Veterinary Industry

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Discover how Simply Vets transformed their business with our solutions.

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Veterinary Industry

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Discover how Simply Vets transformed their business with our solutions.

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The United Kingdom’s veterinary market is growing, including therapeutic products and solutions for companion and farm animals, while highly fragmented and competitive (Mordor Intelligence, 2023). The surging consumer awareness about animal health and welfare has protected the industry from volatile economic conditions (Ibis World, 2022).

Nevertheless, vet staff shortages have become a critical weakness. The British Veterinary Association (BVA) is highlighting a storm of shortages after the workforce saw a drop of more than two-thirds in new EU registrants coming to work in the UK in two years. According to BVA, this drop could result in wide-ranging direct and knock-on impacts across the sector (British Veterinary Association, 2022).

On the other hand, pet ownership rates in the country are anticipated to increase over the next five years (2022-2027), enhancing demand for industry services. Additionally, increasingly advanced medical, surgical and diagnostic procedures and the growing availability of new drugs are expected to increase the range of services veterinarians can provide, further contributing to revenue growth. Veterinary professionals are expected to become increasingly specialised, obtaining qualifications in niche areas, such as ophthalmology and soft tissue surgery (Ibis World, 2022).

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Industry
Challenges

  • Increasing costs of animal testing
  • Counterfeit medicines
  • Talent Shortages due to Brexit

(Mordor Intelligence, 2023; British Veterinary Association, 2022)

Investment
Opportunities

  • Molecular diagnostic technologies
  • Niche areas specialisation
  • Cloud-based artificial intelligence (AI) to deliver accurate testing

(Ibis World, 2022; Mordor Intelligence, 2023)

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Veterinary Services industry revenue is £5.1 million (Ibis World, 2022)
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There are 88, 666 people working in the sector (Ibis World, 2022)
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6 in 10 veterinarians have sought professional help for their mental health (The Guardian, 2022)
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Data released by the Royal College of Veterinary Surgeons (RCVS) reveal that the annual number of registrants coming to work in the UK fell by 68% in 2021 (British Veterinary Association, 2022)