Core Insights - The pet medical industry in China is experiencing significant growth, with over 22,400 existing companies as of November 4, 2023, indicating a robust market presence [3] - Traditional Chinese veterinary medicine, particularly acupuncture, is gaining popularity in pet healthcare, with 2,000 pet hospitals incorporating related departments, predominantly in first- and second-tier cities [2] Industry Overview - As of November 4, 2023, there are 22,400 existing pet medical-related companies in China, with 38.35% located in the East China region [3] - The distribution of companies in other regions includes South China and Central China, each accounting for approximately 13.5%, while Southwest and North China regions have a share of 10%-15% [3] Company Formation Trends - Nearly 40% of pet medical-related companies have been established for 5-10 years, representing 38.69% of the total [4] - Companies founded within the last 3-5 years make up 19.83% of the industry [4] New Registrations - The annual registration of pet medical-related companies has shown an upward trend over the past decade, with more than 2,200 new registrations each year from 2022 to 2024 [5] - As of now, 1,935 new companies have been registered this year, with a year-on-year growth of 2.67% in the first ten months [5] - New registrations are predominantly found in new first-tier and third-tier cities, accounting for 23.97% and 22.78% respectively [5]