Veterinary services have experienced strong demand and revenue growth over recent years, driven by rising pet ownership, higher procedure prices, increased pet insurance uptake, and demand from urban households and farmers in New Zealand, which has one of the highest pet ownership rates globally. The industry has experienced revenue growth, which is expected to continue. It is also expected that the expanding agriculture sector will contribute to greater demand for veterinary services.
Total Revenue and GDP Trend Industry revenue for Veterinary Services was $1.4 billion for 2022-2023. The estimated contribution to GDP by the Veterinary Services industry is $597 million as of 2023. There has been steady growth in the estimated contribution to GDP for Veterinary Services and it is forecast to continue to increase.
Footnotes
1. IBISWorld, “Veterinary Services in New Zealand,” Industry Report (New Zealand: IBISWorld (access is by subscription only), November 2021), https://www.ibisworld.com/.