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 Investment Chapter
The level of investment required is determined by comparing the human and capital equipment factors of production, using wages and depreciation costs as proxies. Comparatively high depreciation costs are indicative of a high level of investment in depreciable assets such as buildings and equipment and, therefore, high capital intensity. Conversely, comparatively high wage costs are indicative of high labour intensity.
The level of capital intensity in the Veterinary Services industry is low. This is reflected by the industry's capital-to-labour ratio, which indicates that for £1.00 spent on capital equipment, £15.40 is spent on labour... purchase to read more