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. Due to higher incomes, people have been increasingly willing to spend more on vet procedures to prolong the lives of their pets. Despite flat growth in dog and cat pet populations in the past five years, the industry has expanded due to higher expenditure on companion animal vet care. Increased pet ownership numbers in the next five years are expected to drive industry revenue growth.
Over the five years through 2014-15, industry revenue is expected to increase at an annualised 1.9% as some pricing growth offset flat volumes. This includes an estimated 2.1% revenue growth in 2014-15 to reach $2.7... purchase to read more
Industry Report - Starting a New Business Chapter
Costs involved in establishing a private veterinary practice depend on the type and location of the practice, making these significant entry barriers. Several states allow non-veterinarians to own an interest in a veterinary practice, which reduces barriers to entry, although in some places veterinarians must have a controlling interest in the practice. High equipment costs can create barriers to entering the industry, as veterinarian practices require basic medical and veterinarian equipment as a minimum to operate in the industry.
A rural practice dealing with large animals is much more expensive to establish and operate than a practice catering for small animals... purchase to read more