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 Analysis Chapter
The Veterinary Services industry has expanded steadily over the past five years, largely due to solid pricing growth, and high cat and dog pet ownership numbers per capita. According to Animal Health Alliance, 4.2 million pet dogs and 3.3 million pet cats were being kept in Australia in 2013 (latest available data), giving Australia one of the highest global pet ownership rates. Although ownership rates have likely declined over the past five years, increased private investment and growth in establishment numbers have improved access to veterinary services. This trend, along with new advanced veterinary services and higher vet numbers, has contributed to industry growth.
Over the five years through 2016-17, industry revenue is projected to increase at an annualised 3.1%... purchase to read more