Precious pets: The growing uptake of pet insurance has boosted industry revenue

Revenue for the Veterinary Services industry has grown moderately over the past five years. Although pet ownership rates have declined, higher priced procedures due to the increased uptake of pet insurance, and greater demand from urban households, have supported industry revenue growth. According to The New Zealand Companion Animal Council, there were over 4.6 million pets, or companion animals, in New Zealand in 2015. An estimated 64% of New Zealand households own a pet, second only to the Unites States at 65%. However, the ownership rate in New Zealand has decreased from approximately 68% in 2011, or 5.0 million companion animals, with falls in the average number of cats, dogs and fish per household...read more.

Industry Statistics & Market Size
Revenue
$1bn
Annual Growth 14-19
1.6%
Forecast Growth 19-24
Profit
Employment
5,400
Businesses
661
Market Share of Companies
There are no companies with a dominant market share in this industry

Industry Threats & Opportunities

  • The increasing uptake of pet insurance has supported revenue growth, despite declining pet numbers
  • The industry has benefited from greater uptake of pet insurance over the past five years
  • The continued uptake of pet insurance will benefit the industry over the next five years
  • Industry Report - Industry Key Buyers Chapter

    The market share concentration of the Veterinary Services industry is low. The four largest industry firms are projected to account for approximately 10% of industry revenue in 2018-19. Although there are no major players in the industry, there are several mid-size firms that have multiple practices across the country. Most industry firms are single veterinary practices that service a narrow geographic region or offer a relatively limited range of services.The industry's market share concentration has increased over the past five years. Several of the mid-size firms in the industry have increased their practice numbers through acquisitions, while some new mid-size companies have entered the industry. For...purchase to read more.

    Additional Insights for the Veterinary Services Industry

    IBISWorld has determined the most important Key Success Factors for the Veterinary Services are:

  • Ability to attract local support/patronage
  • Easy access for clients
  • Having a good reputation
  • IBISWorld analysts also discuss how external factors such as Real household discretionary income and Demand from agriculture in the Veterinary Services industry impact industry performance..

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    What's in this report

    What is the Veterinary Services in New Zealand Industry?

    Industry operators provide veterinary medicine or surgical services for domestic animals or livestock. The industry also includes animal hospitals, animal quarantine stations, and other veterinary and animal services.

    Industry Products
  • Routine veterinary services
  • Planned veterinary services
  • Emergency veterinary services
  • Other veterinary services
  • Veterinary merchandise and pet products
  • Industry Activities
  • Veterinary clinic operation
  • Animal clinic operation
  • Animal hospital operation
  • Animal pathology services
  • Animal quarantine station operation
  • Neutering and spaying services
  • Other veterinary services
  • 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 agriculture
  • Number of households
  • Demand from horse and dog racing
  • High income earners

  • Current Performance
  • Declines in pet numbers
  • Revenue and profit trends
  • Growth in pet insurance
  • Employment and enterprise trends
  • Chart: Revenue Growth

  • Industry Outlook
  • Mixed demand drivers
  • Revenue trends
  • Employment 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
  • Sheep Farming in New Zealand
  • Horse and Dog Racing in New Zealand
  • Beef Cattle Farming in New Zealand
  • Consumers in New Zealand

  • Key Selling Industries
  • Medical, Surgical and Scientific Equipment Manufacturing in New Zealand
  • Pharmaceutical and Toiletry Goods Wholesaling in New Zealand
  • Veterinary Pharmaceutical and Medicinal Product Manufacturing in New Zealand

  • 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
  • Other sectors
  • 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
  • Internal competition
  • External competition

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

  • Industry Globalization
    There are no major players in this industry. This report includes analysis of other companies.
    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 Husbandry
  • The science and management of breeding and caring for domestic and farm animals.
  • Microchipping
  • The subcutaneous insertion of a chip that contains information, registration and identity details.
  • Neutering
  • The desexing of animals to prevent breeding.
  • Oncology
  • Medical and veterinary procedures and treatments associated with tumours.
  • Pathology
  • The study and analysis of blood, urine and tissues to assist in the identification of diseases.
  • Radiology
  • The use of images and x-rays to assist with disease identification.
  • What Our Customers Say

    Why buy this report?

    The Veterinary Services in New Zealand market research report provides key industry analysis and industry statistics, measures market size, analyzes current and future industry trends and shows market share for the industry’s largest companies. IBISWorld publishes the largest collection of industry reports so you can see an industry’s supply chain, economic drivers and key buyers and markets.

    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 in New Zealand:
    • 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 in New Zealand 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 in New Zealand, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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