The Latest Veterinary Services Industry Statistics Explained
The Veterinary Services industry in the US comprises over 109,600 businesses.
The statistic that the Veterinary Services industry in the US comprises over 109,600 businesses highlights the significant presence and scale of this sector within the country’s economy. With such a large number of businesses operating within this industry, it indicates a robust demand for veterinary services across the nation. This statistic also suggests a diverse landscape within the veterinary services sector, likely encompassing a wide range of services including pet care, livestock health management, and specialized veterinary medical services. The sheer volume of businesses within this industry underscores the importance of veterinary care in meeting the needs of both domestic pets and commercial livestock in the US.
The Veterinary Services industry has seen an annual growth of 2.6% from 2016 to 2021.
The statistic that the Veterinary Services industry has experienced an annual growth rate of 2.6% from 2016 to 2021 indicates that the industry has been steadily expanding over the past five years. This growth rate reflects an increase in demand for veterinary care services, potentially driven by factors such as pet ownership trends, increased awareness of animal health and wellness, and advancements in veterinary medicine. A growth rate of 2.6% per year suggests a relatively stable and sustainable pace of expansion for the industry, with potential opportunities for further growth and development in the future. This statistic provides valuable insights into the overall health and trajectory of the Veterinary Services industry during the specified time period.
The industry is expected to have a market size of $40.5 billion by 2023 in the United States.
This statistic suggests that the industry under consideration is projected to experience substantial growth in the United States, with the market size expected to reach $40.5 billion by the year 2023. This indicates a significant increase in the total revenue generated by businesses operating within this industry, reflecting potentially rising consumer demand and market expansion. Such growth could be driven by various factors such as technological advancements, changing consumer preferences, or market trends. This statistic is important for industry stakeholders, investors, policymakers, and other relevant parties as it provides insight into the anticipated economic impact and opportunities within the industry in the near future.
During 2018, about 49% of pet owners visited a veterinarian six or more times.
The statistic states that in 2018, approximately 49% of pet owners visited a veterinarian six or more times throughout the year. This means that nearly half of pet owners were proactive in seeking medical care for their pets, likely indicating a high level of commitment to their animals’ health and well-being. Frequent visits to a veterinarian can ensure that pets receive necessary vaccinations, preventative care, and timely treatment for any health issues that may arise. The statistic highlights the importance of regular veterinary care in maintaining the health and happiness of pets, as well as the dedication of pet owners in prioritizing their pets’ needs.
The Veterinary Services industry employs over 483,344 people.
The statistic that the Veterinary Services industry employs over 483,344 people signifies a significant workforce within the industry dedicated to the care and treatment of animals. This statistic reflects the substantial demand for veterinary services to ensure the health and well-being of pets, livestock, and other animals. The employment of over 483,344 individuals highlights the breadth of roles within the industry, from veterinarians and veterinary technicians to administrative staff and other support personnel. The industry’s employment opportunities contribute to economic growth and play a crucial role in safeguarding animal health, emphasizing the importance of skilled professionals in meeting the diverse needs of animals and their owners.
By 2023, 60% of the Veterinary Services Industry market in the US will be made up of veterinary care for dogs.
The statistic states that by the year 2023, approximately 60% of the Veterinary Services Industry market in the United States will be attributed to veterinary care services specifically aimed at dogs. This suggests that a significant portion of the market demand for veterinary services will be driven by the care and treatment of canine patients. The prediction highlights the strong and growing demand for veterinary care for dogs, indicating a trend where dog owners are increasingly seeking professional veterinary services for the health and well-being of their pets. This statistic signals a notable opportunity and focus within the veterinary industry on providing specialized care for dogs, showcasing the importance of this segment in the overall market landscape.
During 2019, approximately 47% of the revenue for this industry came from veterinary services for pets.
The statistic indicates that in 2019, about 47% of the total revenue generated within this particular industry was derived from veterinary services offered for pets. This suggests a significant portion of the industry’s financial performance is attributed to serving the healthcare needs of domestic animals, such as cats, dogs, and other pets. The high percentage signals the importance and demand for veterinary services within this industry, highlighting the significance of pet healthcare in driving revenue and shaping business operations. Given the substantial contribution of pet veterinary services to overall industry revenue, it underscores the sector’s reliance on this specific service segment for profitability and growth.
In 2019, the global Veterinary Services industry was valued at around 99.07 billion U.S. dollars.
The statistic stating that the global Veterinary Services industry was valued at around 99.07 billion U.S. dollars in 2019 reflects the significant economic importance of this sector on a global scale. This monetary figure represents the total worth of veterinary services provided worldwide in that particular year, encompassing medical care for animals, diagnostic services, surgical procedures, and preventative healthcare measures. The value of nearly 100 billion U.S. dollars underscores the substantial demand for veterinary services across different regions and highlights the growing awareness of pet health and welfare among consumers. This statistic serves as a key indicator of the industry’s size and financial significance, shedding light on the vital role that veterinary professionals play in safeguarding the well-being of animals and supporting animal owners worldwide.
Each year, the average British pet owner spends £821 on vets’ fees.
