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Veterinary Services in the UK Industry Market Research Report Now Updated by IBISWorld

June 13, 2013

Demand for veterinary services is anticipated to grow over the coming five years due to stronger performance expectations from the companion animal segment. For these reasons, industry research firm IBISWorld has updated its report on the Veterinary Services industry.

London, United Kingdom (PRWEB) June 14, 2013

The Veterinary Services industry provides medical advice and treatment for companion animals, such as cats, dogs, reptiles and birds, and veterinary care for production animals in farms, breeding institutions and zoos. As more than half of the industry’s revenue stems from the provision of services to pets (also called companion animals) in private households, the rate of pet ownership in the United Kingdom has a significant impact on the performance of the industry. In 2012, UK residents owned approximately 22 million pets excluding fish, with about 48.0% of all households having at least one pet.

Veterinary service providers faced difficult conditions over the past five years, as high unemployment and weak growth in real disposable income constrained spending on veterinary services. Meanwhile, challenging conditions in the agricultural industry also limited demand for veterinary services from these businesses. However, changing attitudes towards pet ownership and growth in the number of households mitigated the negative effects to some extent. According to IBISWorld industry analyst Iyman Uvais, “increased consumer awareness on animal health issues coupled with the expansion of veterinary services available also stabilised demand for services by industry participants”. As a result, industry revenue is forecast to decline at a compound annual rate of 0.1% over the five years through 2013-14 to reach £2.8 billion. In 2013-14, revenue is forecast to grow 1.7% primarily due to the rise in pet ownership and the range of services offered.

Demand for veterinary services is anticipated to grow over the coming five years due to stronger performance expectations from the companion animal segment. Rising real disposable income and falling unemployment are expected to increase household spending budgets and spur demand. Uvais adds,”trends towards pet insurance, covering a wide range of specialist medical diagnostic and treatment options, is also likely to increase demand for more sophisticated and extensive treatment”. Advanced surgical procedures are expected to boost industry revenue due to the proportionally higher fees incurred by the use of specialist medical equipment. Revenue from services provided to farm animals is expected to remain constant as increased food safety regulations require more detailed and accurate testing and treatment of food-related diseases in production animals. As a result, industry revenue is expected to return to growth over the five years to 2018-19.

The Veterinary Services industry has a low level of market share concentration, with the largest four organisations accounting for a combined market share of less than 15.0%. No individual company has a market share of more than 5.0% of total industry revenue. The only major player is CVS Group.

For more information on the Veterinary Services industry, including latest industry trends, statistics, analysis and market share information, purchase the full report from IBISWorld, the nation´s largest publisher of industry research.

IBISWorld industry Report Key Topics

This industry provides health care and control activities for farm animals and pet animals. Activities are carried out by qualified veterinarians in veterinary hospitals, on farms or in consulting and surgery homes. The industry also includes animal ambulance activities. Services not included in this industry are animal boarding activities and artificial insemination activities.

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About IBISWorld

Recognised as the nation´s most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on many UK industries. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in London, IBISWorld serves a range of business, professional service and government organisations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.co.uk or call (020) 3008 6568.

For the original version on PRWeb visit: http://www.prweb.com/releases/prweb2013/6/prweb10831939.htm


Source: prweb



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