19 Veterinary Industry Statistics To Know
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Welcome to the paws and hooves world of veterinary care! As we stride into 2023, the heartbeat of the veterinary industry echoes with fascinating statistics that not only unveil the sheer size and dynamism of the field but also shed light on the diverse facets that keep our beloved furry and feathered companions thriving.
So, grab a cup of coffee, settle in with your favorite four-legged friend, and let’s explore the 19 Veterinary Industry Statistics that are set to make waves this year.
From the global veterinary services market’s billion-dollar dance to the intricate nuances of therapeutic breakthroughs and regional rhythms, these stats paint a vivid canvas of an industry that goes far beyond the stethoscope and into the heart of animal well-being.
Latest Veterinary Industry Statistics
Embark on a journey through the vibrant landscape of the veterinary industry as we unravel the latest statistics that paint a vivid picture of its dynamic growth.
From the soaring figures of the global veterinary services market to the anticipated surge in the pet insurance industry, these statistics encapsulate the heartbeat of an industry that goes beyond numbers, reflecting the evolving dynamics of animal care.
Global Veterinary Services Market
In the grand scheme of things, the global veterinary services market is poised to hit a staggering USD 113.5 billion by 2021. This number isn’t just a fancy figure—it screams growth, reflecting the booming nature of the industry.
Whether it’s the surge in pet ownership trends, advancements in veterinary medicine, or global pet-related legislations, this number paints a vivid picture of an industry on the rise.
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North America Takes the Lead
Picture this—North America is the heavyweight champion, contributing a solid 34% to the global veterinary services market.
This isn’t just about geographical dominance; it’s a compass guiding us through the potential and vitality of the region in steering the veterinary services industry worldwide.
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Pet Insurance Boom
Fasten your seatbelts for the pet insurance industry, which is set to skyrocket to $22.8 billion by 2027, growing at a brisk 16.3% from 2020 to 2027. This isn’t just about numbers; it’s a nod to responsible pet ownership, signaling a surge in demand for quality veterinary services and advanced pet healthcare.
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Diagnostic Dominance
The veterinary diagnostics industry stands tall at a whopping $3.35 billion in 2021, underlining the increasing demands on veterinary diagnostics and the significant economic presence of the industry. This figure isn’t just a number; it’s a testament to the pivotal role of technology in shaping the future of veterinary medicine.
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Genetic Revolution
In the vibrant tapestry of veterinary industry statistics, the global animal genetics industry is projected to hit $6.7 billion by 2026. This isn’t just a forecast; it’s a pulsating thread in the narrative of an industry evolving at a rapid pace, beckoning us to explore the transformative role of genetics in animal healthcare.
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CT Scanners on the Rise
The veterinary CT scanner market is set to reach a whopping $173.7 million globally by 2025. This isn’t just a projection; it’s a glimpse into the future of advanced veterinary diagnostic tools and the industry’s growth trajectory.
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Digital Wave in Veterinary Practice
Imagine the veterinary software market hitting $594.3 million by 2022, vividly representing a digitized future in veterinary practice. This isn’t just about software; it’s a story of the industry evolving beyond traditional boundaries, embracing technology to enhance every aspect of pet care.
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Pet Care Splurge in the US
In 2019, pet owners in the US splurged a whopping $29.1 billion on veterinary care and product sales. This isn’t just a figure; it’s a testament to the dedication of pet owners and a goldmine for stakeholders, veterinarians, and pet product manufacturers eyeing this lucrative market.
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Revenue Uptick for Veterinary Practices
Hold on to your hats—average veterinary practices in the US saw a 4.6% increase in revenue from 2017 to 2018. This isn’t just a percentage; it’s a sign of the industry’s steady growth and a positive trend for investors and veterinarians alike.
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Pet-Packed Homes in the US
In 2019, a whopping 65% of US households, totaling about 85 million families, had a pet. This isn’t just a statistic; it reflects the vast consumer base for veterinary services and the evolving demands of a society increasingly invested in pet care.
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Small Animal Dominance
Almost 90% of veterinarians in private practice exclusively treated small animals in 2018. This isn’t just a preference; it’s a valuable insight into the industry dynamics, guiding aspiring veterinarians and existing practitioners toward areas of growth and potential specialization.
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Pet Care Industry’s Worth
The pet care industry flexed its muscles at $225 billion in 2019, with projections soaring to a colossal $281 billion by 2023. This isn’t just about numbers; it’s a revelation of the industry’s economic significance and the ever-growing pet-related product and service market.
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Thriving Veterinary Workforce
The industry is alive and thriving with over 32,000 active and licensed veterinarians in the United States as of 2021. This isn’t just a count; it’s a clear signal of the increasing demand for veterinary services and the diverse roles emerging within the profession.
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Healthy Paychecks for Veterinarians
In 2020, the average salary for veterinarians in the United States reached a comfortable $105,240. This isn’t just a number; it’s a reflection of the industry’s economic pulse, highlighting the lucrative nature of the profession.
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Growing Demand for Veterinarians
Brace yourselves for a 16% growth in demand for veterinarians from 2019 to 2029, outpacing the average for all occupations. This isn’t just a percentage; it’s a promising forecast for the future of the veterinary profession, attracting aspiring veterinarians to a thriving landscape.
