Pets also acupuncture, facial recognition Market size may exceed $240 billion! Netizens: Stop cloud sucking cats!

CCTV Financial News November 26, 2020 As more and more pets come into the home, many industries are heating up, such as veterinary hospitals, which are becoming more and more numerous, and which have changed a lot from previous years.

Pet care “just in time “.

Over 15,000 veterinary hospitals on the ground.

On Sunday, the busiest day of the week came at an animal hospital located outside the North 4th Ring Road in Beijing, where a chinchilla’s teeth were pulled and a corgi’s acupuncture was administered. There are chinchillas having their teeth pulled and corgis getting acupuncture. Every Sunday, the animal hospital’s Traditional Chinese Veterinary Clinic receives fifteen or sixteen “customers”.

According to the China Pet Medical Industry Development Research Report, the scale of China’s pet industry reached 122 billion yuan in 2016, with a compound growth rate of 43.45% over the past six years, and the market size is expected to exceed 240 billion yuan by 2020. The pet medical industry is the second largest core industry after pet food, and is also known as “special rigid demand” by pet owners. The pet medical industry is the second largest core industry after pet food, and is also known as a “special need” by pet owners.

As the number of pets continues to increase, the level of pet medical treatment in China is also rising, not only dental, cardiopulmonary, dermatology, oncology, ophthalmology and other specialized clinics, but also ultrasound, CT scan and even nuclear magnetic resonance imaging, which are high-end medical equipment that can only be found in top-tier hospitals.

The hot market has led to more and more new technologies. Algorithm engineer Dongxing Xu and his colleagues have developed an animal facial recognition system that can identify similar-looking kittens and puppies, which has already been put into commercial use. However, unlike the facial recognition technology used by humans, animals are recognized by the texture on their noses, which can be recognized with a cell phone.

According to statistics from the 2019 China Pet Industry White Paper, the total number of urban pet cats and dogs in China exceeded 99.15 million in 2019. The growing number of pets goes hand in hand with the opening of pet hospitals.

In the past decade, she has opened nine pet hospitals in Beijing, and since 2015, she has been opening two new ones every year.

Located in a community-based animal hospital, Fu Ying’s average investment cost for each hospital is around 2 million yuan. Although they are not equipped with the same high-end testing equipment such as CT and MRI as large hospitals, they do have a full range of equipment such as blood testers, ultrasound and X-ray machines.

According to the China Pet Medical Industry Development Research Report, as of April 2019, there are more than 15,000 pet hospitals in China, of which non-chain hospitals account for nearly 90%, and the pet medical market is beginning to be favored by capital.

In May 2018, Ruipai Pet Hospital announced that the U.S. Goldman Sachs and other investment institutions 350 million yuan of strategic investment, in August of the same year, Ruipeng pet medical and investors joint news exploded the industry, from then on, the new Ruipeng and Ruipai has become the pet medical industry recognized as the first echelon.

Veterinarians have become the meat and potatoes.

It’s frustrating not to be able to “mass produce “.

At the end of 1992, several private veterinary hospitals emerged in Beijing, mostly run by teachers from agricultural colleges, and that year was also known as the first year of China’s veterinary hospitals.

Liu Lang, secretary-general of the Beijing Small Animal Diagnosis and Treatment Industry Association, has been running a pet hospital for nearly two decades, and the biggest problem is the severe shortage of pet drugs.

Currently, he told us, imported pet drugs account for nearly 70% of the domestic pet drug market. The R&D capacity of domestic companies is weak, with only 31 new pet drugs registered between 2014 and 2018, and Class I new drugs accounting for less than 10% of the total.

As we all know, China has made great strides in the pharmaceutical field, so why are domestic pharmaceutical companies reluctant to produce and manufacture drugs for pets? This reporter interviewed Shen Jianzhong, Dean of the School of Veterinary Medicine at China Agricultural University and Academician of the Chinese Academy of Engineering.

As the world’s most developed pet market, the U.S. has a large number of pets, a long history of pet ownership, and a more mature development of the pet drug industry. Generally speaking, since human drugs have undergone rigorous animal testing, some human drugs may also be applied to animals after rapid approval of special pet drugs.

In the past, a veterinary drug needs to go through multiple approval processes, such as safety evaluation and clinical trials, and even if there is a human drug already on the market, the approval process needs to be repeated, which takes a long time. Right now, the lack of pet drugs has drawn the attention of the relevant authorities in China. In September of this year, the Ministry of Agriculture and Rural Affairs issued the Registration Data Requirements for Chemicals for Human Use to Chemicals for Pets, which aims to shorten the time to market and simplify the approval process.

In addition to a lack of pharmaceuticals, a shortage of quality doctors is also constraining the development of China’s pet medical industry. Currently, only 38.4% of veterinary hospital employees have a bachelor’s degree or higher, and the majority of employees are less than specialists. In recent years, there have been a few cases of misdiagnosis of pets due to lack of professional knowledge.

The Animal Hospital of China Agricultural University receives two to three hundred cases per day, and is also a teaching and clinical animal hospital that many pet owners come to.

Of the 190 medical and nursing staff at the hospital, more than 60% have master’s or doctoral degrees. And as the veterinary profession is becoming more and more recognized, the number of candidates applying to the College of Veterinary Medicine of NAU is also increasing year by year. According to the college’s website, in 2019, the entrance examination score for Beijing is 642.8, which is the highest score in the university.

Gebin Li, a graduate of Beijing Agricultural College, went to Japan to pursue her PhD at the University of Veterinary Medicine and Life Sciences, and is now in charge of the Oncology Department at the Agricultural University Animal Hospital. In her opinion, the industry is in urgent need of talent, but it is difficult to mass-produce professional doctors with high standards, and often students are already scrambled before they graduate.

** [half-hour observation] pet medical: development to fill the short board ** [half-hour observation] pet medical: development to fill the short board

The rapid development of the pet medical industry is actually a reflection of the changing needs of society as people become better off. As more and more pets have become irreplaceable life partners, the sense of capital has been sniffed out.

However, in the midst of the prosperity, we also see that this industry also has some shortcomings, such as the lack of pet drugs, shortage of professionals, etc. On the one hand, these problems await the market’s self-improvement, on the other hand, the relevant departments are constantly amending policies and regulations to help the pet medical market healthy development, we look forward to accompanying your little one to live a healthy life and bring you more joy.