Industry Analysis & Industry Trends
The industry provides medical advice and treatment for pets and animals in farms. Vets also provide services to other organisations such as breeding institutions, zoos and firms in the racing industry. However, the provision of services to pets and farm animals generates the bulk of industry revenue.
Veterinary service providers faced lacklustre conditions over the past five years as falling real incomes and high unemployment constrained spending on veterinary services by pet owners. Meanwhile, weak agricultural income and a fall in the cattle population also limited demand from farms. However, changing attitudes towards pets and a rise in the birth rate increased pet ownership levels since 2012-13, which augured well for industry participants... purchase to read more
Industry Report - Industry SWOT Analysis Chapter
The Veterinary Services industry offers medical services for pets and production animals. The industry's target markets are clearly segmented pet owners and farms contributing the largest shares of industry revenue. As a result, the Veterinary Services industry is classified to be in the mature stage of the industry life cycle. Industry value-added, measuring the industry's contribution to the overall economy, is anticipated to grow at a compound annual rate of 1.2% during the 10 years through 2019-20 with the UK economy being forecast to grow at a compound annual rate of 2.1% over the same period. Although this indicates the industry will account for a declining share of the overall UK economy, the industry is not in the decline stage... purchase to read more