Industry Analysis & Industry Trends
Over the past five years, 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 their pets' lives. Despite declines in dog and cat pet ownership 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... purchase to read more
Industry Report - Industry Investment Chapter
The Veterinary Services industry requires high labour volumes and extensive capital inputs. The balance between labour and capital costs gives the industry a moderate capital intensity level. Veterinary practices generally have high equipment requirements, mainly comprised of examination, imaging, diagnostic and surgical items, and rely on skilled professional treatments and analysis of animal symptoms. A significant proportion of service provision requires labour inputs by veterinarians and veterinarian nurses.
To calculate the capital intensity level, IBISWorld uses data from the industry's cost structure. Depreciation is used as a proxy for capital and wages are used as a proxy for labour... purchase to read more