Global Animal Hospitals And Veterinary Clinics Market Report: COVID Impact On Demand And Supply Analysis, 2020

According to The Business Research Company’s research report, the global animal hospitals and veterinary clinics market reached a value of nearly $91.3 billion in 2019, having increased at a rate of 4.1% since 2015. The market is expected to decline from $91.3 billion in 2019 to $70.7 billion in 2020 at a rate of -22.6%. The decline is mainly due to lockdown and social distancing norms imposed by various countries and economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a rate of 5.1% from 2021 ad reach $111.2 billion in 2023.

London, July 29, 2020 (GLOBE NEWSWIRE) -- Growth in the historic period resulted from emerging market growth, increased pet ownership by Gen X and Gen Y adults, increased pet spending, increased disease prevalence, and stringent livestock regulations. Factors that negatively affected growth in the historic period were shortages of veterinarians and lack of awareness. Going forward, increasing penetration of pet insurance and social media for awareness will drive the growth of the market.

The Business Research Company’s report titled Animal Hospitals And Veterinary Clinics Global Market Report 2020-30: COVID-19 Impact And Recovery covers the global animal hospitals and veterinary clinics market and its segments. The market is segmented by type of service into consultation, surgery, medicine, and others (including pet food) and by type of animal into farm animals and companion animals.

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Due to the highly infectious COVID-19, governments across the world have implemented lockdowns to curb the spread of the virus and have advised people to practice social distancing. Many countries have placed restrictions on inter-country and intra-country movement, which has halted the economic activity and is expected to slow down the global economy in the future. This economic meltdown might discourage pet owners from spending money on non-emergency services such as routine veterinarian visits.

As a solution, the use of telemedicine platforms is gaining traction in the animal hospitals and veterinary clinics market during the pandemic. Telemedicine refers to a practice of evaluating, diagnosing, and treating patients when the provider and patient are not physically present with each other. This allows veterinarians to continue giving service including specialist consultations to animals and owners during the COVID-19 crisis, as the industry is challenged to find new ways to connect with its stakeholders. This also allows veterinarians to offer practice services to their clients while adhering to social distancing norms and industry practice recommendations.

Animal Hospitals And Veterinary Clinics Global Market Report 2020-30: COVID-19 Impact And Recovery is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2400 market segments and 56 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

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Veterinary Pharmaceuticals Market By Animal Type (Livestock, Companion Animal), By Type Of Pharmaceutical (Veterinary Parasiticides, Veterinary Vaccines, Veterinary Antibiotics, Others), By Administration Route (Oral, Others), By End Use And Market Competitors - Global Forecast To 2030

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