The cat's meow: Growth in pet insurance and household incomes has boosted revenue

Revenue for the Veterinary Services industry's has grown at a slow rate over the past five years. Declining pet ownership rates have negatively affected revenue, but this trend has been offset by higher-priced procedures, increased uptake of pet insurance and greater demand from urban households. 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 15-20
1.2%
Forecast Growth 20-25
Profit
Employment
5,400
Businesses
655
Market Share of Companies
There are no companies with a dominant market share in this industry

Industry Threats & Opportunities

  • Growing 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
  • Growth in the uptake of pet insurance will benefit the industry over the next five years
  • Industry Report - Industry Products Chapter

    Veterinary services can be segmented according to priority and urgency. These services include routine, planned and emergency procedures, which are projected to account for more than 80% of revenue. Industry products and services also include merchandise sales and other veterinary services.Routine veterinary servicesRoutine veterinary services include basic procedures such as annual check-ups, vaccinations, flea treatments and basic dentistry work. This segment is projected to have declined as a proportion of revenue over the past five years, due to declines in pet numbers in absolute terms and as a proportion of households, and reduced demand from horseracing entities. Limited pricing growth for these services has also contributed to this segment's decline...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
  • 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 (2011-2025)
  • Industry Gross Product (2011-2025)
  • Establishments (2011-2025)
  • Businesses (2011-2025)
  • Employment (2011-2025)
  • Wages (2011-2025)
  • Wages (2011-2025)
  • Purchases (2011-2025)
  • Profit (2011-2025)
  • Depreciation (2011-2025)
  • Rent (2011-2025)
  • Utilities (2011-2025)
  • Other (2011-2025)

  • 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?

    IBISWorld’s Veterinary Services in New Zealand 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 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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