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 numbers in the next five years are expected to drive industry revenue growth.
Over the five years through 2014-15, industry revenue is expected to increase at an annualised 1.9% as some pricing growth offset flat volumes. This includes an estimated 2.1% revenue growth in 2014-15 to reach $2.7... purchase to read more
Industry Report - Industry Analysis Chapter
The Veterinary Services industry is expected to generate revenue of $2.7 billion in 2014-15, up 2.1% from the previous year. Over the five years through 2014-15, industry revenue is expected to increase at an annualised 1.9%. Increased private investment and growth in establishment numbers have improved access to veterinary services, which, along with new advanced veterinary services and higher vet numbers, has contributed to industry revenue growth. However, a decline in the animal population, and flat aggregate cat and dog pet numbers, has limited industry revenue growth in the past five years. Higher industry wages and increased industry competition have contributed to lower industry profit at an estimated 9.9% of industry revenue in 2014-15, down from 12.1% in 2009-10... purchase to read more