Harris Williams：2022年第四季度兽医服务行业更新报告（英文版）（10页）.pdf

1、Q4 2022Veterinary Services-Sector UpdateThe veterinary services industry has seen an unprecedented and accelerating level of consolidation in the last several years.Significant M&A Activity in the Vet Sector2Acceleration of Scaled M&AWith Several Major Players Emerging 201520162017201820192020202142

2、 STATES2,500+CLINICS15,000+DVMs45 STATES1,000+CLINICS4,000+DVMs37 STATES450+CLINICS1,000+DVMs36 STATES455 CLINICS1,000+DVMs14 COUNTRIES2,300 CLINICS15,000+DVMs2022The macro and sector tailwinds are well understood and will continue to propel the veterinary services industry forward.Due to Sustained

3、Industry Tailwinds3“Humanization”of PetsIncreasing Pet ExpendituresGrowing Household AdoptionLengthening Pet LifespansPet parents view pets as essential family members;continued pet“humanization”creates inelastic demand for veterinary servicesAdvances in preventive care measures and specialty treatm

4、ents have lengthened pet life expectancy,resulting in more frequent and higher-cost care for an aging populationEmotional bond between owners and pets drives growing health-related expenditures;pet parents expect to spend 10%more(compared to today)over the next 5 yearsGrowing pet ownership rates wer

5、e accelerated due to COVID-19,largely driven by pet adoption among younger cohorts4.8%annual industry revenue growth from 2018 to 2022(2)30%of households adopted a pet during COVID(2)(1)OnePoll and MetLife survey(2)IBISWorld Veterinary Services in the US report,June 202250%of people report spending

6、more on their pets than themselves each year(1)200 million total pets owned in the United States(2)Even the largest,most sophisticated platforms have immense value creation opportunities left to explore.With a Long Runway for Continued Value Creation410%20%Growth LeverValue Creation OpportunityComme