Winning the rat race: Pricing growth and volume increases have supported revenue growth

Higher pet insurance uptake, growing awareness of animal health issues, and the increasing availability of advanced surgical and diagnostic procedures for animals have driven demand for the Veterinary Services industry over the past five years. Due to higher incomes and insurance levels, people have become increasingly willing to spend more on vet procedures to prolong their pets' lives. Dog and cat pet ownership per capita has remained steady over the past five years, while fish and bird pet ownership per capita has declined. Despite this, the industry has expanded due to higher average expenditure on companion animal vet care. Further increases in pet insurance and higher pricing are projected to drive industry revenue growth over the next five more.

Industry Statistics & Market Size
Annual Growth 13-18
Forecast Growth 18-23
Market Share of Companies

Industry Threats & Opportunities

  • Veterinarians have offered a wider range of services, leading to increased revenue per visit
  • Growth in the number of households with pet insurance has benefited the industry
  • Advances in medical and surgical procedures will increase the range of industry services available
  • Industry Report - Industry Key Buyers Chapter

    The industry displays low level of market share concentration. Industry establishments tend to be small, independent operations. According to the ABS, veterinary businesses with 19 and fewer employees accounted for 94.2% of industry enterprises in 2015-16. IBISWorld expects that this percentage has remained constant over the subsequent two years through 2017-18.The industry’s four largest companies are estimated to account for 13.6% of industry revenue in 2017-18, up from around 8% in 2012-13. This is primarily due to rapid growth in the industry’s largest operator, Greencross Limited. Greencross Limited, which listed on the ASX in mid-2007, owned 164 veterinary and related practices as at June 2017, up from 40 in 2007. Wit...purchase to read more.

    Additional Insights for the Veterinary Services Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Veterinary Services Industry are

  • Provision of appropriate facilities
  • Production of goods currently favoured by the market
  • Effective cost controls
  • IBISWorld analysts also discuss how external factors such as Real household discretionary income and Demand from general insurance in the Veterinary Services industry impact industry performance..

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    What's in this report

    What is the Veterinary Services Industry?

    The industry includes veterinary practitioners and animal hospitals. Veterinarians are skilled in medicine and surgery relating to animals. Private veterinary practices can be divided into rural practices (treating companion animals and farm animals) and town practices (mainly treating companion animals).

    Industry Products
  • Routine veterinary services
  • Planned veterinary services
  • Emergency veterinary services
  • Veterinary merchandise and pet products
  • Other veterinary services
  • Industry Activities
  • Animal clinic operation
  • Animal hospital operation
  • Animal pathology services
  • Animal quarantine station operation
  • Spaying services
  • Veterinary clinic operation
  • Veterinary surgery
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • Real household discretionary income
  • Demand from general insurance
  • Number of households
  • Demand from agriculture
  • High income earners

  • Current Performance
  • Revenue growth
  • New developments
  • Pet numbers changing
  • Employment and enterprises
  • Chart: Revenue Growth

  • Industry Outlook
  • Revenue growth
  • New developments
  • Industry trends
  • Table: Veterinary Services Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Veterinary Services Industry Lifecycle vs The Economy

  • Supply Chains
    Key Buying Industries
  • Investigation and Security Services
  • Zoological and Botanical Gardens
  • Horse and Dog Racing
  • Agribusiness
  • Organic Farming
  • Police and Firefighting Services

  • Key Selling Industries
  • Medical and Surgical Equipment Manufacturing
  • Pharmaceutical Product Manufacturing

  • Products & Services
  • Routine veterinary services
  • Planned veterinary services
  • Emergency veterinary services
  • Veterinary merchandise and pet products
  • Other veterinary services
  • Chart: Veterinary Services Industry Products and Services Segmentation

  • Demand Determinants
    Major Markets
  • Urban households
  • Rural households
  • Agricultural industries
  • Other markets
  • Chart: Major Market Segmentation for the Veterinary Services Industry

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Chart: Cost Structure Benchmarking – Sector vs Veterinary Services

  • Basis of Competition
    Barriers to Entry
  • Table: Barrier to Entry Checklist for the Veterinary Services Industry

  • Industry Globalization
    Greencross Limited,
  • Table: Greencross Limited - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Veterinary Services Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Table: Industry Data for the Veterinary Services Industry
  • Industry Revenue (2009-2023)
  • Industry Gross Product (2009-2023)
  • Establishments (2009-2023)
  • Businesses (2009-2023)
  • Employment (2009-2023)
  • Wages (2009-2023)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Animal Acupuncture
  • An animal service that uses needles, pressure, heat, diet, Chinese herbs and other techniques to diagnose, prevent and treat disease.
  • Endoscopy
  • A non-surgical medical procedure used to view the internals of an animal through the insertion of an endoscope in the mouth or anus.
  • Microchipping
  • A process which involves the insertion under the skin and usually into the neck of an animal that contains information, registration and identity details.
  • Nutraceuticals
  • Food products that contain health and medical benefits.
  • Oncology
  • Medical procedures and treatments associated with tumours.
  • Radiology
  • The use of images and X-rays to assist with disease identification.
  • What Our Customers Say

    Why buy this report?

    IBISWorld’s Veterinary Services market research report is a comprehensive guide to market size and growth prospects. Our industry reports offer strategic industry analysis of the factors influencing companies, including new product developments, economic, lifestyle and demographic influences, distribution and supply chain factors and pricing issues. Full analysis accompanies our data forecasts to illustrate how the market responds to emerging industry trends.

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Veterinary Services:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Veterinary Services market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Veterinary Services, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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