An expansion in product and service offerings will help industry operators boost their margins
New York, NY (PRWEB) November 01, 2014
During the past five years, the Emergency Veterinary Services industry has exhibited slight growth, driven by a rise in the average veterinary expenditure. According to the American Pet Products Association's (APPA) 2014 National Pet Owners Survey, 68.0% of US households owned a pet, which equates to 82.5 million homes. According to data from the APPA, total pet expenditures have risen at an average annual rate of 5.2% during the five years to 2014, which can be partly attributed to robust demand for high-cost industry services. IBISWorld Economic Analyst Sarah Turk says in the updated report, “overall, emergency veterinary practices provide high-cost treatments, such as time-sensitive surgical procedures (e.g. liver shunt correction, fracture repairs, removal of cancerous masses and organ biopsies).”
Additionally, the advent of new medical technologies for the human healthcare sector has also shaped emergency veterinary practices' product portfolio. For example, many emergency veterinarians provide blood typing, blood transfusions, cross-matching and oxygen therapy as well as diagnostic testing services (e.g. electrocardiograms). During the five years to 2014, industry revenue is anticipated to grow marginally. Profit is expected to rise from 2009 to 2014, thanks to more pet owners having pet insurance, thus stimulating demand for high-value procedures in line with lower out-of-pocket costs.
During the five years to 2019, industry revenue is also forecast to grow. Many emergency veterinary practices will include more on-site critical care specialists and other specialized employees (e.g. surgeons), thus bolstering industry revenue by providing more high-value treatments. “Furthermore, the Veterinary Medicine Mobility Act in 2014 will enable emergency veterinarians to administer care to animals outside of their practice and across state lines, providing a boon to the industry,” Turk says in the updated report. Thanks to the advent of new pet medications, the pet population is likely to rapidly age over the five-year period, which will spur demand for emergency veterinary care.
For more information, visit IBISWorld’s Emergency Veterinary Services in the US industry report page.
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IBISWorld industry Report Key Topics
Companies in this industry provide emergency veterinary services to livestock, equines and domesticated animals.
Key External Drivers
Industry Life Cycle
Products & Markets
Products & Services
Globalization & Trade
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Barriers to Entry
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