China's pet medical market has grown really quickly in recent years, and it's now the fastest growing segment in the pet market. Frost & Sullivan reckons it'll grow at a rate of 20.6% from 2023 to 2028, with China's pet healthcare market size hitting 197.4 billion yuan by 2028. The rise in pet households and a change in how people view healthy pet ownership are driving this growth.
In 2022, the market size of China's pet medical care will be 64 billion yuan. Of that, 35.8 billion yuan, or 55.94%, will be pet diagnosis and treatment; 18 billion yuan, or 28.13%, will be pet drugs; 5 billion yuan, or 7.81%, will be pet vaccines; and 5.2 billion yuan, or 8.12%, will be pet healthcare products.
China's pet market is still in its early days compared to Europe and the US, where around 60-70% of households have a pet. But in recent years, the number of urban pet owners in China has risen and reached 20% in 2022. Avery Consulting data shows that there were 122 million pet dogs and cats in China in 2023, and this is expected to reach 170 million by 2025. The large pet population has created a great opportunity for the pet medical industry to grow.
Pet owners are spending more on pet medical care, and they're more focused on their pets' health and quality of life. The idea of a healthy pet is becoming more common, which is also changing the pet medical industry. It's moving away from focusing on treating diseases and towards preventive healthcare.
Pet owners are looking for more personalised medical services, such as pet oncology and rehabilitation treatments.
We're seeing more and more AI, big data and other tech in pet healthcare. Things like AI-assisted diagnosis, remote pet healthcare and other tech are set to shake up the industry.
Pet medicines, health care products and vaccines are mostly foreign brands, and the domestic big players are mainly in pet diagnosis and treatment. Of course, in recent years, with the rise of domestic pet brands, the market share is also growing. The three main domestic players in the pet medical space are New Ruipeng, Ruipai Pet and Ruibi Pet, with respective market shares of 8.27%, 3.52% and 1.62% in 2022.
In the future, the competition in the pet medical market will be more intense. The top companies will focus on expanding their market share through larger scale, stronger branding and offering more variety. Smaller and medium-sized businesses will try to grab a bigger slice of the market by offering more specialised services and operating online and offline.
The pet medical market is growing fast and there are lots of ways to make sure your business is a success. The government is supporting this industry and it is expected to grow quickly. There are lots of ways to make sure your business is a success, including choosing a niche area, offering a different service, providing quality services, building up your professional knowledge and working with other businesses in a way that benefits everyone. Here are some tips:
Start by looking at the different areas of pet healthcare. This way, you can avoid competing directly with the big players and choose a market that's still growing and has less competition. For example, you could focus on pet home care, pet psychological counselling or pet nutritional counselling.
Offering something different is also important. If you provide a quality service that's unique, you'll attract customers, keep them coming back and be competitive. We can focus on a specific pet species, provide personalised diagnostic and treatment solutions, and so on.
We need to make the most of the latest tech, like AI, to give pets the best, most affordable healthcare. With ChatGPT and other AI tools on the rise, we can use them to make sure our pets get the right care, quickly and easily.
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