Smooth operating: An increase in pet insurance has boosted revenue, despite lower pet numbers

The Veterinary Services industry has grown steadily 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 the agricultural sector have supported industry 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 64.0% of New Zealand households own a pet, second only to the Unites States (65.0%). However, the ownership rate in New Zealand has decreased from 68.0% in 2011, or 5.0 million companion animals, with falls in the average number of cats, dogs and fish per household.Despite the drop in pet ownership, industry revenue is projected to increase at an annualised more.

Industry Statistics & Market Size
Annual Growth 13-18
Forecast Growth 18-23
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 Investment Chapter

    The Veterinary Services industry is moderately capital intensive. IBISWorld expects that for every dollar spent on labour in 2017-18, $0.29 is invested in capital equipment, computer systems and vehicles. The industry's level of capital intensity has increased over the past five years as wages have declined as a proportion of revenue, while capital requirements have increased. This trend is likely to continue over the next five years.Veterinary practices generally have high equipment requirements. Equipment includes examination, imaging, diagnostic and surgical items. The purchase of this equipment increases capital costs. As well as these capital requirements, the industry relies on skilled professionals to examine and treat animals. The...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

  • Ability to attract local support/patronage
  • Easy access for clients
  • Having a good reputation
  • IBISWorld analysts also discuss how external factors such as Demand from agriculture and Real household discretionary income 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
  • Demand from agriculture
  • Real household discretionary income
  • Number of households
  • High income earners

  • Current Performance
  • Declines in pet numbers
  • Revenue and profit growth
  • Growth in pet insurance
  • Employment and enterprises
  • Chart: Revenue Growth

  • Industry Outlook
  • Positive growth drivers
  • Further industry growth
  • Greater industry employment
  • 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
  • Other veterinary services
  • Veterinary merchandise and pet products
  • Chart: Veterinary Services Industry Products and Services Segmentation

  • Demand Determinants
    Major Markets
  • Urban households
  • Agricultural industries
  • Rural households
  • 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
  • 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
  • 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 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 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 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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