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Veterinary Services in the US: Market Research Report

Market Research • Market Size • Industry Statistics • Industry Analysis • Industry Trends

Veterinary Services Market Research Report | NAICS 54194 | Sep 2014

Barking back: Rising pet ownership rates and industry consolidation will spur revenue growth

IBISWorld’s Veterinary Services 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.

Report Snapshot
Market Share of Companies
Industry Statistics & Market Size
Revenue
$34bn
Annual Growth 09-14
3.1%
Annual Growth 14-19
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Profit
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Employment
305,762
Businesses
38,087
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

 


Industry ProductsRelated ReportsTable of Contents

What is the Veterinary Services Industry?

The Veterinary Services industry includes establishments of licensed veterinary practitioners who provide medical, dental or surgical treatment for animals. The industry also includes establishments that provide laboratory and diagnostic testing services for licensed veterinary practitioners. Companies that manufacture medical supplies or pharmaceuticals for animal treatment are not included in the industry.

Industry Products
Routine examsNonsurgical proceduresPet food and productsLab servicesSurgical procedures
 
Industry Activities
Operating animal hospitalsAnimal disease testing Livestock inspecting and testing Providing small animal veterinary servicesOperating veterinary surgeons' offices Performing animal vaccinationsOperating veterinary clinicsOperating veterinary testing laboratories Providing livestock veterinary services


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