Industry Analysis & Industry Trends
The Veterinary Services industry remained resilient over the past five years, largely due to many pet owners regarding their pet expenditures as vital, thereby boosting revenue. In addition, the pet population is growing at a faster pace than the human population, supporting the industry. However, the number of routine veterinary visits is waning, threatening growth. In the five years to 2019, industry revenue is forecast to grow. As more pet owners purchase pet health insurance, more pet owners will be able to afford high-cost procedures, bolstering revenue. The number of pets is also expected to rise, increasing demand for veterinary care... purchase to read more
Industry Report - Industry Analysis Chapter
Over the past five years, the Veterinary Services industry has benefited from a growing number of pets, which has provided a larger customer base for the industry. According to the American Veterinary Medical Foundation (AVMF), 63.2% of pet owners considered their pets as family members in 2011 (latest data available). This trend, coupled with the pet population growing at a faster pace than the human population from 2011 to 2014, has bolstered industry revenue. As more veterinarians have specialized in a particular field of medicine, such as internal medicine or surgery, the cost for many veterinary services rose.
For instance, many pet owners were willing to pay for improvements in pet healthcare, such as diagnostic testing and surgical procedures... purchase to read more