Veterinary Services in Colorado
Over the five years to 2018, revenue for the Veterinary Services industry in Colorado is projected to increase. Demand for industry services during the current period was driven by increasing pet ownership at the state and national level. According to the American Pet Products Association's 2017-18 National Pet Owners Survey, 68.0% of US households own a pet and spent an estimated $69.5 billion on pet products and services in 2017 (latest data available). In Colorado, state operators benefited from increasing per capita income in the state. In addition, declining unemployment in the state during the majority of the current period enabled many pet owners to afford preventative care screenings and services. Overall, improving medical technologies and procedures enabled veterinarians to purchase updated and enhanced diagnostic tools to perform more specialized and less-invasive medical procedures in-house. During the five-year period to 2023, revenue is slated to grow. The outlook period for veterinarians in Colorado is expected to be characterized by increased demand for routine services for the state's growing companion animal population and a high degree of technological change. Advancements in animal medical technology is expected to expand the number of noninvasive surgeries a clinic can perform in-house rather than at an animal hospital. In addition, innovations in animal health biotechnology is likely to extend the average life span of dogs and cats, providing the state industry with steady demand over the next five years.
The Veterinary Services industry includes establishments of licensed veterinary practitioners who provide medical, dental or surgical treatment for animals. The industry also includes establishments that provide laboratory and diagnostic testing services for licensed veterinary practitioners. Companies that manufacture medical supplies or pharmaceuticals for animal treatment are not included in the industry.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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