The Rising Pet Ownership and Veterinary Costs

Written by Clari NG, Jan 2024

The Soaring Demand for Pets and Its Impact on Veterinary Costs

After the COVID pandemic, prices are not the only thing that has increased. The number of pet owners has also increased which shows a lot from the increasing price in pets as the demand went up and supply went down due to difficulties with imports. 

The increase in pets also reflects in the veterinary sector with its prices going up due to too many pets and not enough vets. However, with or without the increase in prices in veterinary services, it is already known to be expensive. So how much was the growth in pet industry and how much has pet healthcare grown?

Growth in Singapore's Pet Population and Healthcare Expenditure

From 2014 - 2019, Singapore’s pet statistics grew by 19%¹. In 2019, Singapore's dog population was around 111,500 compared to 109,000 in 2014. During the same period, Singapore's cat population was 85,100, up from 56,700 felines in 2014. Pet imports between 2016 - 2019 grew by 10% year on year. 

According to a presentation done recently by Dr Teo Boon Han from VetTrust Singapore, pet healthcare expenditure in Singapore has increased from 2013, $7.6B to $8.6B in 2018².

Our close friends paid close to $10K on veterinary costs this year alone.

- Zann. Loo

Immigrant Consultant, and Cat Owner

Animal ownership are on the rise in Singapore – partly due to more people working from home amid the COVID-19 pandemic – vets are also getting busier. 

More pet owners are treating their pets as part of the family, meaning that vets are becoming more stressful³. With more people treating their pets like their ‘child’, it is harder for pet owners to stop treatments when those treatment costs become overwhelming.

This is where pet insurance can come in handy.

The Need for Pet Insurance: High Medical Costs and Coverage Options

When asked about consideration points for pet owners to take up pet insurance, Nelson Tay, an IT Technician and dog owner, said, “Because of high medical costs. (I) always see other owners suddenly incurring thousands of dollars for vet when their pet suddenly fell sick or sustained injuries."

Whilst some pet insurance are only claimable for accidents, there are others that make treatments like chemotherapy for cancer partially claimable. These can be seen in the brochures of the plans when you’re deciding which to take up.

Currently, not as widespread, and as of now only three companies offer it as of Dec 2023. Carefully reviewing policies and tailoring your choice to your pet's needs ensures both peace of mind and the best care.

High medical costs is a pushing factor for me to consider taking up pet insurance

- Nelson. Tay

IT Technician, and Dog Owner

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This content is for informational purposes only and does not constitute legal and financial advice on any subject matter. It should not be relied upon as financial advice.

Sources:

¹ Business Times: Paws-perous business: The booming pets trade that's also feeding an illicit market

² Dr. Teo Boon Han, VetTrust Singapore

³ CNA: The life of vets: Busier than ever as pet ownership rises, but they can’t ‘walk on water’

⁴ CNA: ‘Not like a toy’: Pet abandonment cases soar as costs rise, owners return to offices