Industry Statistics and Rankings
How does this industry perform in Latvia compared to Europe?
Country Benchmarking
Industry Data Latvia
Ranking are out of 37 European countries for which IBISWorld provides country-level factsheets.
Revenue
#29 In EuropeBusiness
#27 In EuropeEmployees
#30 In EuropeWages
#31 In EuropeThe Veterinary Services industry’s revenue is anticipated to expand at a compound annual rate of 0.2% to €32.9 billion over the five years through 2024. Revenue expansion has been driven by a surge in pet ownership in response to the COVID-19 outbreak, growing awareness for animal health and the growing availability of advanced surgical and diagnostic procedures for animals. Individuals spent prolonged periods at home during lockdowns, driving many to buy pets. In turn, demand for veterinary services for insurance and health checks climbed.
Enterprises
Number of businesses in 2024
Biggest companies in the Veterinary Services in Latvia
| Company | Market Share (%)
2024 | Revenue (€m)
2024 | Profit (€m)
2024 | Profit Margin (%)
2024 |
|---|---|---|---|---|
Independent Vetcare Ltd | 3,047.0 | 1,175.0 | 38.6 |
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Top Questions Answered in this Report
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What is the market size of the Veterinary Services industry in Latvia in 2024?
The market size of the Veterinary Services industry in Latvia is €31.9m in 2024.
How many businesses are there in the Veterinary Services in Latvia industry in 2024?
There are 385 businesses in the Veterinary Services industry in Latvia, which has declined at a CAGR of 1.7 % between 2019 and 2024.
Has the Veterinary Services industry in Latvia grown or declined over the past 5 years?
The market size of the Veterinary Services industry in Latvia has been growing at a CAGR of 4.3 % between 2019 and 2024.
What is the forecast growth of the Veterinary Services industry in Latvia over the next 5 years?
Over the next five years, the Veterinary Services industry in Latvia is expected to grow.
What are the biggest companies in the Veterinary Services market in Latvia?
The biggest company operating in the Veterinary Services market in Latvia is Independent Vetcare Ltd
What does the Veterinary Services in Latvia include?
Veterinary care for farm animals and Veterinary care for pets are part of the Veterinary Services industry.
Which companies have the highest market share in the Veterinary Services in Latvia?
The company holding the most market share in Latvia is Independent Vetcare Ltd.
How competitive is the Veterinary Services industry in Latvia?
The level of competition is moderate and steady in the Veterinary Services industry in Latvia.
Related Industries
This industry is covered in 37 countries
Domestic industries
Competitors
Complementors
- Pharmaceutical Product & Preparations Manufacturing in Latvia
- Pharmaceuticals, Medicinal Chemical & Botanical Product Manufacturing in Latvia
- Medical & Dental Instrument & Supplies Manufacturing in Latvia
International industries
Table of Contents
About this industry
Industry definition
This industry provides healthcare and control activities for animals and pets. Activities are carried out by qualified veterinary surgeons in veterinary hospitals, on farms or in surgeries. The industry also includes animal ambulance activities.
Related Terms
Avian InfluenzaEndoscopyCompanion AntimalsWhat's included in this industry?
Veterinary care for farm animals Veterinary care for pets Veterinary care for zoo animalsCompanies
Independent Vetcare LtdIndustry Code
75 - Veterinary activities in Latvia
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Performance
Revenue Highlights
Trends
- Revenue
- 2024 Revenue Growth
- Revenue Volatility
Employment Highlights
Trends
- Employees
- Employees per Business
- Revenue per Employee
Business Highlights
Trends
- Businesses
- Employees per Business
- Revenue per Business
Profit Highlights
Trends
- Total Profit
- Profit Margin
- Profit per Business
Current Performance
Charts
- Revenue
- Employees
- Business
- Profit
Analysis
What's driving current industry performance in the Veterinary Services in Latvia industry?
Outlook
Analysis
What's driving the Veterinary Services in Latvia industry outlook?
Volatility
Analysis
What influences volatility in the Veterinary Services in Latvia industry?
Charts
- Industry Volatility vs. Revenue Growth Matrix
Life Cycle
Analysis
What determines the industry life cycle stage in the Veterinary Services in Latvia industry?
