U.S. Veterinarians Market Growth & Trends Analysis By 2030
U.S. Veterinarians Industry Overview
The U.S. veterinarians market size is poised to reach USD 23.3 billion by 2030, expanding at a CAGR of 8.7% during the forecast period, as per a new report by Grand View Research, Inc. The rising cases of zoonotic and chronic diseases, increasing animal health expenditure, and growing pet health concerns are the key factors driving the market. An estimated total of around 132,138 professionals were actively involved in the veterinary profession in the U.S. Approximately 57% of the U.S. veterinarians were employed in private practices in 2020. This number is estimated to increase in the coming years, owing to a rise in demand for veterinary services.
Although the COVID-19 pandemic presented several challenges to the animal health industry, it highlighted the need to secure the health of pets as well as food animals. With containment measures such as lockdowns & movement restrictions, manufacturing companies and veterinary service providers were significantly affected. Animal disease surveillance and reporting activities, such as outbreak investigation & disease reporting, were also disrupted due to logistical issues. This included restrictions & constraints on access to farms & transport of samples and veterinary equipment & PPE kits during the pandemic.
However, companies manufacturing products or providing services that helped ease the pandemic burden, such as COVID-19 tests and veterinary telehealth services, were positively impacted. Veterinary visits too plunged due to the pandemic. However, the numbers soon recovered as veterinary services were recognized as an essential service. The U.S. government also announced several financial stimulus packages, flexible norms, and guidelines to ensure business continuity.
The Coronavirus Response and Relief Supplemental Appropriations Act & the Coronavirus Aid, Relief, and Economic Security (CARES) Act came into force to provide rapid & direct economic assistance to workers, families, & small businesses, and to preserve jobs in the U.S. Among other provisions, this included the Paycheck Protection Program to assist small businesses. C4, or the fourth COVID-19 relief bill, passed by the U.S. Congress in December 2020, included additional relief measures. Key provisions of C4 included a simplified loan waiver of up to USD 150,000, applicable to most veterinary practices.
With the growing number of pet parents in the U.S. and adoption of pet insurance, demand for animal health services is rising amongst people. In 2020, about 3.45 million pets had insurance coverage across North America, as per the North American Pet Health Insurance Association. Out of these, 3.1 million pets were insured in the U.S. alone. The highest percentage of insured pets were found to reside in California, New York, and Florida.
Dogs were the most frequently insured pets as compared to cats.Among the many available career paths, a notable number of U.S. veterinarians pursue teaching and/or research careers as faculty, thus contributing to the significant revenue share of the academics segment. New graduates are also inclined to enter internships and residencies at private veterinary practices or veterinary medicine colleges.
U.S. Veterinarians Market Segmentation
Grand View Research has segmented the U.S. Veterinarians market on the basis of sector:
Based on the Sector, the market is segmented into Public, Private, Academics, and Others.
- Private veterinarians typically work with technicians, technologists, assistants, and laboratory animal caretakers to diagnose, examine, & treat animals. They work in veterinarians’ offices & clinics, animal hospitals, and veterinary testing laboratories. Over 90% of patients at companion animal exclusive veterinary practices are pets. This contributed to the dominant share of the companion animal exclusive segment in the private sector in 2021.
- The hospital also registered a 58.7% increase in pet skin allergies, 25% increase in fear/anxiety, and 11.4% increase in visits related to vomiting. In addition, in 2020, there was a 20.4% increase in hospital visits for kittens and 14.3% for puppies. Veterinarians are also increasingly adopting telehealthto increase their practice revenue.
- The others segment comprising of veterinarians working with nonprofit organizations as care providers, researchers, or consultants is anticipated to grow at the fastest rate in the near future. Nonprofit organizations include humane organizations, professional societies, charitable organizations, missionaries, zoos or aquariums, and wildlife services.
- Rise in the number of charities and nonprofit organizations in the U.S. is estimated to fuel the segment growth. The U.S. has around 45,857 animal health organizations. These include around 724 organizations supporting an animal nonprofit, 25,079 animal shelters, 11,360 wildlife protection organizations, and 228 zoos.
Order a free sample PDF of the U.S. Veterinarians Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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