Report: Veterinary sector up 9%
The veterinary market as a whole increased in 2021, according to market intelligence company, Packaged Facts, in a recent report. The 2021 value of sales in the sector was estimated at $35 billion, an uptick of 9%.
The industry’s boon is thought to be based on several factors, including the trend toward “pet humanization” as companion animals are seen as family members and equally receive medical and everyday care. Pet owners are also significantly more engaged in pet care and veterinary options. At the same time, marketing and development of new products is at a high level.
Part of the uptick in marketing and development is based on pet owners’ willingness to pay for specialty foods, products, and veterinary care. This trend is expected to grow with gen z, millennials, and younger generations who tend to seek veterinary care for their pets more often than their older counterparts, according to the report. Younger pet owners are often more interested in additional options for pet care, including telehealth visits with veterinary staff.
"Telemedicine and other digital technologies that connect veterinarians and clients will be as transformational in vet services as e-commerce has been in pet product retailing,” said David Sprinkle, research director at Packaged Facts. The concern could be what portions of the marketplace will telehealth draw customers from.
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