Charts
- Industry Life Cycle Matrix
Products and Markets
Highlights
Trends
- Largest Market
- Product Innovation
Key Takeaways
COVID-19 disruptions lead to unprecedented growth in pet ownership. The surge in dog and cat ownership rates during the COVID-19 outbreak led to a higher demand for planned and routine veterinary services, significantly enhancing revenue.
Products and Services
Charts
- Products and Services Segmentation
Analysis
How are the Veterinary Services in Latvia industry's products and services performing?
Analysis
What are innovations in the Veterinary Services in Latvia industry's products and services?
Major Markets
Charts
- Major Market Segmentation
Analysis
What influences demand in the Veterinary Services in Latvia industry?
International Trade
Highlights
- Total Imports into Latvia
- Total Exports into Latvia
Heat maps
- Industry Concentration of Imports by Country
- Industry Concentration of Exports by Country
Data Tables
Value and annual change (%) included
- Number of Imports and Exports by European Country (2024)
Competitive Forces
Highlights
Trends
- Concentration
- Competition
- Barriers to Entry
- Substitutes
- Buyer Power
- Supplier Power
Key Takeaways
The industry’s regional focus limits concentration. Veterinary services are very much dependent on geographic proximity to the customer or patient.
Supply Chain
Charts
Buyer and supply industries
Geographic Breakdown
Business Locations
Heat maps
- Share of Total Industry Establishments by Region (2024)
Data Tables
- Number of Establishments by Region (2024)
Charts
- Share of Establishments vs. Population of Each Region
Analysis
What regions are businesses in the Veterinary Services in Latvia located?
Companies
Data Tables
Top 1 companies by market share:
- Market share (2024)
- Revenue (2024)
- Profit (2024)
- Profit margin (2024)
External Environment
Highlights
Trends
- Regulation & Policy
- Assistance
Key Takeaways
Veterinary surgeons must register before setting up shop. Veterinary surgeons must ensure they have licences and accreditations before performing surgery on animals.
External Drivers
Analysis
What demographic and macroeconomic factors impact the Veterinary Services in Latvia industry?
Financial Benchmarks
Highlights
Trends
- Profit Margin
- Average Wage
- Largest Cost
Key Takeaways
Rising pet ownership benefits profitability. An increase in dog and cat ownership and elevated pet-related spending has meant profit has remained healthy.
Cost Structure
Charts
- Share of Economy vs. Investment Matrix
-
Industry Cost Structure Benchmarks:
- Marketing
- Depreciation
- Profit
- Purchases
- Wages
- Rent
- Utilities
- Other
Analysis
What trends impact cost in the Veterinary Services in Latvia industry?
Key Ratios
Data tables
- IVA/Revenue (2014-2029)
- Imports/Demand (2014-2029)
- Exports/Revenue (2014-2029)
- Revenue per Employee (2014-2029)
- Wages/Revenue (2014-2029)
- Employees per Establishment (2014-2029)
- Average Wage (2014-2029)
Country Benchmarks
European Leaders & Laggards
Data Tables
Top and boottom five countries listed for each:
- Revenue Growth (2024)
- Business Growth (2024)
- Job Growth (2024)
European Country Performance
Data Tables
Rankings available for 37 countries. Statistics ranked include:
- IVA/Revenue (2024)
- Imports/Demand (2024)
- Exports/Revenue (2024)
- Revenue per Employee (2024)
- Wages/Revenue (2024)
- Employees per Establishment (2024)
- Average Wage (2024)
Structural Comparison
Data Tables
Trends in 37 countries benchmarked against trends in Europe
- Concentration
- Competition
- Barriers to Entry
- Buyer Power
- Supplier Power
- Volatility
- Capital Intensity
- Innovation
- Life Cycle
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2014-2029)
- IVA (2014-2029)
- Establishments (2014-2029)
- Enterprises (2014-2029)
- Employment (2014-2029)
- Exports (2014-2029)
- Imports (2014-2029)
- Wages (2014-2029)
Methodology
Where does IBISWorld source its data?
IBISWorld is a world-leading provider of business information, with reports on 5,000+ industries in Australia, New Zealand, North America, Europe and China. Our expert industry analysts start with official, verified and publicly available sources of data to build an accurate picture of each industry.
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and IBISWorld's proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
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