$5.3bn
$XXX.Xm
27,596
3,715
$X.Xbn
The Veterinary Services industry has performed well over the past few years. A surge in pet ownership in response to the COVID-19 outbreak, higher pet insurance uptake, growing awareness of animal health and the increasing availability of advanced surgical and diagnostic procedures for animals have benefited veterinarians. Pet owners are becoming more willing to spend more on pets and vet procedures to prolong their lives. This trend is also partly due to a mounting number of high income earners across the economy.
Industry revenue has grown at a CAGR of 6.0 % over the past five years, to reach an estimated $5.3bn in 2023.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2023 | Revenue ($m)
2023 |
---|---|---|
Greencross Group | 320.2 | |
VetPartners | 261.2 | |
Apiam Animal Health | 157.5 |
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Industry revenue is measured across several distinct product and services lines, including Routine veterinary services, Planned veterinary services and Emergency veterinary services. Routine veterinary services is the largest segment of the Veterinary Services in Australia.
As per numbers surge, vets are providing more routine veterinary services
The industry includes veterinary practitioners and animal hospitals. Veterinarians are skilled in medicine and surgery relating to animals. Private veterinary practices are divided into rural practices (treating companion animals and farm animals) and urban practices (mainly treating companion animals).
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ANZSIC 6970 - Veterinary Services in Australia
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
A surge in pet ownership because of COVID-19 lockdowns elevated demand for veterinary services. This trend heavily boosted revenue in 2020-21 and 2021-22.
Learn about an industry's products and services, markets and trends in international trade.
Dog and cat ownership rates surged during the COVID-19 pandemic. Households required more planned and routine veterinary services, elevating revenue for veterinarians.
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Vet densities are highest in capital cities. Populations and average household incomes tend to be the highest in these densely populated areas.
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Competition is rising as operators are expanding. By acquiring other vets, VetPartners and Apiam are increasing competition and concentration in the industry.
Learn about the performance of the top companies in the industry.
Veterinary services are highly fragmented, and many practices are small. Most vets only service a small geographic region, which caps their income-earning capabilities.
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Greater numbers of households continue to drive growth in pet numbers. As pet numbers rise, demand for veterinary services also grows.
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Profit margins have been climbing. A surge in dog and cat ownership and higher spending per pet is contributing to strong revenue growth among veterinary services providers.
Including values and annual change:
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Key data sources in Australia include:
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These sources include:
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The market size of the Veterinary Services industry in Australia is $5.3bn in 2024.
There are 3,715 businesses in the Veterinary Services industry in Australia, which has grown at a CAGR of 2.6 % between 2018 and 2023.
The market size of the Veterinary Services industry in Australia has been growing at a CAGR of 6.0 % between 2018 and 2023.
Over the next five years, the Veterinary Services industry in Australia is expected to grow.
The biggest companies operating in the Veterinary Services market in Australia are Greencross Group, VetPartners and Apiam Animal Health
Routine veterinary services and Planned veterinary services are part of the Veterinary Services industry.
The company holding the most market share in Australia is Greencross Group.
The level of competition is moderate and increasing in the Veterinary Services industry in Australia.