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Veterinary Services in the UK Industry Market Research Report Now Updated by IBISWorld
Date:6/13/2013

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 r
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