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Veterinary Industry Market Statistics
Dive into the core of the veterinary market with an exploration of its intricate statistics that delve into the diverse facets of animal healthcare.
From the holistic approach of veterinary healthcare to the regional rhythms shaping the industry’s global footprint, these market statistics offer a comprehensive snapshot of an ever-evolving field where science, compassion, and innovation converge for the well-being of our beloved animal companions.
Holistic View of Veterinary Healthcare
Venturing into the realm of veterinary industry market statistics, veterinary healthcare emerges as the linchpin. It encapsulates the triumvirate of control, diagnosis, and prevention – a crucial trifecta ensuring the optimal health of our beloved animals.
This expansive field intertwines various scientific disciplines, from toxicology and microbiology to pathology, radiology, and surgeries.
More than a mere health safeguard for our furry friends, veterinary healthcare serves as a bulwark against the transmission of zoonotic diseases, emphasizing its far-reaching impact on both animal and human well-being.
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The Building Blocks
When it comes to products, veterinary healthcare unveils a two-fold marvel: therapeutics and diagnostics. The therapeutics arena is a dynamic landscape, encompassing vaccines, parasiticides, anti-infectives, and medical-feed additives, among other marvels.
On the flip side, the diagnostics realm is equally fascinating, branching into immunodiagnostic tests, molecular diagnostics, diagnostic imaging, and clinical chemistry. It’s not just about medicines and tests; it’s a symphony of scientific advancements dedicated to ensuring the health and vitality of our animal companions.
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Diverse Landscape
Diving deeper into the veterinary market, diversity reigns supreme. The market unfolds its vast canvas, categorizing itself based on animal types. Dogs and cats, our furry confidants, take center stage, accompanied by horses, ruminants, swine, poultry, and a myriad of other animal cohorts.
It’s not just about pets; it’s a comprehensive approach catering to the diverse needs of the entire animal kingdom. This segmentation offers a nuanced understanding, acknowledging the unique healthcare requirements of each animal category.
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The World Stage
Zooming out to a global perspective, the EMR report casts its gaze on the regional markets of veterinary healthcare. North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa become the stage for this industry ballet.
Each region contributes its own cadence to the symphony of veterinary healthcare, influenced by diverse cultures, ecosystems, and healthcare landscapes. It’s not just about statistics; it’s a geopolitical exploration, shedding light on how veterinary healthcare adapts and thrives in different corners of the world.
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Conclusion
And there you have it – a whirlwind tour through the stats and stories that shape the veterinary industry in 2023. It’s not just about numbers; it’s about the profound impact of veterinary healthcare on the creatures that share our homes and our hearts.
As we navigate the landscapes of diagnostics, therapeutics, and diverse animal cohorts, one thing becomes clear – the veterinary industry isn’t just a profession; it’s a mosaic of passion, innovation, and unwavering dedication to the health and happiness of our animal companions.
So, whether you’re a seasoned industry professional, a curious pet parent, or someone just dipping their toes into the vast ocean of veterinary care, these statistics offer a glimpse into the intricate tapestry of an industry that continues to evolve, adapt, and thrive.
Here’s to a year filled with wagging tails, content purrs, and the tireless efforts of those who make it their mission to keep our animal friends at their healthiest best. Cheers to the unsung heroes of the veterinary world and the countless tails they keep wagging!
Frequently Asked Questions
1. What factors contribute to the significant growth of the global veterinary services market by 2023?
The surge in the global veterinary services market is propelled by escalating pet ownership trends, advancements in veterinary medicine, and the influential impact of pet-related legislation worldwide, collectively steering the industry towards an impressive worth of billions.
2. How does the veterinary healthcare industry address the diverse needs of different animal types?
Veterinary healthcare caters to a spectrum of animal types, including dogs, cats, horses, ruminants, swine, poultry, and more. This diverse approach ensures tailored and comprehensive care, acknowledging the unique healthcare requirements of each animal category.
3. What role does the pet insurance industry play in the veterinary landscape, and why is it projected to reach $22.8 billion by 2027?
The pet insurance industry is set to soar to $22.8 billion by 2027, reflecting an emerging trend of responsible pet ownership. This surge not only signifies a booming monetary value but also indicates a parallel increase in the number of pet owners investing in health protection initiatives for their furry companions
4. How are technological advancements shaping the future of veterinary diagnostics, especially considering the veterinary diagnostics industry’s valuation of $3.35 billion in 2021?
The veterinary diagnostics industry’s impressive valuation in 2021 mirrors the vital role of ongoing technological advancements in this field. This economic presence underscores the industry’s commitment to staying at the forefront of diagnostic tools, ensuring comprehensive and advanced healthcare for animals.
5. In the realm of veterinary software, why is the forecasted $594.3 million market by 2022 significant for the industry and pet owners alike?
The anticipated $594.3 million veterinary software market by 2022 signifies a digitized future in veterinary practice. This not only streamlines administrative tasks but also enhances various aspects of pet care, offering a glimpse into a tech-infused era that benefits both veterinary professionals and pet owners.