Industry Analysis & Industry Trends
Several factors have promoted demand for the Veterinary Services industry over the past five years. These include higher pet insurance uptake, growing awareness of animal health issues, and the increasing availability of advanced surgical and diagnostic procedures for animals. Due to higher incomes and insurance levels, people have been increasingly willing to spend more on vet procedures to prolong their pets' lives. Despite declines in dog and cat pet ownership per capita over the past five years, the industry has expanded due to higher expenditure on companion animal vet care. Further increases in pet insurance and higher pricing over the next five years are expected to drive industry revenue growth through 2021-22... purchase to read more
Industry Report - Industry Key Buyers Chapter
The industry displays low level of market share concentration. Industry establishments tend to be small, independent operations. According to the ABS, veterinary businesses with 19 and fewer employees accounted for 94.4% of industry enterprises in 2014-15. IBISWorld expects that this percentage has remained constant over the subsequent two years through 2016-17.
The industry's four largest companies are estimated to account for less than 14% of industry revenue in 2016-17, up from around 7% in 2011-12. This is primarily due to rapid growth in the industry's largest operator, Greencross Limited. Greencross Limited, which listed on the ASX in mid-2007, owned 147 veterinary and related practices as at June 2016, up from 40 in 2007... purchase to read more