New technology and higher fees support growth in demand and revenue
London, United Kingdom (PRWEB) November 23, 2012
The Veterinary Services industry provides medical advice and treatment for companion animals, such as cats, dogs, rodents, reptiles and birds, and veterinary care for production animals in farms, breeding institutions and zoos. According to IBISWorld industry analyst Michael Grosz, “as more than half of the industry's revenue stems from the provision of services to pets in private households, the rate of pet ownership in the United Kingdom has a significant impact on the performance of the industry”.
In 2012, 48% of all UK households had at least one pet. Grosz adds, “the demand for veterinary services for the companion animal segment has increased due to growing awareness of animal health issues and the availability of advanced surgical and diagnostic procedures for animals”. However, the slowdown in the UK economy and reduced levels of household disposable income have negatively influenced industry growth. In 2012-13, the Veterinary Services industry is expected to generate revenue of £2.56 billion, down by 0.5% compared with the previous year. During the five years through 2012-13, industry revenue is expected to increase at a compound annual rate of 1.6%.
Demand for veterinary services is anticipated to rebound from 2013-14 due to stronger performance expectations of the companion animal segments. The trend towards pet insurance, covering a wide range of specialist medical diagnostic and treatment options, is likely to increase demand for more sophisticated and extensive treatment as costs are covered by the insurance company. In addition, revenue from services provided to farm animals is expected to remain constant as increased food safety regulations require more detailed and accurate testing and treatment of food-related diseases in production animals. As a result, revenue is expected to grow over the five years to 2017-18.
Market share concentration in the Veterinary Services industry is low, with the largest four organisations accounting for a combined market share of 12.5% with no individual company contributing more than 5.0% of total industry revenue. The only major company in the industry is CVS Group.
For more information on the Veterinary Services industry, including latest industry trends, statistics, analysis and market share information, purchase the full report from IBISWorld, the nation’s largest publisher of industry research.
IBISWorld industry Report Key Topics
This industry provides health care and control activities for farm animals and pet animals. Activities are carried out by qualified veterinarians in veterinary hospitals, on farms or in consulting and surgery homes. The industry also includes animal ambulance activities. Services not included in this industry are animal boarding activities and artificial insemination activities.
Key External Drivers
Industry Life Cycle
Products & Markets
Products & Services
Globalisation & Trade
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Barriers to Entry
Recognised as the nation’s most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on many UK industries. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in London, IBISWorld serves a range of business, professional service and government organisations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.co.uk or call (020) 3008 6568.