Industry Analysis & Industry Trends
Demand for veterinary services has been promoted by 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 the lives of their pets. Despite declines in dog and cat pet levels per capita in the past five years, the industry has expanded due to higher expenditure on companion animal vet care. Further increases in pet insurance levels and higher pricing over the next five years are expected to drive industry revenue growth through 2020-21.
Over the five years through 2015-16, industry revenue is projected to increase at an annualised 2.7%... purchase to read more
Industry Report - Industry SWOT Analysis Chapter
The Veterinary Services industry is in a mature 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 2.2% over the decade through 2020-21. With national GDP estimated to increase at an annualised 2.8% over the period, the industry is expected to grow at a slower rate than the economy. Industry growth has benefited from higher pet insurance levels, greater demand for imaging and diagnostic services, and pricing increases. However, industry 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... purchase to read more