Creature comforts: New services and higher prices have driven industry 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. Pet owners have become increasingly willing to spend more on vet procedures to prolong their pets' lives over the period, primarily due to higher incomes and insurance uptake. 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 these trends, and weaker demand from the horse and greyhound racing entities, the industry has expanded over the past five years due to higher average expenditure on companion animal vet care...read more.

Industry Statistics & Market Size
Revenue
$4bn
Annual Growth 14-19
3.0%
Forecast Growth 19-24
Profit
Employment
25,590
Businesses
3,222
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 Locations Chapter

    Population distribution mainly influences the location of veterinary practices, as this affects demand for vet services catering to companion animals. Cities account for a high proportion of industry revenue and enterprises because urban populations require a high volume of vet services. Additional factors that affect the industry's geographic distribution include the location of livestock farming activity, which affects the demand for services catering to farm animals; the location of horse and dog racing businesses; and the location of veterinary schools.New South Wales, Victoria and Queensland are estimated to account for 78.4% of industry revenue and 77.6% of enterprises in 2018-19, largely due to their high populations and number of businesses. 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 Number of households 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 urban 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
  • Number of households
  • Demand from agriculture
  • Demand from horse and dog racing
  • Demand from general insurance
  • High income earners

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

  • Industry Outlook
  • More advanced procedures
  • Industry drivers
  • Industry structure
  • 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
  • Police and Firefighting Services
  • Consumers

  • Key Selling Industries
  • Medical and Scientific Equipment Wholesaling
  • Medical and Surgical Equipment Manufacturing
  • Veterinary Pharmaceutical 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
  • Agricultural industries
  • Rural households
  • Horse and greyhound racing entities
  • 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
    Includes:
  • Industry Revenue (2010-2024)
  • Industry Gross Product (2010-2024)
  • Establishments (2010-2024)
  • Businesses (2010-2024)
  • Employment (2010-2024)
  • Wages (2010-2024)

  • 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 of a microchip under the skin (usually into the neck) of an animal that contains information, registration and identity details.
  • Nutraceuticals
  • A term used to describe 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 offers insightful industry analysis and research into the market at the national level. IBISWorld’s in-depth industry market research is presented in a logical and consistent format. The industry report contains key industry statistics, market size, industry trends, and growth and profit forecasts for a 5-year outlook period.

    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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