宠物行业专题六：宠物医院乘东风而起，看好连锁化发展趋势

Investment Rating - The report rates the pet medical industry as "Buy" for key companies such as New Ruipeng and Ruipet [3][4]. Core Insights - The pet medical market in China reached a scale of 796.0 billion CNY in 2023, with a year-on-year growth of 1.1%. The market segments include pet diagnosis (360 billion CNY), pet pharmaceuticals (274 billion CNY), pet health checks (89 billion CNY), and pet vaccines (73 billion CNY) [3][57]. - The number of pet hospitals in China has increased to 34,159 as of October 2024, reflecting a year-on-year growth of 13.7%, indicating a positive expansion trend in the industry [3][76]. - The pet hospital sector has higher industry barriers compared to pet food and supplies, due to strict entry requirements and the need for professional veterinary staff [3][76]. Summary by Sections 1. Continuous Expansion of the Pet Medical Market - The pet medical market is growing, with a compound annual growth rate (CAGR) of 19.8% from 2018 to 2023. The market is primarily driven by pet diagnosis and pharmaceuticals, which together account for approximately 80% of the total market [3][57]. - The main types of medical services for pets include diagnosis and immunization, with common diseases being digestive system issues and skin diseases [3][67]. 2. Competitive Landscape of Pet Hospitals - The competitive landscape is fragmented, with a significant opportunity for growth in second-tier cities where medical resources are relatively scarce. The pet ownership penetration rate in China is low at 22%, compared to 70% in the U.S. and 46% in Europe [3][94]. - The distribution of pet hospitals is concentrated in first-tier cities, while second-tier cities show substantial growth potential. As of October 2024, first-tier cities have 3,872 pet hospitals, while second-tier cities have 7,620 [3][103]. 3. Large Pet Chain Hospitals Accelerating Market Integration - Large chain hospitals like New Ruipeng and Ruipet are expected to accelerate market integration, leveraging brand effects and economies of scale to enhance customer loyalty and market share [3][3]. - New Ruipeng is expanding rapidly through a comprehensive industry chain layout, while Ruipet benefits from deep collaboration with its parent company, enhancing profitability [3][3]. 4. Investment Recommendations - The report suggests that the pet medical industry will continue to grow due to the increasing number of pets and the rising awareness of pet health among owners. The fragmented market structure presents significant opportunities for chain hospitals to expand [3][3].