serves as a reminder of the vital role that veterinary diagnostics plays in the health and wellbeing of animals around the world.

Approximately 43% of veterinarians work in small animal private practice in the U.S.

A large portion of veterinarians are employed in this sector, making it an important part of the industry as a whole. This information is essential for anyone looking to gain a better understanding of the veterinary industry and the role of small animal private practice within it.

Female veterinarians outnumber male veterinarians, with around 62% being female in the U.S.

This speaks to the increasing presence of female veterinarians in the field, and the growing recognition of their contributions to the profession. It also highlights the importance of gender diversity in the veterinary industry, and the need for more equitable representation of both genders in the field.

In 2020, U.S. pet owners spent around $99.0 billion on their pets, with about $29.3 billion on veterinary care.

This speaks to the dedication of pet owners to ensure their pets receive the best care possible, with nearly a third of their spending going towards veterinary care. This statistic is a powerful indicator of the importance of the veterinary industry and its impact on the lives of pet owners.

The average salary of a veterinarian in the United States is around $99,250.

This speaks to the potential for a lucrative career path for those who pursue it, and serves as a reminder of the importance of the profession in the United States.

The average student loan debt for a veterinarian after graduation is around $183,302 in the U.S.

This highlights the need for more financial support for those entering the veterinary field, as well as the need for more affordable education options. It also serves as a warning to potential students that they should be prepared to take on a significant amount of debt if they choose to pursue a career in veterinary medicine.

The ratio of pets to veterinarians in the U.S. is approximately 3,530 pets per veterinarian.

With 3,530 pets per veterinarian, it is clear that the veterinary industry is in high demand and that there is a need for more veterinarians to meet the needs of pet owners. This statistic is an important piece of information for anyone looking to gain insight into the veterinary industry.

Around 55% of pet owners have visited a veterinarian at least once in the past year.

The majority of pet owners recognize the value of regular check-ups and preventive care for their furry friends. This statistic is a key indicator of the health of the veterinary industry, and it is essential for understanding the current state of the industry.

The global animal therapeutics and diagnostics market is projected to reach $39.8 billion by 2025.

The market for animal therapeutics and diagnostics is expected to grow significantly in the coming years, indicating that the veterinary industry is a lucrative and promising sector. This statistic is a valuable insight for those interested in the veterinary industry, as it provides a glimpse into the future of the industry and the potential for growth.

The veterinary telemedicine market is expected to grow at a CAGR of 10.4% between 2020 and 2030.

It is likely to experience significant growth over the next decade. This is an important insight for anyone interested in the veterinary industry, as it suggests that investing in telemedicine technology could be a lucrative endeavor. Furthermore, this statistic could be used to illustrate the potential of the veterinary industry as a whole, as telemedicine is becoming increasingly popular and could be a major factor in the industry’s growth.

North America is projected to have the highest share of the veterinary imaging market in 2021.

This speaks to the potential for growth in the region, as well as the potential for investment in the industry. It also highlights the need for businesses to focus their efforts on the North American market in order to capitalize on the opportunities that exist. Ultimately, this statistic is a reminder of the importance of the veterinary imaging market in North America and the potential for success in the region.

The pet insurance market is estimated to grow at a CAGR of 8.1% between 2021 and 2026, reaching a value of $8.9 billion.

With the estimated CAGR of 8.1%, it is clear that pet insurance is becoming an increasingly popular option for pet owners, and the industry is expected to reach a value of $8.9 billion by 2026. This is a significant milestone for the veterinary industry, and it is indicative of the growing demand for pet insurance.

The number of veterinary school applicants in the U.S. increased by 19% between 2017 and 2021.

More and more people are looking to pursue a career in veterinary medicine. This is an important trend to note, as it shows that the veterinary industry is becoming increasingly popular and competitive. This could be due to a variety of factors, such as the increasing awareness of animal welfare and the need for more qualified professionals to care for animals. This statistic is a valuable insight into the current state of the veterinary industry and can be used to inform decisions about the future of the industry.

There are currently 30 accredited veterinary schools in the United States.

With 30 accredited veterinary schools, it is clear that the demand for veterinary care is high and that the industry is thriving. This statistic is a great indicator of the health of the veterinary industry and provides insight into the current state of the field.

Conclusion

In conclusion, the veterinary industry is a rapidly growing field that is expected to continue to expand in the coming years. With the increasing demand for pet care, the industry is projected to grow even more in the near future.

The veterinary industry is a great field to get into for those who are passionate about animals and want to make a difference in the lives of animals and their owners. With the right education and training, anyone can become a successful veterinarian.

References

1 – https://www.ibisworld.com/united-kingdom/market-size/veterinary-services/

2 – https://www.grandviewresearch.com/industry-analysis/veterinary-medicine-market#:~:text=The%20global%20veterinary%20medicine%20market,and%20production%20in%20developing%20countries.

3 – https://blog.marketresearch.com/veterinary-industry-outlook-top-global-trends-and-statistics

4 – https://www.statista.com/statistics/1115339/pet-care-spending-per-capita-worldwide/

5 – https://www.mordorintelligence.com/industry-reports/veterinary-services-market

6 – https://www.grenke.ie/grenke-insights/news/2022/technology-in-veterinary-practices/#:~:text=Technology%20and%20innovations%20in%20veterinary,world%20as%20we%20know%20it.

7 – https://blog.marketresearch.com/veterinary-industry-outlook-top-global-trends-and-statistics

8 – https://www.myfamilyvets.co.uk/shocking-facts-about-fleas

9 – https://www.grandviewresearch.com/industry-analysis/veterinary-medicine-market

10 – https://www.hl.co.uk/shares/shares-search-results/c/cvs-group-plc-ordinary-0.2p/share-research

11 – https://www.pewresearch.org

12 – https://www.marketwatch.com

13 – https://www.americanpetproducts.org

14 – https://www.mypetsdoctor.com

15 – https://www.globenewswire.com

16 – https://www.ibisworld.com

17 – https://www.aavmc.org

18 – https://www.bls.gov

19 – https://www.grandviewresearch.com

20 – https://www.marketsandmarkets.com

21 – https://vetxinternational.com

22 – https://www.avma.org

23 – https://www.psmarketresearch.com

FAQs

What is the average salary of a veterinarian?

The average salary of a veterinarian is $93,830 per year.

What are the educational requirements to become a veterinarian?

To become a veterinarian, individuals must complete a Doctor of Veterinary Medicine (DVM) degree program, which typically takes 4 years to complete.

What type of animals do veterinarians typically treat?

Veterinarians typically treat cats, dogs, horses, cows, and other small animals.

What is the role of a veterinarian in animal health?

The role of a veterinarian in animal health is to diagnose and treat medical conditions, provide preventive care, and educate pet owners on proper animal care.

What is the job outlook for veterinarians?

The job outlook for veterinarians is expected to grow by 19% from 2019-2029.

How we write our statistic reports:

We have not conducted any studies ourselves. Our article provides a summary of all the statistics and studies available at the time of writing. We are solely presenting a summary, not expressing our own opinion. We have collected all statistics within our internal database. In some cases, we use Artificial Intelligence for formulating the statistics. The articles are updated regularly.

See our Editorial Process.

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