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 - Starting a New Business Chapter
The cost involved in establishing a private veterinary practice depends on the type and location of the practice, making these significant entry barriers. However, competition policy reforms have reduced barriers to entry as they have enabled non-veterinarians to own an interest in a veterinary practice, although veterinarians must have a controlling interest in the practice in some states.
High equipment costs can also create entry barriers. Basic veterinary instruments and equipment cost about $120,000 to buy new (according to Balgownie Veterinary Hospital). Specialised equipment (and their costs) includes digital x-ray units (about $60,000), endoscopy machines (over $20,000) and ultrasound machines (more than $15,000)... purchase to read more