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. People are increasingly willing to spend more on vet procedures to prolong the lives of their pets. Despite declines in dog and cat populations in the past five years, the industry has expanded due to higher expenditure on companion animal vet care. Increased pet ownership numbers in future years is expected to drive industry growth.
Over the five years through 2013-14, industry revenue is expected to increase at an annualised rate of 2.0% as some pricing growth offset declining volumes. This includes revenue growth in 2013-14 of an estimated 2.0%, 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. This is due to industry value added, which is the industry's contribution to Australia's GDP, estimated to increase at an annualised 2.8% over the decade through 2018-19. With national GDP estimated to increase at an annualised 2.5% over the same period, the industry is expected to grow at a faster rate. However, growth has been limited due to a decline in pet ownership in the past five years, partly due to a trend toward medium- to high-density housing. More households are also reluctant to take on the financial commitments of dog or cat ownership.
There has been growth in the range of services provided to the household sector... purchase to read more