The veterinary industry is one of the most complex and competitive globally. It has a growing number of customers and an ever-changing animal health and welfare landscape. Therefore, keeping up with the latest trends and developments is essential as the industry enters a new era. This blog will give you an overview of some of the most pressing veterinary industry trends you should be aware of in 2024.
1. Pandemic Pet Adoption and Acquisition
There are many reasons for pet owners to consider adopting a shelter pet. Not only does it reduce the number of unwanted animals in shelters, but it also can help reduce the number of pets that need euthanasia. In addition, since the onset of the Covid-19 pandemic, pet ownership has grown among homebound consumers looking for companionship and working to alleviate boredom and stress. According to Packaged Facts approximations, it was estimated that in 2020, the number of pet dogs would increase to 96 million, up by 10 million compared to 2019, while the number of pet cats went up to 32 million, higher by 2 million compared to 2019. This has created a strong demand for pet adoption and pet rescue.
2. Pet-Friendly Housing
Pet-friendly housing is an important trend in the veterinary industry. According to the American Veterinary Medical Association, it is estimated that there are over 21 million households with pets in the US alone. If these households included companion animals, they would be around 23 million. There are also over 126 million households with pets worldwide. This creates a vast pet-friendly housing market as more people seek to live with their pets at home. According to the American Pet Products Association, there was an increase of almost 8% in sales of pet-related products for the year 2019, which includes pet food, accessories, toys, etc., which may be attributed to this trend of people choosing pet-friendly housing options for their homes and offices. The market for pet-friendly housing is expected to grow at a CAGR of 7% from 2017 to 2024.
3. A Boom in the Market for “Other” Pets
Other pets, such as reptiles, birds, and exotic pets, are being considered for adoption. There is also a growing market for exotic pets, including snakes, birds, and arachnids. Because of their low-maintenance needs compared to other pets, these animals are becoming more popular with high-end consumers. According to the research findings by Packaged Facts, about 12.2% of US households rear one or more types of pet apart from cats and dogs, an increase from 10.8% over the past five years. This implies that there is a large market for other pets.
4. The Adoption of Pets
According to the National Pet Alliance, more than 10 million pets are in shelters across the US. Their owners do not adopt approximately 1 in every four dogs and cats. This is because of factors such as the high adoption fees and lack of awareness about this trend. Several awareness campaigns have been conducted to help people adopt their pets, as they were more effective than traditional advertising methods such as television commercials or newspaper ads. These awareness campaigns include pet adoption drives, events, and social media marketing campaigns. According to Packaged Facts estimates, it was estimated there were over 21 million households with pets in the US alone in 2019, and this number is expected to increase by 2020, reaching 23 million homes with pets which would mean an increase of about 2 million households with increased numbers of pet adoptions compared to 2019.
5. Investing in Pet Tech
Several companies have started to provide solutions for pet needs. These companies include Petcube, which has a camera attached to a pet collar and provides the pet owner with live-streaming video of what is happening in the home. This includes pets doing their everyday activities. Another company called Pawbo uses an intelligent feeder that allows all food items to be delivered directly into the bowl without worrying about them being found by pets or humans. The company also claims that it can reduce food waste by up to 50% by eliminating the need for bowls and other messes.
6. Pet Parents are Going Green
Many different companies provide pet owners with the necessary products for their pets. One of these companies is PetPals, which offers pet owners the option to plant a seed in a pot or buy a seedling to grow into a plant. The company has also allowed pet parents to provide their pets with organic treats and other products. The company has stated that they can give pet parents these options monthly to choose what they want to purchase each month. This will be done by having the parents feed their pets with an RFID chip.
7. A Rebound for Pet Services
The pet services industry has been through a rough time, but it is expected to see some improvements in the coming years. According to a survey by the American Pet Products Association in 2018, over 60% of pet owners felt a need for a company to provide them with the necessary services for their pets, such as pet financing for emergency procedures. The industry is expecting this number to increase in 2019 and 2020. One of the main reasons this number is expected to grow is that many people buy second-hand pets from other people and then find out there are no services available.
The trends in veterinary technology are fascinating, and many new products and services are expected to emerge in the coming years. It is also likely that these products will be made available to all pet owners.