The statistic ‘Each year, the average British pet owner spends £821 on vets’ fees’ represents the average amount of money that pet owners in Britain spend on veterinary services for their pets annually. This statistic indicates the financial commitment that pet owners in the UK make towards ensuring the health and well-being of their furry companions. The expenditure on veterinary fees may vary depending on the type of pet, their age, and any medical conditions they may have. It highlights the importance that pet owners place on providing proper medical care for their pets and underscores the significant role that veterinary services play in supporting pet health.
In China, the Veterinary Services market size was estimated at USD 6.5 billion in 2016 and is expected to grow rapidly.
The statistic reveals that the Veterinary Services market in China was valued at USD 6.5 billion in 2016 and is anticipated to experience significant growth in the coming years. This indicates a strong demand for veterinary services in the country as people increasingly seek medical care for their pets and livestock. The projected rapid growth suggests a positive outlook for the veterinary industry in China, driven by factors such as increasing pet ownership, growing awareness of animal health and welfare, and improvements in veterinary infrastructure and services. This growth presents opportunities for businesses operating in the veterinary sector to expand their services and cater to the evolving needs of the market.
The Companion Animal segment in this industry occupies over 70% market share.
The statistic “The Companion Animal segment in this industry occupies over 70% market share” means that within the industry being referenced, the portion of the market that is dedicated to companion animals (such as pets like dogs, cats, birds, etc.) represents more than 70% of the total market share. This indicates that companion animals are a dominant and significant sector within the industry, leading in terms of both sales and consumer demand. Companies operating in this market would likely focus a substantial portion of their resources and efforts towards catering to the needs and preferences of consumers looking to care for their companion animals.
Approximately 63.4% of all U.S. households own a pet, boosting the demand for veterinary services.
The statistic that approximately 63.4% of all U.S. households own a pet indicates a high prevalence of pet ownership in the country, highlighting the significant role that pets play in the lives of many Americans. This ownership rate suggests a strong demand for veterinary services, as pet owners seek to provide proper care and treatment for their companions. With a majority of households having pets, there is likely a steady and reliable market for veterinary services, creating opportunities for businesses in the pet care industry to meet the needs of this large segment of the population. The statistic underscores the importance of veterinarians and related services in supporting the health and well-being of companion animals across the United States.
Veterinary services expenditure in the United States was about $30.2 billion in 2020.
The statistic that veterinary services expenditure in the United States was about $30.2 billion in 2020 represents the total amount of money spent on veterinary services throughout the country during that year. This figure encompasses all expenses related to veterinary care for pets and animals, including routine check-ups, surgeries, medications, and treatments. The substantial size of this expenditure highlights the significant role that pets and animals play in American society, with many individuals and families investing in the health and well-being of their beloved animal companions. It also indicates the scale of the veterinary industry in the United States and the importance placed on ensuring the health and welfare of pets and animals across the nation.
In 2019, basic annual medical expenses for dog owners in veterinary services amounted to 212 U.S. dollars.
The statistic states that the average basic annual medical expenses for dog owners in 2019 for veterinary services was $212 in the United States. This figure represents the typical amount spent by dog owners on routine medical care, vaccinations, check-ups, and other veterinary services for their pet over the course of a year. This information can be useful for pet owners to budget for their dog’s healthcare needs and understand the financial commitment required to provide proper medical care for their furry companions. It also offers insight into the overall financial impact of pet ownership on individuals and families.
For cat owners, the basic annual medical expenses for veterinary services is 160 U.S. dollars.
This statistic indicates that among cat owners, the average annual medical expenses for veterinary services amount to $160 in the United States. This figure provides important information about the financial commitment cat owners typically incur to maintain the health of their pets. It suggests that veterinary care is a significant expense for cat ownership and highlights the importance of budgeting for these services. Additionally, this statistic may be useful for pet owners to plan and anticipate their annual expenditures for cat healthcare, ensuring they provide the necessary medical attention for their feline companions.
By 2025, the veterinary diagnostics market is projected to reach USD 3.9 Billion, registering a CAGR of 9.1%.
The statistic provided states that the veterinary diagnostics market is forecasted to grow to USD 3.9 billion by the year 2025, with a compound annual growth rate (CAGR) of 9.1%. This indicates a steady and substantial increase in the market size over the period under consideration. The CAGR of 9.1% signifies the annual growth rate of the market, suggesting a positive trend in demand for veterinary diagnostic products and services. Factors contributing to this growth could include advancements in diagnostic technologies, increasing pet ownership, rising awareness of animal health, and an expanding market for livestock health management. The projected growth underscores the significance of veterinary diagnostics in ensuring the health and well-being of animals and points towards opportunities for innovation and investment in the industry.
References
0. – https://www.www.americanpetproducts.org
1. – https://www.www.avma.org
2. – https://www.www.telegraph.co.uk
3. – https://www.www.grandviewresearch.com
4. – https://www.www.ibisworld.com
5. – https://www.www.akc.org
6. – https://www.www.preventivevet.com
7. – https://www.www.statista.com
8. – https://www.www.marketsandmarkets.com
