Industry Analysis & Industry Trends
Demand for veterinary services has been promoted by growing awareness of animal health issues and the increasing availability of advanced surgical and diagnostic procedures for animals. Due to higher incomes, people have been increasingly willing to spend more on vet procedures to prolong the lives of their pets. Despite flat growth in dog and cat pet populations in the past five years, the industry has expanded due to higher expenditure on companion animal vet care. Increased pet ownership over the next five years is expected to drive industry revenue growth.
Over the five years through 2014-15, industry revenue is estimated to increase at an annualised 1.3% as some pricing growth offsets flat volumes. This includes forecast growth of 1.8% over 2014-15, to reach $2.6 billion... purchase to read more
Industry Report - Industry SWOT Analysis Chapter
The Veterinary Services industry is in a growth phase of its life cycle. Industry value added, which is the industry's contribution to Australia's GDP, is estimated to increase at an annualised 2.8% over the decade through 2019-20. With national GDP estimated to increase at an annualised 2.7% over the period, the industry is expected to grow at a faster rate than the economy. However, growth has been limited due to a decline in pet ownership per capita in the past five years, partly due to a trend toward medium- to high-density living. More households are also reluctant to take on the financial commitment of dog or cat ownership. This has resulted in flat aggregate cat and dog numbers in the five years through 2014-15... purchase to read more